Mortgage rates are easing and Arizona’s spring market is heating up.

PHOENIX — For Phoenix area buyers who have been sitting on the sidelines, this spring may finally be the time to make a move.

RELATED: Money Saving Monday: How Gen Z is stepping into homeownership earlier than expected

Mortgage rates have pulled back from recent highs, inventory is shifting, and experts say there are more options available to buyers than many realize—including assistance programs that go largely untapped.

U.S. Army veteran Jose Dominguez recently bought a home in the Encanto neighborhood near 12th Street and Bell Road. He said he leaned on his realtor and loan officer to guide him through the process and kept his focus simple.

“Saving money is my motto, so it worked out real good,” Dominguez said.

As a veteran, Dominguez qualified for a VA loan at around 4%, insulating him from the rate volatility that has rattled many prospective buyers.

Cory Mishkin, COO of Cambridge Properties, said even with recent fluctuations, the current rate environment is still attractive by historical standards.

“Right now is still going to be some all-time pricing—even if we’re in the 6%, or if you can find them in the 5s, it’s great,” Mishkin said.

He cautions that even small rate changes carry real financial weight. For every $100,000 borrowed, a one-percentage-point increase in the interest rate adds roughly $50 to $60 to a monthly payment.

“If you can act now, that allows you to have a much greater buying power in today’s market,” he said.

Mishkin said builders of new homes are especially motivated to close deals right now.

“We’re seeing new home builders doing all kinds of incentives to pay your closing costs, to do rate buydowns,” he said.

On existing homes, buyers can sometimes negotiate for sellers to cover closing costs, then apply those savings toward buying down the interest rate on their mortgage—effectively lowering their monthly payment from day one.

“I think there is a lot of hope and there’s a lot of bright spots in the marketplace for people who feel like maybe I don’t have options,” Mishkin said.

Unlike most of the country, where the housing market peaks in summer, Arizona’s busiest season is spring—making the timing especially relevant for Valley buyers.

“This is the place to be. There’s nowhere in the world that’s going to have better weather than Arizona in the springtime,” Mishkin said.

His advice for any buyer ready to take the leap: find a realtor and lender you trust, weigh your needs against your wish list, and think long-term.

“If you can make that stretch now comfortably, go for more of those wish list items so that you can get what you can grow into and lock in today’s pricing, lock in today’s interest—and then that will benefit you in the long-term,” he said.

For Dominguez, the process paid off. His new home puts him within walking distance of a grocery store, bank, gym, and Target.

“There’s nothing like the smell of a new car or a new house,” he said. “And I like new.” 

Top 10 ways to save when house hunting

  1. Pay off debt, build an emergency fund, and get preapproved before you start shopping. — Ramsey Solutions
  2. You don’t need 20% down. Some programs go as low as 3%, and VA and USDA loans may offer zero down. — Rate.com
  3. Automate your savings and direct any bonuses or tax refunds straight into your down payment fund. — Thrivent
  4. Cutting $150 a month in unused subscriptions can save more than $5,400 over three years. — AmeriSave
  5. Park your savings in a high-yield savings account or CD to maximize returns while rates remain elevated. — NerdWallet
  6. Most states offer down payment assistance programs — forgivable loans, matched savings and tax credits — that go largely untapped. Search by state at NCSHA.org. — AmeriSave
  7. Research school districts even without kids — homes near top-rated schools attract stronger competition and higher resale values. — Ramsey Solutions
  8. Watch mortgage rates and inventory shifts closely — both can affect your buying window and negotiating power. — Thrivent
  9. Work with an experienced real estate agent to identify off-market deals and negotiate better terms. — Rate.com
  10. Get multiple mortgage quotes — even one additional quote can save thousands over the life of a loan. — NerdWallet

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