Buyers just came back.
For the first time in almost two months, mortgage applications went up. Applications to buy a home rose 4 percent last week after rates dipped a little, and buyers are getting creative with loans that start at a lower payment. The buyers did not disappear. They were just waiting for a reason.
Watch: the 60-second version
Why this is good news
Buyers did not need rates to crash. One small dip, the average 30-year rate easing to 7.37 percent, and applications jumped for the first time in seven weeks. That tells you the demand is real. People are ready to buy the moment the payment makes sense.
What this means in Arizona
More buyers are also choosing adjustable-rate loans, which start with a lower payment for the first few years before the rate can change. Used the right way, that is a smart tool, not a gamble, especially if you plan to move or refinance before the rate adjusts. The share of buyers picking one just hit its highest level in over a year.
The lesson is simple. You do not need a perfect rate to buy a home. You need a payment that fits your life and a plan for what comes next.
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