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Published: May 7, 2026 | By Mark Merry, Granite Bank

Spring is here, inventory is moving, and the question I keep getting from buyers is the same one it’s been all year: Is now a good time to buy?

My honest answer: for the right buyer, yes — and here’s why.

Where Rates Stand Right Now

As of this week, the 30-year fixed mortgage rate is hovering around 6.38% (APR 6.47%). The 15-year fixed is at approximately 5.75% (APR 5.87%). Rates have been remarkably stable over the past few weeks after climbing from the brief sub-6% window we saw in late February.

What’s keeping rates elevated? Two main factors:

The U.S. conflict in Iran has pushed oil prices higher, which feeds inflation — and inflation keeps rates up. The Federal Reserve has held its benchmark rate steady at 3.5%–3.75% and hasn’t signaled any cuts in the near term.

Most analysts expect the 30-year to remain in the low-to-mid 6% range for the rest of 2026. Significant drops aren’t on the horizon without a major shift in inflation data.

What the Scottsdale Market Is Telling Me

Spring homebuying season is in full swing, and Scottsdale is active. Here’s what I’m seeing on the ground:

Inventory exists, but it moves fast. Well-priced homes in desirable Scottsdale neighborhoods — especially in the $600K–$900K range — are still getting multiple offers. If you’re waiting for inventory to stack up and prices to soften dramatically, that’s unlikely to happen in this market.

Buyers who bought at 7%+ in 2023 are in the driver’s seat. If you locked in at 7.5% or higher, you now have a real refinance case when rates drop further — and you’re building equity in a strong market in the meantime. That’s a strategy that works.

New construction is a legitimate option right now. Several builders in the greater Scottsdale and Phoenix metro are offering rate buydowns and incentives to move inventory. If you’re open to new construction, I can help you evaluate whether a builder’s in-house financing or an outside lender gets you the better deal.

The Math on Waiting

Here’s a question worth sitting with: what does waiting actually cost?

On a $700,000 home in Scottsdale with a 30-year fixed loan at 6.38% (APR 6.47%*), your estimated principal and interest payment would be approximately $4,370/month. That does not include taxes, insurance, or HOA fees.

If home values appreciate modestly — say 3–4% — that same home costs $721,000–$728,000 next year. Even if rates dip to 6.0%, your payment barely changes and you’ve paid more for the home.

Waiting for the “perfect” rate is a strategy that rarely pays off in a supply-constrained market. The buyers who win are typically the ones who buy when they’re ready — financially and personally — not when the headlines say so.

Who Should Be Buying Right Now

This isn’t advice for everyone — it’s for buyers in the right position:

You have stable income and solid reserves. You’re not stretching to qualify; you have cushion. You plan to stay 5+ years. The longer the horizon, the less rate volatility matters. You can always refinance when rates improve. You’ve been pre-approved and know your numbers. Not pre-qualified — pre-approved. There’s a difference, and in this market it matters. You’re buying in Scottsdale for lifestyle or investment reasons. Both are valid, and the fundamentals here — population growth, job market, desirability — remain strong.

What About ARMs?

With rates where they are, adjustable-rate mortgages (ARMs) are worth a conversation for certain buyers. A 7/6 ARM offers a lower fixed rate for seven years, after which the rate adjusts periodically and your APR may increase. If you’re confident you’ll refinance or move before the adjustment period, the lower initial rate can save you real money. Ask me if this fits your situation.

Let’s Talk Through Your Scenario

Every buyer’s situation is different. Whether you’re relocating to Scottsdale, upsizing, downsizing, or buying an investment property — the right strategy starts with a conversation about your specific numbers.

Call or text me directly: Scottsdale: (480) 442-7487 Minnesota: (612) 964-6460

Or schedule a call online — fast response, no pressure.

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*Rate and APR Disclosure: Rates shown are national averages for illustrative purposes only as of May 7, 2026, and are not a commitment to lend. APR (Annual Percentage Rate) reflects the total cost of the loan including interest and applicable fees. Example based on a $700,000 30-year fixed-rate loan at 6.38% interest rate / 6.47% APR with 360 monthly payments of approximately $4,370. Does not include taxes, homeowner’s insurance, or HOA fees, which will increase the total monthly payment. Actual rate, APR, and payment will vary based on creditworthiness, loan-to-value ratio, property type, and other factors. Rates subject to change without notice. For ARMs, rate and APR may increase after consummation. Contact Mark Merry for current rates and a personalized quote.

Mark Merry | Senior Branch Manager | Granite Bank | NMLS #452552 | Licensed in All 50 States. Equal Housing Lender.