Michael McDermott - The McDermott Team

10/19/2026

New post:

PHOENIX, Sept.

Read the full article for more insights and key takeaways.

Michael McDermott of NEXA Lending explains why a Federal Reserve rate hike doesn't automatically mean higher mortgage rates for Phoenix and Maricopa County…

10/19/2026

Greater Phoenix home prices eased a little in September, and homes actually sold a bit faster.

The median single-family price was $475,000, down 2.1% from nearly $485,000 a year ago, per Phoenix REALTORS. Days on market dropped from 79 to 77. Sellers still got 98.1% of their list price, the same as last year, and supply sits at 4.3 months.

In the city of Phoenix, the median slipped 3.5% to $485,000, and days on market fell from 75 to 68.

So prices are a little softer, but the market isn't stalled. Phoenix REALTORS' president said that when rates keep moving, people tend to pause. If that sounds like you, I'm happy to walk you through what today's prices and rates mean for your payment. No pressure, just numbers: https://calendly.com/mmcdermott-nexalending

Source: Phoenix REALTORS, Sept 2026 (via AZ Big Media)

10/17/2026

Rates held steady this week, near the highest level we've seen in about three years, and a lot of buyers are understandably hitting pause.

Here's what I'm seeing: more people are asking about adjustable-rate loans to bring their monthly payment down. That can be a smart move for some situations and the wrong one for others. It really depends on how long you plan to stay, your budget, and how comfortable you are with a payment that can change later.

My job isn't to push you one way. It's to lay the options side by side (fixed, adjustable, buydowns, down payment help) so you can see the real tradeoffs before you decide. I can shop 300+ lenders so they compete for your loan, and you never have to guess what fits.

If you're weighing a move this fall, let's talk it through. No pressure, just a plan that fits your timeline.
themcdteam.com

Michael McDermott | NMLS 184065 | Equal Housing Opportunity

10/14/2026

Rates hit a two-week low, then inflation ran hot (rate card below)
Rates had a good run into this morning. Then the inflation report landed.

Mortgage News Daily's index for a top-tier 30-year fixed closed Tuesday at 7.46%, another two-week low. This morning, core inflation (CPI minus food and energy) rose 0.3% in September, and MND says forecasters expected 0.2%. Bonds sold off, and MND expects lenders to raise rates today.

MND's read: this week's lows may be the floor for now. If you're under contract and haven't locked, let's talk today about whether to lock or wait: https://calendly.com/mmcdermott-nexalending

Sources: Mortgage News Daily daily rate index (10/13/26) and MBS commentary, "CPI Puts a Floor Under Recent Rate Rally" (10/14/26); U.S. Bureau of Labor Statistics, CPI September 2026 (10/14/26). Index average for top-tier borrowers, not a rate quote.

10/14/2026

📖 " It's a fair place to start. But it's not where I'd finish. Right now, FHA and VA rates are averaging a bit lower than conventional. 30% below the conventional 30-year fixed. That gap gets a lot...

A lower FHA or VA rate can look like the win, but mortgage insurance and fees decide the real cost. Here's how to compare the three loans on your own numbers.

10/13/2026

First-time buyer or veteran? Look at more than one loan type.

On Mortgage News Daily's index Friday, the 30-year FHA averaged 7.15% and the 30-year VA averaged 7.17%. The top-tier 30-year conventional averaged 7.48%.

Each loan has its own costs. FHA carries mortgage insurance and VA has a funding fee for most borrowers, so compare the full monthly payment and cash to close, not just the rate. Sometimes the cheapest rate isn't the cheapest loan, and sometimes it is.

Let's run your options side by side: calendly.com/mmcdermott-nexalending

Source: Mortgage News Daily daily rate index (10/9/26). Index averages, not rate quotes. Eligibility rules apply to each program.

Michael McDermott, NMLS 184065 | Equal Housing Opportunity

10/10/2026

Let's be honest about the Phoenix market. It's slowing down.

The Cromford Market Index for Greater Phoenix sits at 74.3, and anything under 100 favors buyers. Supply is about normal. What's dropped is demand. Buyers haven't disappeared. There are just fewer of them, and they're pickier, which is why sellers are negotiating.

About 29% of Phoenix-area listings cut their price in September, according to Realtor.com. In August, 59% of Greater Phoenix sales came with a seller-paid incentive, per The Cromford Report.

So if you're buying, you've got room to ask: price, seller credits, a rate buydown. Get pre-approved first so you can move when the right house shows up. Rates also eased this week, to 7.50% on Mortgage News Daily's index.

Full breakdown: https://themcdteam.com/blog/phoenix-softening-what-it-means/
Book a call: calendly.com/mmcdermott-nexalending

Sources: The Cromford Report (10/7/26); Realtor.com (10/3/26); Mortgage News Daily (10/8/26). Rate is an index average for top-tier borrowers, not a quote.

10/09/2026

Buying a home out of a Family Trust isn't your everyday purchase. There's a Trustee, family members, and a few extra steps that can make a timeline feel shaky. Brian said it better than I could: "Every time we thought the deal might not get done on time, his Team met every challenge and we closed sooner than we expected."

A few things made this one special:

- Every document was reviewed online
- The closing happened on a video call with a notary
- It's the second time in 10 years we've helped Brian and his wife close a deal

That last one means the most to me. When someone comes back after a decade, that's the whole job.

If we've helped you along the way, I'd be grateful if you'd share your experience:
https://g.page/r/CQsdE19NLK7FEBM/review

NMLS 184065

10/08/2026

The Phoenix housing market has shifted firmly onto the buyer's side this fall.

— Michael McDermott

The Phoenix market has shifted to buyers: pending sales fell 40% in September and more sellers are cutting prices.

10/05/2026

Rates are still climbing. The 30-year fixed ended Friday at 7.57% on Mortgage News Daily's daily index, just under its 52-week high of 7.60%, even after a softer-than-expected jobs report.

More buyers are answering with ARMs. They made up 10.3% of mortgage applications in the latest MBA survey, the highest share since October 2025. The 7/6 ARM index sits at 6.85%, about 0.7% below the 30-year fixed.

An ARM's rate can change after the fixed period, so it isn't for everyone. If you expect to move or refinance within about 7 years, compare both side by side. I'll run the numbers with you: https://calendly.com/mmcdermott-nexalending

Sources: Mortgage News Daily daily rate index (10/2/26); MBA Weekly Mortgage Applications Survey (week ending 9/25/26). Index averages for top-tier borrowers, not a rate quote.