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As the housing market navigates affordability challenges, rising loan limits offer hope for home buyers.

Mortgage applications for new-home purchases increased 39.7% compared with a year ago, according to the October data from the Mortgage Bankers Association (MBA) Builder Application Survey (BAS). Compared with September, applications increased by 6%.

Searching for a new home in a growing city such as Phoenix is challenging. There are multiple options, and how will a buyer know which one is right for them?

Why not consider a builder with a trusted reputation, local to the area, and committed to quality construction and energy efficiency?

Livabl is shining the spotlight on Meritage Homes — a builder based in the Phoenix metro with over 35 years of experience.

The 30-year fixed-rate mortgage (FRM) surpassed 7% for the week ending Aug. 17, reaching its highest level in over 20 years, according to the Primary Mortgage Market Survey from Freddie Mac. The 30-year FRM averaged 7.09%, up from 6.96% the prior week and from 5.13% during the same week a year ago.

The year-over-year growth in application activity reflects improved demand for new homes amid low levels of resale inventory, according to the Mortgage Bankers Association.

Despite cooling interest rates, activity in the existing-home market remains constrained by low-rate homeowners reluctant to list their homes.

Should I buy a new home in 2023? With mortgage rates stabilizing and the market cooling, buyers can negotiate and weigh their options.

Facing historically low inventory levels and frenzied bidding wars in the resale market, buyers are snapping up new single-family homes at breakneck speed.

Maureen Sedonaen discusses Habitat Terrace, a 100-percent affordable housing development in the city’s underutilized Ocean View neighborhood.