Mortgage rates in Phoenix dropped this week. Meanwhile, home prices and demand are both up in the area.
This week's rates
The benchmark 30-year fixed-rate mortgage in Phoenix fell to 3.75 percent from 3.82 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.03 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.8 percent.
The Phoenix real estate market picks up
The median sales price of a single-family home increased by 5.6 percent in January 2015 from a year prior, according to the latest report from the W.P. Carey School of Business at Arizona State University.
In addition, there are indications that the spring real estate season could be stronger this year than last for Phoenix.
That's because buyers were fairly active in February and March. And demand for homes is up in the area, according to the report.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, fell to 3.83 percent from 3.92 percent. The benchmark 15-year fixed-rate mortgage fell to 2.95 percent from 3.15 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.21 percent from 3.38 percent.
Weekly mortgage survey
|Results from Bankrate's March 25 survey of mortgage lenders. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $417,000 in Phoenix.|
|30-year fixed||15-year fixed||5-year ARM||30-year jumbo|
|This week's rate:||3.75%||2.95%||3.21%||3.83%|
|Change from last week:||-0.07||-0.2||-0.17||-0.09|
|Change from last week:||-$6.54||-$15.77||-$15.26||-$21.34|