Mortgage rates in Phoenix mostly rose this week. And there's new residential construction on its way to Phoenix's West Valley.
This week's rates
The benchmark 30-year fixed-rate mortgage in Phoenix rose to 4.06 percent from 4.04 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.16 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.03 percent.
New subdivisions in Glendale
There are four new subdivisions being constructed in Glendale, a suburb of Phoenix, according The Glendale Star.
That construction will bring 300 new homes to the market by the end of this year, giving prospective homebuyers additional options in the area.
The news is a boon for a city plagued with low inventory and quickly rising home prices, notes KTAR News.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, rose to 4.29 percent from 4.08 percent. The benchmark 15-year fixed-rate mortgage remained at 3.25 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.25 percent from 3.13 percent.
Weekly mortgage survey
|Results from Bankrate's May 20 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:||4.06%||3.25%||3.25%||4.29%|
|Change from last week:||+0.02||N/C||+0.12||+0.21|
|Change from last week:||+$1.91||N/C||+$10.91||+$51.71|