Mortgage rates in Phoenix mostly rose this week. Meanwhile, there's more new construction on its way to the Phoenix area.
This week's rates
The benchmark 30-year fixed-rate mortgage in Phoenix rose to 3.82% from 3.78%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.1 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.83%.
Phoenix new construction
New construction permits were up 32.5% in Phoenix during March 2016 from a year prior, according to RL Brown Housing Reports' latest data.
And that's good news, because home sales are rising, as well. They were up by 37% in March from a year earlier, notes the report.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, rose to 3.88% from 3.75%. The benchmark 15-year fixed-rate mortgage remained at 3%. The benchmark 5/1 adjustable-rate mortgage rose to 3.46% from 3.33%.
Weekly mortgage survey
|Results from Bankrate's April 27 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:||3.82%||3%||3.46%||3.88%|
|Change from last week:||+0.04||N/C||+0.13||+0.13|
|Change from last week:||+$3.77||N/C||+$11.99||+$31.15|