Mortgage rates in Phoenix were mixed this week. And the Phoenix residential real estate market is starting to see signs of life.
This week's rates
The benchmark 30-year fixed-rate mortgage in Phoenix fell to 3.9 percent from 3.91 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.12 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.93 percent.
The demand for homes increases in Phoenix
Demand for homes is increasing in the Phoenix area, according to a report from the Center for Real Estate Theory and Practice at the W.P. Carey School of Business at Arizona State University.
Non-distressed listings under contract were up 26 percent in February 2015 from a year prior. That's quite a change from 2014, when there was relatively low demand for homes in Phoenix and sales activity dropped by 14 percent.
The report notes that one reason for the bump in demand is that lenders have started to relax their standards. In addition, people who went through foreclosures or short sales now have the ability to come back to the market.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, rose to 4.13 percent from 4 percent. The benchmark 15-year fixed-rate mortgage rose to 3.19 percent from 3.17 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.46 percent from 3.42 percent.
Weekly mortgage survey
|Results from Bankrate's March 4 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:||3.9%||3.19%||3.46%||4.13%|
|Change from last week:||-0.01||+0.02||+0.04||+0.13|
|Change from last week:||-$0.94||+$1.60||+$3.68||+$31.63|