Mortgage rates in Phoenix dropped this week. And it's a good time for sellers in the Phoenix market.
This week's rates
The benchmark 30-year fixed-rate mortgage in Phoenix fell to 4.14 percent from 4.23 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.08 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.12 percent.
A seller's market in Phoenix
Selling a home in the Valley isn't as difficult as it once was. According to AZCentral.com, Phoenix is currently a seller's market, and there's a glut of buyers.
In fact, some real estate agents and potential buyers are sending letters or postcards to homeowners to see if they would like to sell. And some are even going door to door, notes AZCentral.
That's the opposite of last year's summer market in the Valley, when there were far fewer buyers than sellers, according to AZCentral.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 4.13 percent from 4.33 percent. The benchmark 15-year fixed-rate mortgage fell to 3.28 percent from 3.38 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.54 percent from 3.63 percent.
Weekly mortgage survey
|Results from Bankrate's July 22 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:||4.14%||3.28%||3.54%||4.13%|
|Change from last week:||-0.09||-0.1||-0.09||-0.2|
|Change from last week:||-$8.61||-$8.01||-$8.29||-$48.17|