Mortgage rates in Phoenix fell this week. Meanwhile, the number of homes being built in the area is declining.
This week's rates
The benchmark 30-year fixed-rate mortgage in Phoenix fell to 4.07 percent from 4.13 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.17 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.1 percent.
Home building slows in Phoenix
The number of new homes coming to the Phoenix real estate market is falling. There were just 710 permits issued for new homes in the Valley in October, according to new data from RL Brown Housing Reports. That's a 22 percent drop from a month prior.
The home building industry in Phoenix is suffering from low demand, low consumer confidence and rising home prices, notes The Arizona Republic.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, remained at 4.06 percent. The benchmark 15-year fixed-rate mortgage fell to 3.28 percent from 3.3 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.15 percent.
Weekly mortgage survey
|Results from Bankrate's Nov. 19 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:||4.07%||3.28%||3.15%||4.06%|
|Change from last week:||-0.06||-0.02||N/C||N/C|
|Change from last week:||-$5.72||-$1.61||N/C||N/C|