Mortgage rates in Phoenix took a dive this week. At the same time, a new report named the area as one of the best places for mid-century modern architecture.
The benchmark 30-year fixed-rate mortgage in Phoenix fell to 4.38 percent from 4.48 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 4.43 percent.
Prospective buyers in the market for mid-century modern architecture need not look any farther than Phoenix. According to a list recently put out by California-based HOM Sotheby's The Haverkate Group, the city is one of the best places for that style of design.
Phoenix came in No. 2 on the list after Palm Springs, Calif. The mid-century modern design in the city dates back to the early 1900s, when famed architect Frank Lloyd Wright moved his school to Scottsdale, notes the report.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 4.29 percent from 4.33 percent. The benchmark 15-year fixed-rate mortgage dropped to 3.52 percent from 3.56 percent. The benchmark 5/1 adjustable-rate mortgage dropped to 3.38 percent from 3.42 percent.
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Weekly mortgage survey
|Results from Bankrate's April 16 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:||4.38%||3.52%||3.38%||4.29%|
|Change from last week:||-0.10||-0.04||-0.04||-0.04|
|Change from last week:||-$9.71||-$3.24||-$3.65||-$9.78|