Mortgage rates in Phoenix were mixed this week. And there's good news for homeowners in the area.
The benchmark 30-year fixed-rate mortgage in Phoenix remained at 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 0.2 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.45 percent.
Real estate markets in the Phoenix area are seeing signs of a recovery. The median full cash value of single-family residential properties increased by 23.22 percent for the 2015 tax year from the prior tax year, according to the Maricopa County Assessor's Office. That puts the median single-family home full cash value at $160,000.
Along with single-family homes, commercial properties showed positive trends for the first time since 2009. That's evidence that the market is improving for property owners, notes the Assessor's Office.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, remained at 4.38 percent. The benchmark 15-year fixed-rate mortgage remained at 3.5 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.29 percent from 3.33 percent.
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Weekly mortgage survey
|Results from Bankrate's March 5 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:||4.48%||3.50%||3.29%||4.38%|
|Change from last week:||N/C||N/C||-0.04||N/C|
|Change from last week:||N/C||N/C||-$3.63||N/C|