Mortgage rates in Phoenix mostly rose this week. Meanwhile, Phoenix was ranked as one of the cheapest cities to rent out of 15 major metro areas.
This week's rates
The benchmark 30-year fixed-rate mortgage in Phoenix rose to 3.75% from 3.71%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.02 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.76%.
Paying for rent in Phoenix
In order to rent a 2-bedroom apartment in Phoenix, you need to make at least $49,800 per year. As long as you can make that much, you should be able to keep up with the monthly rent check. That's according to a new study from SmartAsset.
The site ranked the 15 largest metropolitan areas according to income needed to pay for rent. Phoenix is number 14, right before Detroit.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 3.75% from 3.79%. The benchmark 15-year fixed-rate mortgage rose to 2.96% from 2.91%. The benchmark 5/1 adjustable-rate mortgage rose to 3.42% from 3.29%.
Weekly mortgage survey
|Results from Bankrate's May 18 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:||3.75%||2.96%||3.42%||3.75%|
|Change from last week:||+0.04||+0.05||+0.13||-0.04|
|Change from last week:||+$3.75||+$3.97||+$11.96||-$9.45|