Mortgage rates in Phoenix were mixed this week. And the Phoenix real estate market could soon see a shortage of homes.
This week's rates
The benchmark 30-year fixed-rate mortgage in Phoenix fell to 3.73 percent from 3.78 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.22 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 3.8 percent.
Phoenix could soon have a supply problem
The housing market is set to see an influx of homebuyers in the near future, but the Phoenix market might not be ready for it, according to KTAR News.
Michael Orr, director of the Center for Real Estate Theory and Practice at Arizona State University's W.P. Carey School of Business, thinks Phoenix needs to see more new homes on the real estate market before more homebuyers come to the area, reports KTAR.
Otherwise, an increase in demand could lead to a very short supply of homes, bringing stressful bidding wars and competition to the Phoenix real estate market.
The benchmark 30-year jumbo mortgage, for loans of $417,000 and up, rose to 4.06 percent from 4.04 percent. The benchmark 15-year fixed-rate mortgage jumped to 3.14 percent from 3.11 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.42 percent from 3.25 percent.
Weekly mortgage survey
|Results from Bankrate's Jan. 28 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:||3.73%||3.14%||3.42%||4.06%|
|Change from last week:||-0.05||+0.03||+0.17||+0.02|
|Change from last week:||-$4.67||+$2.40||+$15.66||+$4.83|