Rates Blog

Finance Blogs » Rates » Mortgage rates in Phoenix, Arizona

Mortgage rates in Phoenix, Arizona

By Mitch Strohm · Bankrate.com
Thursday, September 11, 2014
Posted: 12 pm ET

Mortgage rates in Phoenix mostly rose this week. And a new report says not to expect much of a rise out of home prices in the area within the next few months.

This week's rates

The benchmark 30-year fixed-rate mortgage in Phoenix rose to 4.25 percent from 4.19 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.27 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.27 percent.

Home prices could fall

The median single-family home sales price in Phoenix increased by 8 percent in July of this year from last July, according to a new report from the W. P. Carey School of Business at Arizona State University.

Yet, that 8 percent rise is a little misleading. Much of that increase was due to the sale of more homes in the luxury market, which brought up the median price.

Home prices in Phoenix could actually drop slightly over the next few months until supply and demand even out, notes the report.

Indeed, both supply and demand are currently low in the area. And sales of single-family homes dropped by 19 percent in July of this year from a year prior, according to the report.

More rates

The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, rose to 4.21 percent from 4.13 percent. The benchmark 15-year fixed-rate mortgage rose to 3.41 percent from 3.35 percent. The benchmark 5/1 adjustable-rate mortgage fell to 3.33 percent from 3.38 percent.

Weekly mortgage survey

Results from Bankrate's Sept. 10 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: 4.25% 3.41% 3.33% 4.21%
Change from last week: +0.06 +0.06 -0.05 +0.11
Monthly payment: $811.70 $1,172.28 $725.35 $2,041.64
Change from last week: +$5.81 +$4.85 -$4.55 +$26.88
Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
June 24, 2014 at 6:30 pm

If the demand for home purchases is down, and it continues that way for the rest of the year, what does that mean for Mortgage rates? Will they go up, down, or hover around the current rates?

Prem Sagar
March 04, 2014 at 6:05 am


What is rate of Auto loan or Home loan?

Can i have a call on 8875002242


Add a comment

(Comments may take 5-10 minutes to appear)