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.
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|
|Change from last week:||+$5.81||+$4.85||-$4.55||+$26.88|