Mortgage rates in Phoenix took a dive this week. Meanwhile, the Valley's home prices keep falling.
The benchmark 30-year fixed-rate mortgage in Phoenix fell to 4.48 percent from 4.49 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.15 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.47 percent.
Median sales prices for single family homes are falling in Phoenix. Home prices dropped by one percent in February from a month prior, according to a new report from the W.P. Carey School of Business at Arizona State University. In January, prices dropped by four percent from December.
That's the first time since 2011 that the median price in Phoenix has declined for two consecutive months, notes the report.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 4.33 percent from 4.42 percent. The benchmark 15-year fixed-rate mortgage dropped to 3.56 percent from 3.65 percent. The benchmark 5/1 adjustable-rate mortgage dropped to 3.42 percent from 3.54 percent.
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Weekly mortgage survey
|Results from Bankrate's April 9 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%||3.56%||3.42%||4.33%|
|Change from last week:||-0.01||-0.09||-0.12||-0.09|
|Change from last week:||-$0.98||-$6.69||-$9.39||-$22.02|