Mortgage rates in Phoenix mostly remained unchanged this week. And a new report says there aren't as many new homes being built in the area.
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 0.21 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.24 percent.
New home construction falls
New home construction isn't as robust as it once was in the Phoenix area. Housing permits to home builders fell by 14 percent in July from the month prior, according to data from RL Brown Housing Reports, a regional research firm.
Indeed, sales of new homes are also down in the area. New home sales fell by 10.5 percent in July of this year from July 2013.
There are several things contributing to that decline in home sales, including limited job growth and tighter mortgage lending, notes the Phoenix Business Journal.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, remained at 4.17 percent. The benchmark 15-year fixed-rate mortgage remained at 3.42 percent. The benchmark 5/1 adjustable-rate mortgage remained at 3.54 percent.
Weekly mortgage survey
|Results from Bankrate's Aug. 20 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%||3.42%||3.54%||4.17%|
|Change from last week:||+0.06||N/C||N/C||N/C|
|Change from last week:||+$5.81||N/C||N/C||N/C|