Mortgage rates in Phoenix were mixed this week. Meanwhile, sales of luxury homes are strong in the Northeast Valley.
This week's rates
The benchmark 30-year fixed-rate mortgage in Phoenix fell to 4.06% from 4.11%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.2 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.07%.
The Phoenix luxury market
Sales of luxury homes -- homes over $500,000 -- in the Northeast Valley of Phoenix were up 9% in October from a year prior, according to a report from Walt Danley Realty, an affiliate of Christie's International Real Estate.
Most of that increase was concentrated in the $500,000 to $1 million range, where sales increased 30%, according to the report.
At the same time, inventory for luxury homes on the market rose 15%. On Nov. 1, there were 2,815 homes for sale in the Northeast Valley, according to the report.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, rose to 3.92% from 3.88%. The benchmark 15-year fixed-rate mortgage rose to 3.3% from 3.27%. The benchmark 5/1 adjustable-rate mortgage fell to 3.63% from 3.71%.
Weekly mortgage survey
|Results from Bankrate's Nov. 24 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:||4.06%||3.3%||3.63%||3.92%|
|Change from last week:||-0.05||+0.03||-0.08||+0.04|
|Change from last week:||-$4.77||+$2.41||-$7.41||+$9.58|