Multiple benchmark mortgage rates climbed higher in the Phoenix area this week.

Benchmark 30-year rate ticks up in Phoenix

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Phoenix area moved upward to 3.99 percent, according to Bankrate’s national survey of large lenders. Trending up 5 basis points from last week, the local rate is now in sync with the national rate. A basis point is one-hundredth of 1 percentage point.

In this week’s survey, the mortgages had an average of 0.16 discount and origination points.

With the 30-year fixed rising, it means that homebuyers and refinancers will find their borrowing costs have gone up.

The increase in the mortgage rate punched up 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $786.78, an increase of $4.76 from last week.

Other Phoenix mortgage types mixed

The rate for 30-year jumbo mortgages also rose this week, increasing 4 points to 4.04 percent. Jumbo mortgages are used for loan amounts above limits set by the Federal Housing Finance Agency; for the Phoenix area, that limit is $424,100.

The average rate for 15-year fixed-rate mortgages increased 3 basis points as well, up to 3.21 percent. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage moved upward with rates, ticking up $2.40 to $1,156.20.

Because the 15-year fixed is a popular mortgage for homeowners who want to refinance, the increase means that a refi is less profitable than it would have been before the rate rise.

The popular 5/1 adjustable-rate mortgage rate remained at 3.63 percent this week. The most common variety of variable-rate mortgage, 5/1 ARMs allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after.

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Weekly mortgage survey

Results from Bankrate’s survey of mortgage lenders conducted September 13, 2017. Monthly payments are for a $165,000 loan. The jumbo rate is for the minimum jumbo loan amount of $424,100 in the Phoenix area.
30-year fixed 15-year fixed 5-year ARM 30-year jumbo
This week’s rate: 3.99% 3.21% 3.63% 4.04%
Change from last week: +0.05 +0.03 N/C +0.04
Monthly payment: $786.78 $1,156.20 $752.95 $2,034.51
Change from last week: +$4.76 +$2.40 N/C +$9.82

Methodology: The “Bankrate.com National Average,” or “national survey of large lenders,” is conducted weekly. To conduct the National Average survey, Bankrate obtains rate information from the 10 largest banks and thrifts in 10 large U.S. markets. In the Bankrate.com national survey, our Market Analysis team gathers rates and/or yields on banking deposits, loans and mortgages. We’ve conducted this survey in the same manner for more than 30 years, and because it’s consistently done the way it is, it gives an accurate national apples-to-apples comparison.

To learn more about the different rate averages Bankrate publishes, see “Understanding Bankrate’s Rate Averages.”