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Mortgage rates in Phoenix

By Claes Bell · Bankrate.com
Thursday, April 20, 2017
Posted: 9 am ET

Several closely-watched mortgage rates were down in the Phoenix area this week.

Key 30-year rate ticks down in Phoenix

According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Phoenix area ticked downwards to 4.11 percent. The local rate was less than the national average rate of 4.16 percent, and was down 7 basis points from last week. A basis point is one-hundredth of 1 percentage point.

In this week's survey, the mortgages had an average of 0.11 discount and origination points.

"The drop in the 30-year fixed is cause for celebration among those who waited to lock on a rate, as that turned out to be a smart bet," says Holden Lewis, Bankrate's senior mortgage analyst.

Monthly payments on a hypothetical $165,000 mortgage slid to $798.23, falling $6.69 from last week, corresponding with the slip in mortgage rates.

Other Phoenix mortgage types slide

The average rate for 30-year jumbo mortgages fell this week, down 13 basis 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 dropped to 3.32 percent, down 13 basis points from last week. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage followed rates trending down, ticking down $10.43 to $1,165.03.

"The 15-year fixed is a popular mortgage for homeowners who want to refinance. With this fall in the 15-year fixed, a refinance will be more profitable to some homeowners," Lewis says.

The benchmark 5/1 adjustable-rate mortgage rate slid to 3.50 percent this week, a drop of 13 basis points. 5/1 adjustable-rate mortgages allow homeowners to pay a fixed rate for the first 5 years, and the rate adjusts once per year every year after. They are the most popular variety of variable-rate mortgage.

Compare mortgage rates in your area now.

Weekly mortgage survey

Results from Bankrate's survey of mortgage lenders conducted April 19, 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: 4.11% 3.32% 3.50% 4.04%
Change from last week: -0.07 -0.13 -0.13 -0.13
Monthly payment: $798.23 $1,165.03 $740.92 $2,034.51
Change from last week: -$6.69 -$10.43 -$11.92 -$31.74

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."

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9 Comments
Jordan
June 24, 2014 at 6:30 pm

If the demand for home purchases is down, and it continues that way for the rest of the year, what does that mean for Mortgage rates? Will they go up, down, or hover around the current rates?

Prem Sagar
March 04, 2014 at 6:05 am

Hi,

What is rate of Auto loan or Home loan?

Can i have a call on 8875002242

Thanks
Prem