Mortgage rates in Phoenix mostly fell this week. Meanwhile, the area's real estate market is facing some tough times.
This week's rates
The benchmark 30-year fixed-rate mortgage in Phoenix fell to 4.19 percent from 4.27 percent, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.11 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.26 percent.
Home sales slip in Phoenix
Many prospective buyers in Phoenix are on the fence about purchasing a home right now. They're waiting to see what happens with the real estate market, according to CNBC 25. That's because the market is pretty weak.
Demand for homes is down, and the number of active listings is up 69 percent. Some would-be buyers are still repairing their credit from the foreclosure crisis, while others don't have enough equity in their homes to sell.
People simply aren't buying in Phoenix right now, notes CNBC.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, fell to 4.17 percent from 4.21 percent. The benchmark 15-year fixed-rate mortgage fell to 3.42 percent from 3.48 percent. The benchmark 5/1 adjustable-rate mortgage rose to 3.75 percent from 3.63 percent.
Weekly mortgage survey
|Results from Bankrate's July 23 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:||4.19%||3.42%||3.75%||4.17%|
|Change from last week:||-0.08||-0.06||+0.12||-0.04|
|Change from last week:||-$7.68||-$4.84||+$11.28||-$9.71|