Mortgage rates in Phoenix mostly rose this week. And Phoenix could be seeing an influx of boomerang buyers within the next few years.
This week's rates
The benchmark 30-year fixed-rate mortgage in Phoenix remained at 4.04%, according to the Bankrate.com national survey of large lenders. The mortgages in this week's survey had an average total of 0.15 discount and origination points. Nationally, the 30-year fixed-rate mortgage was 4.05%.
Boomerang buyers in Phoenix
Hit hard by the real estate crash, Phoenix is finally starting to see an influx of return buyers, notes KTAR News.
Indeed, as people get their credit back in order from the foreclosure crisis, Phoenix is finding more boomerang buyers in the market, as Tina Tamboer of The Cromford Report told KTAR.
Of course, Phoenix has a lack of supply of homes under $250,000, which means it may not see as much of an influx as other cities, notes KTAR.
The benchmark 30-year jumbo mortgages, for loans of $417,000 and up, rose to 3.92% from 3.83%. The benchmark 15-year fixed-rate mortgage fell to 3.21% from 3.23%. The benchmark 5/1 adjustable-rate mortgage remained at 3.25%.
Weekly mortgage survey
|Results from Bankrate's Sept. 2 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:||4.04%||3.21%||3.25%||3.92%|
|Change from last week:||N/C||-0.02||N/C||+0.09|
|Change from last week:||N/C||-$1.60||N/C||+$21.59|