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Mortgage rates in Phoenix, Arizona

By Claes Bell · Bankrate.com
Thursday, July 28, 2016
Posted: 10 am ET

Mortgage rates rose in the Phoenix area this week.

Key 30-year rate higher

The average rate on the benchmark 30-year fixed-rate mortgage rate for the Phoenix area increased to 3.64%, according to Bankrate's national survey of large lenders. Not only did the local rate trend up 4 basis points from last week, but it was higher than the national average rate of 3.63%. A basis point is one-hundredth of 1 percentage point.

The mortgages in this week's survey had an average of 0.14 discount and origination points.

"With the 30-year fixed rising, it means that homebuyers and refinancers will find it more expensive to borrow," says Holden Lewis, Bankrate's senior mortgage analyst.

The growth in the mortgage rate lifted 30-year fixed-rate monthly payments on a hypothetical $165,000 mortgage to $753.88, a difference of $3.72 from last week.

Other mortgage types see increases

The rate for 30-year jumbo mortgages also ticked up this week, up 4 points to 3.79%. Jumbo loans are used for mortgages beyond limits set by the Federal Housing Finance Agency that can fall anywhere from $417,000 all the way up to $625,000, depending on the location.

The average rate for 15-year fixed-rate mortgages rose 4 basis points as well, growing to 2.89%. Monthly payments on a hypothetical $165,000, 15-year fixed-rate mortgage moved higher with rates, climbing $3.16 to $1,130.75.

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

The benchmark 5/1 adjustable-rate mortgage rate climbed to 3.25% this week, a rise of 12 basis points. The most common type of variable-rate mortgage, 5/1 ARMs allow property owners 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 July 27 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: 3.64% 2.89% 3.25% 3.79%
Change from last week: +0.04 +0.04 +0.12 +0.04
Monthly payment: $753.88 $1,130.75 $718.09 $1,940.67
Change from last week: +$3.72 +$3.16 +$10.91 +$9.50
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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