Arizona Mortgage and Refinance Rates
On Saturday, June 03, 2023, the national average 30-year fixed mortgage APR is 7.00%. The national average 30-year fixed refinance APR is 7.07%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
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Arizona mortgage overview
As of Saturday, June 3, 2023, current interest rates in Arizona are 7.03% for a 30-year fixed mortgage and 6.35% for a 15-year fixed mortgage. There are many types of home loans and homebuyer assistance programs in the Grand Canyon State, including conventional mortgages, FHA loans and VA loans.
- Arizona conventional mortgages: Conventional mortgages generally require larger down payments than government-backed loans. If your down payment is less than 20 percent, you will likely need to pay private mortgage insurance (PMI).
- Arizona FHA loan: If you don’t qualify for a conventional mortgage, consider an FHA loan. These mortgages are insured by the Federal Housing Administration (FHA) and require a 3.5 percent down payment if your credit score is at least 589, or 10 percent if your score is 500.
- Arizona VA loans: VA loans are offered to qualifying veterans and active-duty members of the armed forces. VA loans require no down payment or PMI, but you might need to pay a VA funding fee that can range from 2.3 percent to 3.6 percent of the home’s purchase price.
Top 5 Bankrate mortgage lenders in Arizona
- Cherry Creek Mortgage
- Cake Mortgage
- Loan Surfer
Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.
Cherry Creek Mortgage
Cherry Creek Mortgage has originated more than $70 billion in loans since launching in 1987, and is rapidly expanding its presence in the online market. The lender’s online, direct-to-borrower company, Blue Spot Home Loans, offers same-day preapprovals, and the average closing time is between 22 and 27 days.
Strengths: Cherry Creek Mortgage offers a wide range of loan programs, including low-down payment options. It also provides helpful calculators to estimate homeownership costs, and provides updated rates regularly online.
Weaknesses: The lender isn’t available in every state, and has stricter FHA credit score requirements compared to others.
Read Bankrate's Cherry Creek Mortgage review.
Founded in 1998, AimLoan.com has funded over $31 billion in mortgages to over 90,000 homeowner. Known for cost-efficiency, AimLoan.com guarantees closing costs as shown at the time of application and rate lock, and guarantees the fees of third-party service providers as well.
Strengths: AimLoan.com strives to eliminate the most expensive components of the mortgage process, and offers transparent costs and an efficient application process.
Weaknesses: This lender doesn’t offer FHA or USDA loans, and doesn’t accept credit scores below 620 in most cases.
Read Bankrate's AimLoan.com user reviews.
Better.com is an all-digital lending company that has been doing business since 2016. Its tech-savvy approach to mortgages leads to quick preapprovals, as well as closings in around 21 days.
Strengths: Better.com doesn’t charge lender fees, is transparent about its rates and offers 24/7 customer service.
Weaknesses: This lender doesn’t offer VA or USDA loans.
Read Bankrate's Better.com mortgage review.
Founded in 2018, Cake Mortgage has funded over $3.5 billion in loans. The Chatsworth, California-based lender allows you to apply in just 10 minutes, can approve borrowers within 24 hours and often closes in as little as 28 days. You can apply for a loan completely online, or with a mix of online and phone engagement.
Strengths: Cake Mortgage is transparent about its rates.
Weaknesses: Cake Mortgage isn’t available in all states.
Read Bankrate's Cake Mortgage user reviews.
Based in St. Louis, Missouri, LoanSurfer closes over $1.75 billion in home loans each year. Among its perks, the lender offers a mobile app that you can use to message your loan officer instantly, securely scan and upload documents and calculate payments easily.
Strengths: Loan Surfer has some helpful digital tools and boasts a commitment to closing on time.
Weaknesses: The lender’s website offers few details regarding its loan programs and interest rates.
Read Bankrate's Loan Surfer user reviews.
First-time homebuyer programs in Arizona
Through the HOME+PLUS program, Arizona offers homebuyers different options to help pay off fees and closing costs associated with a mortgage.
HOME+PLUS Home Buyer Down Payment Assistance Program
The HOME+PLUS Buyer Down Payment Assistance Program offers 30-year fixed-rate FHA, VA, USDA, Fannie Mae and Freddie Mac mortgages, and down payment assistance up to 5 percent of the loan amount. The assistance can be used to cover closing costs, the down payment or both.
Only participating lenders can register you for the HOME+PLUS program. Qualification requirements vary depending on the lender and the type of loan you get, but generally you’ll need:
- Credit score of at least 640
- Maximum income of $112,785
Arizona mortgage refinancing
With interest rates on the rise and equity at record levels, Arizona homeowners might explore doing a cash-out refinance. The funds you receive can be used for any purpose, including home improvements or paying for college.