Arizona Mortgage and Refinance Rates
As of Friday, July 30, 2021, current rates in Arizona are 2.99% for a 30-year fixed, 2.29% for a 15-year fixed, and 2.63% for a 5/1 adjustable-rate mortgage (ARM).
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Arizona mortgage overview
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 may need to pay private mortgage insurance (PMI).
- Arizona FHA Loans: 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 may need to pay a VA funding fee that can range from 2.3 percent to 3.6 percent of the home’s purchase price.
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 ranging from 3 percent 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 646
- Maximum income of $109,965
Arizona mortgage refinancing
With interest rates at record lows, Arizona borrowers may be interested in refinancing their mortgage into a new one with a lower rate. Use Bankrate’s mortgage refinance calculator to see how much you can save by lowering your rate.