Arizona Mortgage and Refinance Rates
As of Thursday, October 21, 2021, current rates in Arizona are 3.17% for a 30-year fixed, 2.45% for a 15-year fixed, and 2.50% for a 5/1 adjustable-rate mortgage (ARM).
Bankrate has offers for Arizona mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.
About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.
Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.
Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.
Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.
Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.
Consumer Satisfaction: If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please click here to provide your comments to Bankrate Quality Control.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.
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.
Top 5 Bankrate mortgage lenders in Arizona
- Better.com – Best overall
- Watermark Home Loans – Best for VA loans
- Cardinal Financial Company – Best for low-credit score borrowers
- Lower – Best for first-time homebuyers
- SunnyHill Financial – Best broker
Methodology
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.
Better.com - Best overall
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. In 2020, the lender funded more than $20 billion in loans for more than 88,000 borrowers, and estimates that it helped borrowers who refinanced save a collective $355 million.
Strengths: No fees and transparent rates; 24/7 customer service
Weaknesses: No VA or USDA loans; doesn’t consider credit scores below 620
Read Bankrate's Better.com mortgage review
Watermark Home Loans - Best for VA loans
Based in Irvine, California, Watermark Home Loans has been in business for 15 years. The lender offers a number of products that are not as widely available, including jumbo loans up to $3 million, reverse mortgages and interest-only loans. The VA loan offerings are especially solid: Eligible servicemembers, veterans and their family members can refinance even if their mortgage is underwater.
Strengths: Zero-closing cost options; A+ rating from the Better Business Bureau; offers products exclusively for veterans and servicemembers
Weaknesses: Mortgage rates and lender fees aren’t available online
Read Bankrate's Watermark Home Loans review
Cardinal Financial Company - Best for low credit score borrowers
Cardinal Financial Company has been in business since 1987. The North Carolina-based lender offers a range of products that match nearly every type of borrower: those who need down payment assistance; those who are looking at an unconventional property like a container home; and those who are looking for a $2 million jumbo loan, to name a few. It can be an especially good pick if you have a low credit score and you want to purchase a new home in Arizona: The lender considers credit scores as low as 550 for FHA-backed loans.
Strengths: Ability to chat with an agent online; A+ rating from the Better Business Bureau; offers manual underwriting for borrowers with limited credit histories
Weaknesses: Doesn’t advertise mortgage rates or list fees online
Read Bankrate's Cardinal Financial mortgage review
Lower – Best for first-time homebuyers
More than 140,000 people have applied for new purchase loans or refinances through Lower, and the Ohio-based lender has funded $3.5 billion in mortgages. One of the best benefits of working with this lender is that it will actually give you money: Its HomeCash Match program can help you score up to $500 for your down payment.
Strengths: Simple, streamlined online process; exceptional past customer reviews on Trustpilot; free Refi for Life program waives fees if you decide to refinance
Weaknesses: Might encounter a range of lender fees; not accredited by the Better Business Bureau
Read Bankrate's Lower mortgage review
SunnyHill Financial – Best broker
Headquartered in San Francisco, SunnyHill Financial works with a network of lenders to help you compare different loan products, rates and terms. The broker has a smaller footprint, and a lower overhead often translates to lower costs for borrowers. You can apply online, but there is limited information about preapproval or closing timelines.
Strengths: 200 five-star customer reviews on Bankrate; personalized rate quote available online
Weaknesses: Limited website functionality; no USDA loans; not accredited by the Better Business Bureau
Read Bankrate's SunnyHill Financial review
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.