Mortgage Rates in Arizona
Compare today's average mortgage rates in the state of Arizona. Bankrate aggregates mortgage rates from multiple sources to provide averages for Arizona.
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.