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).
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.
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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.