Arizona Mortgage and Refinance Rates

Current mortgage rates in Arizona

As of Friday, July 18, 2025, current interest rates in Arizona are 6.82% for a 30-year fixed mortgage and 5.96% for a 15-year fixed mortgage.

Mortgage rates in Arizona, like mortgage rates nationally, have fallen from their post-pandemic peak — but they're still well above the historically low COVID-era rates homebuyers received in 2021 and 2022. Experts expect rates to remain between 6 and 7 percent in 2025. However, tariffs and economic uncertainty could cause rates to move more drastically. 

Refinance rates in Arizona

Refinancing your mortgage in Arizona doesn’t look nearly as appealing today as it did a few years back, when rates were below 3 percent. However, if you locked in a rate between 7 and 8 percent within the last year or two, now might be a good time to lower your monthly mortgage payment. 

More and more Arizonans are refinancing. According to ATTOM Data Solutions, more than 5,800 homeowners in Arizona refinanced in April 2025, which reflects nearly a 30 percent increase year-over-year.

In addition, because home values in Arizona have risen in the past few years, many Arizona homeowners have tappable equity. With a cash-out mortgage refinance, you could take advantage of that surge in value to help further your financial goals.

National mortgage rates by loan type

Arizona housing market statistics and trends

Elevated mortgage rates and high home prices continue to make home affordability an issue. Arizona's median sales price is a bit higher than the national median, although it has stabilized after the rapid increases of the past few years. Inventory is also up in the state, which might ease competition for homes.

• Median home sales price, April 2025: $437,000
• Median home value, April 2025: $433,289
• Median down payment, April 2025: $68,812
• Median days on market, May 2025: 57
• Percentage of homes sold above list price, May 2025: 14.5%
• Percentage of homes with price drops, May 2025: 35.8%
• Homeownership rate, Q1 2025: 69.5%

Sources: Redfin, ATTOM, U.S. Census Bureau

Mortgage options in Arizona

If you're shopping for a mortgage in Arizona, these are some of your loan options:

• Arizona conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 43 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) as well.
• Arizona FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a credit score of at least 580, you could qualify to make a down payment of as little as 3.5 percent.
• Arizona VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t typically require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.33 percent of the loan amount for purchases.
• Arizona USDA loans: If you’re buying a rural property in Arizona, you might be eligible for a mortgage guaranteed by the U.S. Department of Agriculture (USDA). These loans don’t require a down payment, but you’ll need to purchase in a designated rural area and meet the area’s income limits.
• Arizona jumbo loans: If you’re planning to buy a luxury property and need to borrow a large sum to make it happen, you may need to explore jumbo loans. Since you’re borrowing more money, be prepared to have good to excellent credit and a down payment of at least 10 percent of the purchase price.

First-time homebuyer programs in Arizona

HOME+PLUS Home Buyer Down Payment Assistance Program

Arizona’s HOME+PLUS mortgage program connects homebuyers in Arizona with a 30-year, fixed-rate conventional, FHA, VA or USDA loan, along with down payment assistance of up to 4 percent. You don’t need to be a first-time homebuyer, but you’ll need to meet other criteria, including:

• You’ll need to be buying a home (existing or new-construction) that’s either a single-family house or a duplex, condo, townhome or manufactured property. You can’t buy a three- or four-unit property through this program.
• Your income can’t exceed county loan limits.
• You’ll need a 640 minimum credit score or up to 680, depending on your debt-to-income (DTI) ratio and loan program.
• You’ll need to complete a homebuyer class.

Home in Five Advantage Program

For homebuyers in Maricopa county, the Home in Five Advantage program offers up to 6 percent of the purchase price for down payment assistance. This comes in the form of a forgivable second mortgage that requires repayment only if you sell or refinance within three years. To qualify, you’ll need:

• A credit score of 640 or better
• An annual income of no more than $141,820
• A debt-to-income ratio of no more than 50 percent
• To occupy the home as a principal residence within 60 days of closing
• To complete a homebuyer education course

Tucson and Pima County down payment assistance

For those buying in Tucson and Pima counties (excluding Tribal lands), there’s a local down payment assistance program offering up to 20 percent of the purchase price. To qualify, you’ll need to contribute at least $1,000 of your own money, have three months of mortgage payments in reserves, meet financial requirements and buy a house within the purchase price limits.

How to find the best mortgage rate in Arizona

Additional Arizona mortgage resources

• Arizona loan limits by county: Learn the conforming loan limit for your city or town in Arizona.
• Arizona mortgage lenders: Explore mortgage lenders in your state.
• Arizona housing market overview: Know what to expect as a homebuyer or seller in Arizona.
• How to buy a house in Arizona: Get set up for a successful house hunt with this guide.
• Cost of living in Arizona: Get a sense of how much you’ll spend or save.
• Homeowners insurance in Arizona: Compare policies from a variety of providers.
• Mortgage calculator: Calculate possible mortgage payments to estimate what to expect.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Alice Holbrook, Editor, Home Lending

I have been a writer and editor in the personal finance space for more than a decade, with more than three of those focused on homebuying and homeownership. I’ve had work appear in outlets including Newsweek, The Washington Post, The Associated Press, USA Today and MarketWatch.

Read more from Alice Holbrook