Phoenix, AZ Mortgage Rates today
Arizona's allure for homebuyers lies in its stunning desert landscapes, vibrant cities, and abundant sunshine. With a thriving job market, excellent schools, and diverse recreational opportunities, it's a top choice for settling down. Ensure to compare our current rates to make a smart investment in your Arizona dream home.
If you have any questions about securing the best mortgage rates in Arizona, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Phoenix, AZ
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5.875%
6.620% APR
$3,014/mo
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6.625%
7.109% APR
$2,305/mo
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6.000%
7.061% APR
$2,345/mo
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6.375%
7.379% APR
$2,246/mo
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6.000%
6.621% APR
$2,185/mo
infoLatest revision - November 22 2024 12:30pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What factors determine a good mortgage interest rate?
While researching Arizona mortgage rates, it's critical to assess not just the interest rate but also other loan terms, including fees, closing charges, and annual percentage rates (APRs). Finding the best offer that fits your needs requires comparing all of the loan details from several lenders in depth.
Should I Lock In My Mortgage Rates?
Changes in Arizona mortgage rates can occur often and without warning. Under the following circumstances, it could be wise to think about locking your mortgage rate: Growing rates: Securing your rate guarantees that it won't exceed the initially qualifying rate in the event that there is a persistent upward trend in rates over a few weeks or months. Federal Reserve gathering: If you want financial certainty and anticipate a rate hike at a Federal Reserve meeting, you might choose to lock in your rate beforehand. Need for stability in finances: By protecting you from unforeseen fluctuations, locking in your rates ensures a consistent monthly mortgage payment. Decide on a closure date: Securing your rate is a calculated move if your closing date is set and there are no anticipated delays.
How can borrowers in Arizona lock in to get a suitable home interest rate?
Arizona homebuyers can obtain a favorable interest rate on their property by talking with their loan office about rate-locking possibilities. Borrowers can safeguard themselves against potential rate swings during the home-buying process by agreeing to freeze the quoted rate for a predetermined tenure.
Programs For First-Time Home Buyers In Arizona
Let us examine some of the foremost programs accessible to qualifying first-time home buyers in Arizona who want to transform their housing dreams into reality.
HOME+PLUS
- Competitive Interest Rates: With Arizona Industrial Development Authority (AzIDA)’s HOME+PLUS program, homebuyers may get stable fixed-rate mortgages that will keep monthly payments reasonable for the next 30 years.
- Financial Assistance: Say goodbye to exorbitant upfront fees with down payment assistance AZ of up to 5% of the principal loan amount. This help comes in the form of a second loan that can be forgiven after three years and doesn't need to be repaid unless the property is sold or the first mortgage (conventional, FHA, VA, or USDA loan) is refinanced.
- Reduced Mortgage Insurance: Being qualified for Arizona Home Plus also entitles you to a reduction in mortgage insurance rates, which further lowers your monthly payments. This results in significant savings throughout the course of the loan.
Eligibility Requirements for HOME+PLUS Program
Although HOME+PLUS has several benefits, it's important to understand the requirements:
- Minimum Credit Rating: To be qualified, you must have a credit score of at least 640. If you choose to purchase a manufactured home, the minimum requirement increases to 680.
- Debt-to-Income Ratio: Depending on the specific type of loan you choose, your debt-to-income ratio (DTI) should be in the reasonable range, usually between 45% and 50%.
- Income Restrictions: Your yearly income must meet the recognized income limit, which is now $126,351.
- Homebuyer Education: Information acquisition is essential. You must complete the homebuyer education course before proceeding with the Arizona Home Plus program.
- Property Type: The program is applicable to single-family homes, duplexes, condos, townhomes, and even manufactured homes located in Arizona.
- Primary Residence: The property you acquire must be occupied as your primary home.
Arizona Down Payment Assistance AZ Programs
Home in Five Advantage Program
This special program is presented by The Maricopa County Industrial Development Authority (MCIDA) and Phoenix IDA. It is offered to low—to moderate-income groups so they can also own a home in Maricopa County. Borrowers can get a 30-year fixed-rate traditional, VA, FHA loans in Arizona. Along with this, they can also get a three-year second forgivable loan that can be utilized for down payment and closing costs. Repayment isn’t required unless your home is sold or the first loan is refinanced within the first three years.
The Qualifying criteria for this Arizona Down payment assistance program are mentioned below:
- Minimum credit score: 640
- Annual Income: Under $138,600
- DTI Ratio: Not more than 50%
- Miscellaneous:
- Must Complete a homebuyer education course
- Should Use the purchased home as a primary residence
- Shift in the newly bought home within 60 days of closing
- The property should be a townhouse, single-family residence, or a condominium
This Arizona down payment assistance program also serves an extra 1% in down payment and closing costs for qualified military personnel, teachers, first responders, and people with annual income less than $49,500 who are purchasing their first home in the state.
The program's BOOST feature offers an extra 0.5 percent down payment assistance AZ for buyers in low-income neighborhoods.
Tucson and Pima County Down Payment Assistance AZ
This program helps first-time homebuyers in Tucson or Pima County by offering up to 20% of the purchase price as down payment assistance. You need to contribute at least $1,000 and meet income requirements. Completing homebuyer counseling is also necessary. The maximum purchase price is $302,100 for existing homes and $358,835 for new construction.
Other First-Time Homebuyer Loan Programs
The state of Arizona understands the struggles encountered by first-time home buyers and offers different types of home loans in Arizona to simplify property ownership access.
FHA Loans
These are ideal if your credit score is on the lower side or if you have limited savings. They need a credit score of at least 580 and allow for a down payment as low as 3.5 percent.
VA Loans
If you're a military member or a veteran, you may be eligible for a VA loan, which doesn't require a down payment.
USDA Loans
These loans don't mandate a down payment but are restricted to borrowers purchasing property in USDA-eligible rural areas. Usually, a credit score of 640 or higher is needed to qualify.
Good Neighbor Next Door program
Run by HUD, this program offers a low down payment option for homes in specific areas, along with the opportunity to save 50 percent on the purchase price.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
