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If you’re considering to buy a home in Arizona, getting the best mortgage rate possible should be high on your to-do list. Individual mortgage rates can vary based on a variety of different factors, including your level of income, credit score, debt-to-income ratio, and how much of a down payment you can come up with.
Set yourself up to get the best mortgage rate in Arizona by checking your credit score to rule out any surprises, gathering all of your documentation regarding your finances, and applying with a reputable mortgage lender for preapproval.
Here’s a quick look at current Arizona mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||4.927%||5.014%||+0.06%|
|Conventional 20 year fixed||4.545%||4.648%||Unchanged|
|Conventional 15 year fixed||4.098%||4.246%||+0.01%|
|Conventional 10 year fixed||4.007%||4.231%||+0.13%|
|Conventional 7 year ARM||4.836%||4.428%||+0.33%|
|Conventional 5 year ARM||4.513%||4.149%||+0.36%|
|FHA 15 year fixed||4.015%||4.87%||-0.07%|
|FHA 30 year fixed||3.944%||4.735%||-0.03%|
|FHA 5 year ARM||3.607%||4.836%||+0.02%|
|VA 30 year fixed||4.135%||4.514%||+0.03%|
|VA 15 year fixed||4.021%||4.65%||+0.13%|
Want to buy a home in Arizona? The Grand Canyon State is waiting for you to find your dream home and move in. Here’s what you need to know:
Decide where you want to live. More than 6.5 million people call Arizona home, and roughly half that number live in the city’s top six biggest cities:
Be realistic about how much home you can afford. Arizona ranks 17th in US homes for sale at average price, and 10th for homes over $1,000,000. Get preapproved before you go house hunting so you don’t shop outside your price range.
First-time home buyers may be able to qualify for assistance through a program administered by the Arizona Department of Housing (ADOH.)
Home Plus provides home buyers with down payment and closing cost assistance, as well as reduced mortgage insurance premiums on conventional mortgages. Individual lenders may have their own rules about income limits, credit scores and the types of properties they deem eligible for a Home Plus mortgage. You will have to meet certain income and credit score requirements, and take a home buyer education course.
Pathway to Purchase Down Payment Assistance offers second mortgage loans in targeted ZIP codes and cities. This program can help you manage your down payment and closing costs, with zero interest and no additional monthly payment.
You can usually refinance a home in Arizona to benefit from lower Arizona mortgage rates. Refinancing can help you:
Some specific types of loans can qualify for a streamlined refinance. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.