Interest Rate
Average home price

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 6.553% 6.626% +0.1%
Conventional 20 year fixed 6.076% 6.153% Unchanged
Conventional 15 year fixed 5.678% 5.795% -0.06%
Conventional 7 year ARM 6.625% 7.478% Unchanged
Conventional 5 year ARM 6.703% 7.696% +0.04%
VA 30 year fixed 5.932% 6.147% Unchanged
VA 15 year fixed 5.325% 5.72% Unchanged
VA 5 year ARM 6.104% 6.926% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Arizona

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:

  • Phoenix (state capital)
  • Tucson
  • Mesa
  • Chandler
  • Glendale
  • Scottsdale

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 Homebuyers

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.

Refinancing in Arizona

You can usually refinance a home in Arizona to benefit from lower Arizona mortgage rates. Refinancing can help you:

  • Get a lower interest rate
  • Extend your mortgage for a longer term
  • Cash out some of the equity in your home
  • Get rid of a requirement for private mortgage insurance (PMI)

Some specific types of loans can qualify for a streamlined refinance. Ask your lender for more information.


Buying a Home?

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.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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