Here’s what to know about mortgage rates in Arizona and what you can do to make homebuying a little easier.
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WEEKLY TRENDS AND INSIGHTS
On the week of December 9, 2024, the current average interest rate for a 30-year fixed-rate mortgage decreased NaN basis points from the prior week to %. The current average interest rate on a 15-year fixed-rate mortgage decreased NaN basis points from the prior week to %.
For context, a 30-year fixed-rate mortgage was NaN basis points higher a year ago. As for a 15-year fixed-rate mortgage, it was NaN basis points higher a year ago.
A few different factors, such as national and global economic conditions, the Federal Reserve, and buyer demand determine mortgage rates. Overall, there aren’t any specific rules and regulations in Arizona that affect what homebuyers pay, but state conditions can have an impact just as they would anywhere else in the country.
If you’re thinking about buying a house, it’s smart to think about Arizona interest rates and their overall effect on your home-buying journey. However, there are a few different things you can do to help yourself become a first-time homeowner, such as taking advantage of down payment assistance programs.
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Yes, Arizona has a lot of first-time homebuyer programs. Its programs typically come in two forms: grants or loans. Grants are more sought-after and competitive, but loans are often forgivable — meaning the borrower doesn’t have to make any payments when certain conditions are met. Most homebuyer programs are meant to help with either down payment or closing costs.
Home Plus: Home Plus is a second mortgage you can use with conventional, FHA, VA, and USDA loans. It is a three-year, no-interest, no-payment loan that is completely forgiven if the homeowner doesn’t sell within the first 36 months. If you sell during the first 36 months, you will have to pay back the loan amount. Credit score requirements, income limits, and debt-to-income ratio (DTI) qualifications vary based on the type of loan you use for your primary mortgage.
Pathway to Purchase: Pathway to Purchase is a soft loan, which means you only need to pay back any money you receive from the program if you choose to sell your home. You may either receive up to 10% of the purchase price or $20,000, whichever amount is less. It’s only available in ZIP codes deemed to have not fully recovered from the Great Recession.
City of Flagstaff Community Housing Assistance Program (CHAP): The program offers to $15,000 in down payment assistance. The home price can’t exceed FHA mortgage limits, and funds must be repaid if the home is sold, refinanced, or ceases to be owner-occupied. Household income can’t exceed 125% of the area median income.
Home in Five Advantage Program: With Home in Five, eligible homebuyers who work with specific lenders may receive grants equal to 6% of the required down payment, which they can use to purchase a home in Maricopa County. They may also get a low interest loan, too. The full list of lenders you can work with is quite extensive.
The Avondale First-Time Homebuyer Program: This program helps homebuyers buy their first home in the city of Avondale. If you qualify, you may receive up to $30,000. As with Home Plus, it comes in the form of a forgivable loan. The amount each homebuyer qualifies for is determined by their overall need. If you move within a certain amount of time or fail to take care of the property, you will be required to pay back the loan amount.
City of Chandler First Time Homebuyer’s Program: If your income is below 80% of the area median income, you may be eligible for Chandler’s first-time homebuyer’s program. The full amount you may qualify for isn’t disclosed, but it’s meant to help first-time homebuyers who may otherwise be priced out of Chandler.
City of Phoenix Section 32 Homeownership Program: This program is for homebuyers who earn below 80% of the area median income; it also offers 20% off home appraised value as well as a grant for down payment and closing costs.
City of Phoenix Open Doors Down Payment Assistance Program: This is a deferred payment loan, but the loan is forgiven after the period of affordability, which can be up to 15 years. It can be used for up to 10% of the home purchase price, but the purchase price can’t exceed $428,000. Income must be below 80% of the area median income.
City of Tempe first-time homebuyers programs: The city has two programs: Community-Assisted Mortgage Program (CAMP) and Expanded Community Assistance Mortgage Program. Both come in the form of deferred loans, but the first program is for homebuyers who are below 80% of the area median income, while the second is for buyers who are between 81% and 120% of the median income.
City of Tucson Down Payment Assistance Program: The home price must be below $302,100 if it’s an existing home, or $358,835 if new. Homebuyers must contribute at least $1,000 to the purchase and have at least two months of mortgage payments in the bank. Buyers must also fall below 80% of the area median income.
Pinal County Homeownership Housing Development: Aid may come in the form of a grant, loan, or deferred payment loan, and homebuyers must be at or below 80% of the area median income. The homebuyers live in the home for the minimum period of affordability. The amount of aid varies with each homebuyer.
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Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.
Product | Interest rate | APR | ||||
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General Information and Rate Disclosures: The listings that appear on this page are from companies that pay Credible compensation. This table does not include all companies or all available products. Displayed information is valid as of Dec 12, 2024 and assumes a customer with a 750 credit score borrowing a conventional loan for a single-family, primary residence, at or near zero discount points, and a 80% loan-to-home-value ratio. For products indicated as a jumbo (e.g. 30-year fixed jumbo rate), displayed information follows the same assumptions as a conventional loan but set at loan above the conforming limit. Here is an example of your payment based on a $400,000 loan amount, for each advertised loan term:
*Payments do not include amounts for taxes and insurance premiums, your actual payment obligation will be greater. The IP address of the customer accessing this page has been used to determine which U.S state should be used for pricing. In states where Credible does not have a license to operate, we are providing information about rates available in a nearby state. If you are viewing this page from an IP address in one of the states where Credible is not licensed, the rates displayed above are for consumers located in the neighbouring state shown below: IP state without license - Assumed location Missouri - Kansas Hawaii - California Rates, payments, and all information displayed are for informational purposes only and are subject to change without notice. This is not a credit decision or commitment to lend. Mortgage rates and terms you may qualify for depend on your individual financial circumstances. Payment Disclosures: All monthly payment amounts above assume on time monthly payments each month for the full duration of the loan term (e.g. 360 monthly payments for a 30 year loan). Displayed monthly payment amounts do not include amounts for property taxes and hazard insurance. Your actual monthly payment obligation will be higher. Amounts for borrower-paid mortgage insurance premiums are included in the monthly payment if (1) the loan amount is below the “conforming thresholds” set by Fannie Mae and Freddie Mac, and (2) the loan-to-home-value ratio is greater than 80%; mortgage insurance premiums are excluded from the monthly payment if either the loan amount is above the conforming thresholds or the loan-to-home-value ratio is less than or equal to 80%. Your actual payment obligation may be higher. “Conforming thresholds” depend on the county where the property is located. Fees Disclosures: The fee amounts shown above include estimates of loan costs and closing costs you may pay in connection with a mortgage transaction with the assumptions above. This includes fees the lender charges, including points and underwriting fees, and third party services the lender does not let you shop for such as a flood certification fee. It does not include title charges, recording costs, prepaids, initial escrow deposit, and other fees. ARM Disclosures: Variable rate products, such as ARMs, have interest rates that can change over the life of the loan. Changes in the interest rate will cause required payment amounts to change.” The displayed rate and payment will be in effect for the number of years in the product’s description (e.g. 5/1 ARM means the initial rate and payment are in effect for 5 years, 7/1 means they are in effect for 7 years, etc.), after which the rate and monthly payment will change every 12 months. Last updated on Dec 12, 2024. These rates are based on the assumptions shown here. Actual rates may vary. |
While your mortgage rate in Arizona is influenced by some things outside your control, there are a few things you can do to influence the rate in your favor.
Homebuyers have five mortgage options from which to choose: conventional, FHA, VA, USDA, and jumbo loans. Here is what you need to know about each:
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