Arizona Mortgage Rates
A decade after being hit by the Great Recession, Arizona recorded the lowest unemployment rate and rising property values. Year-over-year property values increased 6.5% and are projected to grow to 2.8% in a year’s time. Despite that, Trulia puts home listing prices in Arizona as green which indicates affordable home prices.
These positive trends make owning a home in Phoenix, Mesa or Tempe rewarding. There are many important things to look into when financing your first-home purchase. One detail you should never overlook is mortgage rates.
Mortgage rates may vary state to state, county to county. Check mortgage rates here.Mortgage Rates Matter
Whether you are buying a home or refinancing, mortgage rates serve as a barometer of the cost of your loan. They can be high or low depending on current market forces and personal circumstances of the borrower at the time of the loan application.
Of course, you can improve your credit score, maintain a good payment history and refrain from taking on unnecessary debt to boost your chances of qualifying for a loan and a lower rate, at that.
There are many loan products to choose from in Arizona. From the traditional 30-year fixed-rate mortgage to hybrid adjustable-rate mortgages. Government loans such as FHA, VA, and USDA are also available, in addition to conventional, conforming and jumbo loans.
As you will find out, lenders will offer these loans on varying mortgage rates. So be sure to shop and compare rates at mortgagesum.com.
Homeownership Gains in Arizona
As of 2016, there were 1,593,014 owner-occupied housing units in Arizona, representing 63.2% of the total housing units in the state.
These homes may have built equity that can be borrowed against via a cash-out refinance. Before rates leave their record-low levels, lower your existing rate and consolidate your debt.
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