Arizona Mortgage Rate

While mortgage rates fluctuate based on the movement of Federal interest rates, they also vary from state to state and county to county. In general, the ranges do not vary significantly; however, a tenth of a percentage can make a difference in what the borrower pays over the life of the mortgage. Within the same market, rates can vary by a full percentage point or more.

Rates also vary based on the type of mortgage desired. Fixed mortgages generally offer lower rates, both for 15 and 30 year loans. Rates for adjustable rate mortgages, usually referred to as ARMs, vary depending on how many years the base rate is in effect and on what the current interest rates are at the end of that stable period. Arizona's rates are fairly average for today's markets.

It's true that mortgage rates are still low. That makes it a good time to shop for a new home or to refinance an existing home loan. Arizona lenders are working hard to offer loans that meet their borrowers' needs resulting in the lowest monthly payments that have been seen in decades. While housing costs are still rising fairly steadily, many first-time buyers are now able to purchase a home with a monthly payment lower than many apartments.