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Phoenix

Current Mortgage Rates in Phoenix, Arizona

Compare mortgage rates and fees for leading lenders in Phoenix, AZ. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Phoenix.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Phoenix. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Phoenix, AZ as of February 25, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Phoenix, AZ Mortgage Rates Compare?

February 25, 2020

The current average rate for a 30 year fixed rate mortgage in Phoenix is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%

Mortgage Program
Today's
Phoenix, AZ Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Phoenix, Arizona?

Below we provide helpful information on the real estate market, home prices and housing affordability in Phoenix. Understand how much you need to earn to afford a home in Phoenix, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Phoenix fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Phoenix is right for you.

The median home value for Phoenix, AZ (Maricopa County) is $311,294

Based on current mortgage rates and a 10% down payment, you need to make $56,025 per year to buy the median priced home in Phoenix

With this income, you could qualify for a $280,164 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Phoenix is $1,297

The median household income for Phoenix, AZ (Maricopa County) is $61,781

Based on this income, you can afford a home valued at approximately $343,277

The home price you can afford to buy based on household income in Phoenix is 110% of the median home value which means housing prices are average. Phoenix (Maricopa County) ranks 13 out of 15 counties in Arizona and 2,925 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Phoenix, AZ is average

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Loan Limits for Phoenix, Arizona

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Phoenix (Maricopa County) below.

Conforming loan limits for Phoenix, AZ

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Phoenix, AZ

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Phoenix, AZ

1 unit: $510,400

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