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.
December 16, 2019
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%
The median home value for Phoenix, AZ (Maricopa County) is $289,845
The median household income for Phoenix, AZ (Maricopa County) is $60,371
Based on current mortgage rates and a 10% down payment, you need to make $53,775 per year to buy the median priced home in Phoenix
The home price you can afford to buy based on household income in Phoenix is 112% of the median home value which means housing prices are average
Phoenix (Maricopa County) ranks 13 out of 15 counties in Arizona and 2,923 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
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
FHA loan limits for Phoenix, AZ
VA loan limits for Phoenix, AZ
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index