Today's Mortgage Rates in Arizona

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Updated: July 18, 2024

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Today's 30-year mortgage rate in Arizona averages at 6.86%, which remains in step with the national average of 6.90% for similar loans. In Arizona, homebuyers can access programs like HOME + PLUS and Arizona is Home to help lower mortgage expenses.

We'll guide you through the nuances behind Arizona's average mortgage rates, distinguish between interest rates and APR, and explain how your credit score may affect your mortgage rate. You'll learn about the variety of mortgage types available, the structure of mortgage rates and the diverse lenders in the state. Additionally, you'll discover the assortment of mortgage programs designed to provide financial relief to Arizona homebuyers.

MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Arizona. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.

Unless specifically noted otherwise, rates featured in content are annual percentage rates (APRs).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Arizona

In Arizona, the current mortgage rate for a 30-year fixed mortgage is 6.86% in July 2024, up from 6.63% the previous month — an increase of 23 basis points. If you took out a $250,000 loan with a 20% down payment, the latest movement means paying an additional $11,006 over the life of your loan — showing that even small changes in the mortgage rate can have a large impact on the total cost you pay. These figures don't include other costs like property taxes or HOA fees.

Current Mortgage Rates in Arizona (Jan to May)

Understanding the current mortgage rate in Arizona can help you budget for a future home purchase. Rates can change every day due to economic events and interest rate movements set by the Federal Reserve, affecting your monthly payments. Our line chart indicates how the average mortgage rates in Arizona have varied recently, guiding your financial plans.

Who Needs to Know Today's Mortgage Rates in Arizona?

Staying updated with today's mortgage interest rates in Arizona benefits two specific borrower types in the evolving housing market:

    coupleG icon

    First-time homebuyers

    Knowing current mortgage rates helps first-time homebuyers in Arizona understand what rates to expect and gauge their competitiveness.

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    Homeowners with mortgages

    Homeowners in Arizona can check current mortgage rates to see if a mortgage refinance could lower their expenses.

Purchase rates and refinance rates can differ — for example, the current mortgage rate for a 30-year fixed mortgage in Arizona is at 6.86% if you're looking to buy a home. If you're planning to refinance, the average APR climbs to 7.81% for the same type of loan. This variation impacts your monthly payments and overall interest costs.

Current Mortgage Rates in Arizona by Loan Type

A 30-year fixed-rate mortgage typically comes with a higher rate than a 15-year fixed-rate mortgage. The reason is simple — when you stretch out your payments over 30 years, there's more time for something to go wrong, like a change in interest rates or a default, so lenders charge more to cover that extra risk. As you consider your options, remember that the choice of mortgage loan types in Arizona directly affects the rate you pay.

To see how these rates can impact your monthly payments, you might want to use a mortgage calculator. This tool will give you a quick peek at what your financial future could look like with each rate. Look through the options to find what might work best for you.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.74%APR5.93%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate on a mortgage tells you how much you pay each year to borrow money. In Arizona, the average interest rate for a 30-year fixed mortgage is 6.78%.

APR, or annual percentage rate, takes into account the interest rate and additional fees or charges applied to your mortgage. In Arizona, the average APR for a 30-year fixed mortgage stands at 6.86%, which gives you a more comprehensive picture of your yearly mortgage costs.

Current Mortgage Rates in Arizona by Credit Score

In Arizona, if you have a credit score of 740 or above and you're putting down 5% to 20% on your home, you're looking at an average APR of 7.10% for a 30-year fixed-rate mortgage. If your credit score dips below 680, that same mortgage comes with an average APR of 8.14%.

Your credit score impacts the mortgage rates you might qualify for in Arizona. The interactive table below allows you to see potential rates based on your credit score and down payment amount:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR5.98%
15-year FixedAPR6.25%
20-year FixedAPR6.91%
30-year FixedAPR7.16%
5-year ARMAPR7.82%
7-year ARMAPR7.66%

Mortgage Types in Arizona

In July 2024, 30-year fixed-rate VA loans offer you the lowest average APR for 30-year fixed-rate mortgages in Arizona at 6.58%. Knowing your options can benefit you by aligning your financial strategy with the best available loan terms. You'll find a clear overview of the mortgage loan types available in Arizona here:

Mortgage Type
Definition
Impact on Rates
30-Year Rates in Arizona

Conventional Loans

Conventional loans in Arizona refer to mortgages not insured by the government.

Credit score and down payment size can influence rates received for conventional loans.

6.86%

FHA Loans

FHA loans in Arizona are backed by the Federal Housing Administration and designed for lower credit scores.

FHA’s insurance can mean lower interest rates for borrowers with lower credit scores.

0.00%

VA Loans

VA loans in Arizona are available to military service members and offer no down payment options.

VA loans often offer competitive rates due to government backing for qualified veterans.

6.58%

USDA Loans

USDA loans in Arizona are for rural homebuyers and require no down payment.

USDA loans can offer lower rates due to government backing, aimed at rural development.

currently unavailable

Jumbo Loans

Jumbo loans in Arizona exceed conforming loan limits set by Fannie Mae and Freddie Mac.

Jumbo loans typically have higher rates due to larger loan amounts and increased risk.

7.04%

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MORTGAGE RATE STRUCTURES IN ARIZONA

Mortgage rates in Arizona come in two types: fixed and adjustable.

  • Fixed-rate mortgages lock in your interest rate, ensuring your monthly mortgage payments remain the same over the loan's life. This stability can make budgeting easier.
  • Adjustable-rate mortgages (ARMs) may start lower than fixed rates and fluctuate with market trends, potentially reducing your payments when interest rates drop.

As of July 2024, you'll find the average annual percentage rate (APR) in Arizona is 6.86% for a 30-year fixed-rate loan and 7.61% for a seven-year adjustable-rate mortgage.

Mortgage Lenders in Arizona

New American, Lower and Better stand out as solid choices if you're looking to secure a mortgage in Arizona. They were selected for their state availability, Better Business Bureau accreditation and the homeowner assistance programs they offer. While these are great options, they're not the only ones — there are more lenders out there to consider.

The mortgage rate you get in Arizona can differ depending on who you go with for your loan. All lenders offer a variety of mortgage products and terms, which means rates can vary. By comparing what different lenders in Arizona have to offer, you can make sure you're getting the best deal for your situation.


  • New American
    • 8Number of Mortgage Options
    • YesOnline Application
    • ABBB Rating
    • Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours

    If you're on the lookout for a mortgage in Arizona, New American might be a suitable lender for your needs. It offers a range of mortgage options, including conventional and FHA loans, catering to various borrower profiles. For an FHA loan, you need a credit score of at least 580, while jumbo loans require a score of 680 or more. Thinking about down payments? You can start with as little as 3% down for conventional loans or 3.5% to 10% for FHA loans, depending on your credit score.

    New American stands out with its customer service hours, helping you with your mortgage questions from 8 am to 9 pm CT on weekdays and 10 am to 2 pm CT on Saturdays through phone or email. In addition, it provides loan assistance solutions to support homeowners in need. This means if you're looking for guidance and support throughout your mortgage journey, it has the resources to assist you, making the process smoother and more accessible.

    Pros

    • Vast mortgage selection, including exclusive programs
    • User-friendly mobile app for mortgage management
    • 14-day close guarantee on many purchases

    Cons

    • Limited FAQ resources
    • Can't prequalify online
    • Missing branches in 11 states
    New American

  • Bank of America
    • 6Number of Mortgage Options
    • YesOnline Application
    • ABBB Rating
    • Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours

    If you're on the lookout for a mortgage lender in Arizona, Bank of America is one to consider . It offers its services online and in-person, meaning you can choose the way you'd like to manage your mortgage. It has a variety of mortgage options like fixed- and adjustable-rate loans, perfect if you like stability in your monthly payments or if you're okay with them changing over time. It also provides specialized programs like the Affordable Loan Solution if you need a bit of support to get started.

    Bank of America does not publicly disclose its minimum credit score requirements, so you'll need to contact it directly for this detail. If you're aiming for the Affordable Loan Solution, the minimum down payment could be as low as 3%. Customer service is available from 8 am to 10 pm ET during the weekdays and until 6:30 pm ET on Saturdays, through various channels like virtual assistance, phone calls and in-person help. For those looking to purchase a home in Arizona, it also offers the America’s Home Grant® and Down Payment Grant programs to help qualified buyers with upfront costs.

    Pros

    • Unique mortgage opportunities including Affordable Loan Solution
    • Client Assistance Program offers payment postponement
    • Online tools for costs, mortgage and affordability calculations

    Cons

    • Must create online profile to prequalify
    • Minimum credit requirement not disclosed
    Bank of America

  • U.S. Bank
    • 6Number of Mortgage Options
    • YesOnline Application
    • NRBBB Rating
    • Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours

    U.S. Bank offers a diverse range of mortgage products available for borrowers in Arizona. Whether you're looking for a conventional mortgage, an FHA, VA or a jumbo loan, it has flexible options to fit a variety of homebuyer needs. Eligible borrowers can secure a mortgage with a minimum credit score of 660 for ARM and Jumbo loans, and just 640 for FHA loans. When considering down payments, it requires as little as 3% for conventional loans and 3.5% for FHA loans, while VA loans come with no down payment requirement at all.

    It commits to helping homeowners through its customer service, accessible Monday to Friday from 7 am to 8 pm CT and on Saturday from 8 am to 2 pm CT, via video calls, phone or in-person assistance. Additionally, it offers homeowners assistance programs, including forbearance and loan modification options, to support borrowers facing financial difficulty. It also stands out as the top HELOC lender for bad credit in most states, providing an avenue for homeowners to leverage their equity efficiently even with less-than-perfect credit.

    Pros

    • Online prequalification available
    • Unique financing options like Investment Property loans
    • Insightful mortgage calculators and amortization details

    Cons

    • Not BBB rated despite being accredited
    • Limited branch availability in 27 states
    U.S. Bank

Mortgage Programs in Arizona

Owning a home brings hidden costs that may impact your budget. You can get help in Arizona from the Arizona Department of Housing, which provides mortgage programs.

Program
Content

HOME + PLUS

The HOME + PLUS program in Arizona supports homebuyers with up to 5% down payment assistance and closing cost funds. Designed to make the initial financial hurdle of buying a home more manageable, it's open to various loan types including FHA and VA, thereby catering to a wide range of financial situations.

Arizona is Home

With the Arizona is Home program, first-time buyers can get up to $30,000 in aid through a silent second mortgage, which is repayable upon the home's sale. This can go towards down payments, closing costs, or rate buydowns. Income limits apply, and buyers must complete homebuyer education and HUD advisement.

FAQ: Mortgage Rates in Arizona

Understanding today's mortgage rates in Arizona can lead to many questions. We've addressed the most commonly asked questions to help you through the home-buying process in Arizona.

What are the current mortgage rates in Arizona?
How do mortgage rates in Arizona compare to national rates?
How does my credit score impact the mortgage rates I get in Arizona?
Are there any special mortgage programs in Arizona to help homebuyers?
How can I get the best possible mortgage rate in Arizona?
What are today's mortgage refinance rates in Arizona?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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