Today's 30-year mortgage rate in Arizona averages 6.01%, compared to the national average of 6.46%. Arizona homebuyers can also access programs like HOME + PLUS and Arizona is Home to help reduce mortgage costs.
Mortgage
Today's Mortgage Rates in Arizona (September 2024)
Updated: September 20, 2024
Advertising & Editorial Disclosure
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 the content are annual percentage rates (APRs).
This data was last updated on September 2024.
Current Mortgage Rates in Arizona
Arizona's current rate for a 30-year fixed mortgage is 6.01% in September 2024, down slightly from 5.94% the previous month. If you take out a $250,000 loan with a 20% down payment, a rate drop means saving about $3,560 over the life of your loan, excluding other costs like property taxes or HOA fees.
Rates can change daily based on economic events and Federal Reserve interest rate decisions, impacting your monthly payments. Our line chart shows recent fluctuations in Arizona's average mortgage rates to help guide your financial planning.
Even small changes in the mortgage rate can greatly impact the total cost you pay. Understanding the current mortgage rate in Arizona can help you budget for a future home purchase.
Who Needs to Know Current Mortgage Rates in Arizona?
Staying updated with today's mortgage interest rates in Arizona benefits two specific borrower types in the evolving housing market:
First-time homebuyers
Knowing current mortgage rates helps first-time homebuyers in Arizona understand what rates to expect and gauge their competitiveness.
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. In Arizona, the current rate for a 30-year fixed mortgage is 6.01% for buying a home, while refinancing has an average APR of 7.01%. This difference affects your monthly payments and total interest costs.
Current Mortgage Rates in Arizona by Loan Type
A 30-year fixed-rate mortgage usually has a higher rate than a 15-year one because it carries more risk for lenders. With a longer term, there's more time for interest rates to change or for defaults to occur, so lenders charge more to cover this risk.
When you explore mortgage types in Arizona, you'll see differences in rates. Use a mortgage calculator to see how different rates impact your monthly payments and find the best option.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.22% | APR5.38% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate on a mortgage is the percentage you'll pay yearly to borrow money. Arizona's average interest rate for a 30-year fixed mortgage is 5.94%.
The APR (annual percentage rate) includes 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 6.01%, which gives you a more comprehensive view of your yearly mortgage costs.
Current Mortgage Rates in Arizona by Credit Score
In Arizona, with a credit score of 740 or above and a down payment of 5% to 20%, you can expect an average APR of 6.44% for a 30-year fixed-rate mortgage. If your credit score falls below 680, the average APR increases to 7.45%.
Your credit score affects the mortgage rates you qualify for in Arizona. Use the interactive table below to explore 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 Fixed | APR5.70% |
| 15-year Fixed | APR5.38% |
| 20-year Fixed | APR6.07% |
| 30-year Fixed | APR6.28% |
| 5-year ARM | APR7.56% |
| 7-year ARM | APR7.50% |
Mortgage Types in Arizona
In September 2024, 30-year fixed-rate VA loans offer Arizona's lowest average APR for 30-year fixed-rate mortgages at 5.59%. Understanding your options can help you choose the best loan terms for your financial strategy. 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 are not backed by government agencies. | Rates may vary based on down payment and credit score. | 6.01% |
FHA Loans | An FHA loan is insured by the Federal Housing Administration. | FHA loans often have lower interest rates for borrowers with less credit history. | 6.49% |
VA Loans | VA loans are guaranteed by the Department of Veterans Affairs for eligible veterans. | VA loans typically offer competitive rates due to government backing. | 5.59% |
USDA Loans | USDA loans cater to rural homebuyers and are backed by the United States Department of Agriculture. | USDA loans can offer low rates and no down payment requirement. | currently unavailable |
Jumbo Loans | Jumbo loans exceed conforming loan limits set by the Federal Housing Finance Agency. | Jumbo loans might carry higher rates due to larger loan amounts. | 6.25% |
MORTGAGE RATE STRUCTURES IN ARIZONA
Mortgage rates in Arizona come in two types: fixed and adjustable.
- Fixed-rate mortgages lock in your interest rate, so your monthly mortgage payments remain unchanged 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 September 2024, Arizona's APR for a 30-year fixed-rate loan is 6.01% and 7.37% for a seven-year ARM.
Mortgage Lenders in Arizona
New American, Bank of America and U.S. Bank are top choices for mortgages in Arizona because of their statewide availability, BBB accreditation and homeowner assistance programs. However, other lenders are also available and may be considered.
Your mortgage rate in Arizona can vary depending on the lender. Each offers different mortgage products and terms, so comparing options will help you find the best deal.
- 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
New American offers various mortgage options, including conventional and FHA loans. For an FHA loan, you need a credit score of at least 580; jumbo loans require a score of 680 or higher. Down payments start at 3% for conventional loans and 3.5% to 10% for FHA loans, depending on your credit score.
Customer service is available via phone or email Monday through Friday, 8 a.m. to 9 p.m. CT, and Saturday, 10 a.m. to 2 p.m. CT. New American also provides loan assistance solutions for homeowners throughout their mortgage journey.
Pros
- Vast mortgage selection with 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
- 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
Bank of America provides online and in-person mortgage services with options like fixed-rate and adjustable-rate loans. It also offers the Affordable Loan Solution with a down payment as low as 3%.
Virtual, phone and in-person customer service is available Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturday until 6:30 p.m. ET. Bank of America offers America’s Home Grant® and Down Payment Grant programs to assist 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
- Requires an online profile to prequalify
- Minimum credit requirement not disclosed
- 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 range of mortgage products, including conventional, FHA, VA and jumbo loans. Borrowers can qualify with a minimum credit score of 660 for ARM and jumbo loans, and 640 for FHA loans. Down payments start at 3% for conventional and 3.5% for FHA loans, while VA loans require no down payment.
Customer service is available Monday through Friday, 7 a.m. to 8 p.m. CT, and Saturday, 8 a.m. to 2 p.m. CT, through video calls, phone or in-person assistance. U.S. Bank also provides homeowner assistance programs, including forbearance and loan modifications, and is a top HELOC lender for bad credit, helping homeowners access equity 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
Mortgage Programs in Arizona
Owning a home brings hidden costs that may impact your budget. You can get help from the Arizona Department of Housing, which provides mortgage programs.
Program | Description |
|---|---|
HOME + PLUS | Provides up to 5% in down payment assistance and closing cost funds to help make buying a home more manageable. This support is available for various loan types, including FHA and VA, to accommodate different financial situations. |
Arizona is Home | Offers first-time buyers up to $30,000 in aid through a silent second mortgage, repayable upon the home's sale. This amount can be used for 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 raise many questions. We've answered the most common ones to help you through the homebuying process.
What are the current mortgage rates in Arizona?
Current average APRs in Arizona vary by loan type. As of September 2024, a 30-year fixed conforming loan has an average APR of 6.01%, while a seven-year ARM jumbo loan averages 7.37%. Factors such as credit score and market conditions also influence these rates.
How do mortgage rates in Arizona compare to national rates?
Mortgage rates in Arizona differ from national averages. As of September 2024, a 30-year fixed conforming loan in Arizona has an average APR of 6.01%, compared to the national average of 6.46%. Similarly, the average APR for a five-year adjustable-rate mortgage in Arizona is 7.44%, while the national average is 7.93%.
How does my credit score impact the mortgage rates I get in Arizona?
Your credit score significantly impacts the mortgage rates you can receive. Higher credit scores generally lead to low mortgage rates due to lower perceived risk by lenders.
Are there any special mortgage programs in Arizona to help homebuyers?
Several mortgage programs assist Arizona homebuyers, including HOME + PLUS, Arizona is Home and other initiatives for first-time and eligible buyers.
How can I get the best possible mortgage rate in Arizona?
To secure the best possible mortgage rate in Arizona, consider putting a larger down payment, improving your credit score and comparing offers from multiple lenders.
What are today's mortgage refinance rates in Arizona?
Today's refinance rates in Arizona are 7.01% on average for a 30-year fixed-rate loan and 6.44% for a 15-year fixed-rate loan, as of September 2024.
How do I calculate my mortgage payments?
To estimate your monthly payments accurately, use a mortgage calculator for Arizona and enter the required information such as the home price, down payment amount, interest rate and loan term.
Mortgage
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Arizona Department of Housing. "Programs for Homebuyers." Accessed September 11, 2024.