Keep in mind that a “good rate” will vary per homebuyer. MoneyGeek encourages you to determine a suitable rate based on your loan terms, loan amount, credit score, income, debts and more. Compare offers between different lenders to find an affordable deal.
Data from the Federal Reserve Bank of St. Louis shows that the national mortgage rates for a 15-year fixed-rate mortgage (FRM), 30-year FRM and a 5/1 adjustable-rate mortgage (ARM) are 4.45%, 5.3% and 4.19%, respectively. In comparison, Arizona’s rates for the same loan types are 4.37%, 5.15% and 4.36%. Arizona’s rate for a 5/1 ARM is the only one that is more expensive than the national average.
It’s important to note that mortgage rates shift daily, so don’t wait too long if you get a great refinancing deal from a lender.
