Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.
Mortgage rates in Arizona
Rates at slightly higher than the national average since 1997.
Mortgage rates during the coronavirus
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
Consider how mortgage rates are trending for 2020 to get a low rate on your new home in the Grand Canyon State.
How much do Arizona rates vary by loan?
Average mortgage rates in Arizona for a 30-year fixed-rate mortgage can vary from 4.679% to 5.034%. Lenders weigh many factors when calculating your mortgage rate, and rates depend on the kind of loan you qualify for. For example, conventional loans generally come with higher interest rates than VA loans.
Let’s say you borrow $165,000 with a 30-year mortgage. The average 5.025% for a conventional loan might run you $888.28 a month, excluding taxes and other fees specific to your mortgage. If you were eligible for a VA loan at an average rate of 4.679%, you might pay $853.67 a month.
Although it is a difference of only $34.61 a month, it could save you $12,458.68 over the life of your mortgage.
2018 average rates in Arizona by loan type
|Loan type||15-year average rate||30-year average rate|
Based on data from ffiec.cfpb.gov.
Which way are rates trending in Arizona?
Mortgage rates in Arizona have trended slightly higher than the national average since 1997.
National housing agencies like the Mortgage Bankers Association, Freddie Mac and Fannie Mae predict that interest rates will average about 3.70%. Although mortgage rates may rise and fall slightly, Arizona rates are expected to stay around or below 4%.
Compare mortgage rates throughout Arizona
Mortgage rates and home values in Arizona vary by geographic area. So, borrowers in neighboring cities may pay different amounts for their home loan.
We analyzed data from the Home Mortgage Disclosure Act to break down what you might pay on the average 30-year fixed-rate mortgage, depending on where you live in Arizona. This amount does not include taxes, fees, PMI or costs unique to your mortgage.
|Metropolitan statistical area||Average mortgage rate||Median loan amount||Estimated monthly cost|
|Lake Havasu City-Kingman||4.955%||$165,000||$881.22|
Based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Arizona
To secure the lowest interest rate for your home loan, shine up your credit and weigh full costs when shopping for a lender:
- Compare mortgage types. Look for loans with rates and terms that you’re eligible for. For instance, conventional loans generally come with higher interest rates than government-insured options, but fewer borrower and property restrictions.
- Boost your borrowing potential. Pay down as much of your existing debt as you can to improve your eligibility for the strongest rates.
- Consider closing costs. Lenders charge fees that range from 1.15% to 1.74% of your home’s purchase price to close on a loan in Arizona.
Historical mortgage interest rates in Arizona
Mortgage rates in Arizona sit just above the national average but also depend on factors that include your property’s location and cost. Because lenders set their own rates, compare at least two mortgage lenders to get an idea of APRs, closing costs and loan programs you might qualify for.
Frequently asked questions.
More guides on finder
43 Black-owned banks by state
Now is the time to support Black-owned institutions so they can continue fighting systemic racism and working to close the wealth gap that exists in America.
Best honeymoon loans
Compare our 5 top lenders that offer low rates, help build a nest egg and more.
FHA mortgage calculator
Find out your monthly payments with this FHA mortgage calculator.
Does home or renters insurance cover eviction?
Learn what your policy covers and how eviction affects your insurance.
Mountain America Credit Union private student loans review
Its fully online application sets it apart from other community credit unions, but its rates and terms aren’t exactly competitive.
New Mexico scholarships, student loans and grants
Explore options available to New Mexico residents — including the New Mexico Opportunity Scholarship.
Paycheck Protection Program statistics
Small businesses may have gotten the highest number of loans — but most money went to big firms.
Openly home insurance review Oct 2020
Robust coverage and high limits on this startup’s standard policies if you own a high-value home.
Credit builder loans can increase your score — if you don’t already have debt
A CFPB study found that borrowers who already had debt when they took out a credit builder loan saw lower scores — but higher savings.
How to start a franchise
12 steps to launching your own branch of a popular brand.
Ask an Expert