Average Mortgage Rates in Arizona Decline This Week: 30 Year Conforming Rates at 6.96%


Are you looking to purchase a new home in Arizona? Keeping track of current mortgage rates before locking in a rate is essential to securing the best deal on your home loan. This week, average mortgage rates in Arizona have seen some slight changes compared to the previous week. While some rates have dipped slightly, others have increased slightly.

Average 30-year conforming mortgage rates are down slightly this week at 6.96%, down from the previous week's average of 7.007%. The average APR for 15-year fixed conforming mortgages in Arizona this week averaged 6.142%, a decline from last week's average rate of 6.167%.

Average Arizona jumbo mortgage rates also declined this week over last, 30-year jumbo mortgage rates averaged 6.58%, down from the prior week's average 30-year jumbo rate of 6.618%. 15-year jumbo AZ mortgage rates averaged 6.318%, down from the previous week's average of 6.347%.

Average Arizona Mortgage Rates This Week

  • 30 Year Fixed Conforming: The average APR for a 30-year fixed conforming mortgage in Arizona this week is 6.96%, which is slightly lower than the average rate from last week, which was 7.01%.
  • 15 Year Fixed Conforming: The average APR for a 15-year fixed conforming mortgage in Arizona this week is 6.142%, which is slightly lower than the average rate from last week, which was 6.17%.
  • 30 Year Fixed Jumbo: If you're in the market for a jumbo mortgage, the average APR for a 30-year fixed loan is 6.58%, up slightly from last week's average of 6.62%.
  • 15 Year Fixed Jumbo: For those looking to take out a jumbo mortgage, the average APR for a 15-year fixed loan is 6.32%, down slightly from last week's average of 6.35%.
  • Interview with Realtor Bill Salvatore

    High mortgage rates have been wreaking havoc on the housing market across the country, though some areas are more impacted than others. We spoke with Realtor Bill Salvatore, of Arizona Elite Properties and over a 20-year veteran in the real estate market, on how mortgage rates are affecting the housing market in his area.

    Brian McKay: Bill, how are the highest mortgage rates in a decade affecting home buyers in your area?

    Bill Salvatore: Buyers are pausing for better rates. We have renters ready to buy now, just waiting. They are extending their leases month to month.

    Brian McKay: Are you seeing a greater percentage of cash buyers are a result?

    Bill Salvatore: No, because they too watching prices.

    Brian McKay: Are high mortgage rates not a concern at all for your market?

    Bill Salvatore: They are a concern. our Days on Market has tripled.

    Brian McKay: How are the highest mortgage rates in a decade affecting home sellers in your area?

    Bill Salvatore: they are still in denial from the hot market they missed a year ago. Frustration is evident.

    Brian McKay: Are the number of homes available for sale lower than historical averages for this time of year?

    Bill Salvatore: Three times higher now.

    Brian McKay: Do you have clients holding off on selling because they don't want to give up their current mortgage that has a low mortgage rate?

    Bill Salvatore: Yes

    Brian McKay: Do you have buyers looking but can't find the home they want because of supply issues?

    Bill Salvatore: No there is plenty of supply right now.

    If you're interested in taking out a mortgage in Arizona, it's a good idea to speak with a trusted lender or mortgage broker who can help you navigate the current market and find the best rates and terms for your unique situation. If you're in need of a Realtor in Arizona to buy or sell a home, reach out to Bill Salvatore, (602) 999-0952, he is a 20+ plus year veteran and would be glad to help.

     
    Author: Brian McKay
    May 6th, 2023

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