Mortgage and Refinance Rates in Arizona

Today's Arizona Mortgage Rates

If you're looking to buy a home or refinance on in the Grand Canyon State, you're going to want to take close look at Arizona mortgage rates. A table like the one above will show you the current mortgage rates for AZ, but that's just a starting point. Those are average rates, but actual rates will vary considerably from lender to lender and from borrower to borrower, depending on the specifics of the loan.

To really know what Arizona mortgage rates will be for a borrower with your credit and loan profile, you want to get a personalized rate quote. Preferably several, so you can compare quotes from multiple lenders.

To do this, you can call around to several lenders to get prequalified and get rate quotes. You can also use a rate request form such as the one at the top of this page to get quotes from several lenders at once.

Either way, you provide some general information about your credit score and the loan you're seeking, and the lenders tell you if you appear to qualify and what rate you can get. Current mortgage rates in AZ and elsewhere change every day, so you want to be sure you get your quotes all at the same time.

Getting the best mortgage rates in AZ

Arizona mortgage rates can also vary depending upon the kind of home loan you get. If you've got good credit, a mortgage backed by Fannie Mae or Freddie Mac is a good choice. These are the most common types of mortgages in the U.S.

First-time homebuyers or those with weaker credit or who can only afford a small down payment often get the best deals with FHA loans in Arizona. For qualifying veterans and members of the military, a VA loan is hard to beat.

And if you're looking at a high-end property – one requiring a loan exceeding $970,800 – you'll be looking at a jumbo loan, one that exceeds the local loan limits for other loan types. You need decent credit and a larger down payment to get a jumbo loan, compared to other mortgage types. Jumbo loan rates in AZ tend to run a bit higher than other mortgages.

As a rule of thumb, the best mortgage rates in AZ and elsewhere go to borrowers with a credit score of 760 or higher and who can make a substantial down payment or have at least 20-30 percent equity when refinancing. Mortgage rates on FHA loans in Arizona are less affected by credit scores and down payments, which is what makes them a good option for borrowers with flawed credit or limited savings.

Refinance mortgage rates - Arizona

The same rules apply to refinance mortgage rates in Arizona and the rest of the country. In fact, refinance rates in AZ and elsewhere are pretty much the same as what the same borrower would get on a home purchase loan, except that home equity takes the place of the down payment.

You don't need a lot of equity to refinance a non-jumbo mortgage in Arizona. Both FHA and VA loans offer what's called a Streamline Refinance, which allow you to refinance into a new FHA or VA loan almost automatically as long as you've stayed current on your mortgage payments.

Low- and negative-equity Fannie May and Freddie Mac loans can be refinanced through the federal HARP program through the end of 2018, for borrowers with good credit, after which Fannie and Freddie are scheduled to introduce a streamline refinance program of their own.

Check the table at the top of the page to see the average for today's mortgage rates in AZ, then use the rate request form to find out what rates lenders will offer a borrower with your loan profile.