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Home Mortgage Preparation :: Arizona Mortgage Rates
Arizona Mortgage Rates: Mortgage Rates in Arizona
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Arizona mortgage rates are on the rise as lenders in the area have labeled Phoenix and its surrounding areas as a declining market.
The depreciating prices of houses has caused lending rates to go up, and loans that much harder to get.
The median price of homes in the Phoenix area hovers at around $215,000 and down from almost $240,000 just one year ago.
As homes depreciate and foreclosures in the area increase, Arizona mortgage rates are going to increase. This is bad news for first time buyers or those homeowners with a fluctuating interest rate mortgage.
Dealing with Higher Mortgage Rates
According to the Arizona Mortgage Lenders Association, the increasing rates means less people will be able to afford to buy houses, which will, in turn, pull the market down even further as homes sit empty on the market.
However, the Federal Housing Authority is rolling out higher mortgage limits for the area.
For example, the FHA raised its loan limits in Maricopa County, meaning residents there can qualify for refinanced loans under the Federal Housing Authority's program which offers lower rates and the option for no private mortgage insurance.
Until housing prices in Arizona start increasing again, the Arizona mortgage rates won't come back down. Because the area is classified as “declining” or “depreciating,” it's seen as a risk for potential lenders.
How to Find a Good Rate in Arizona
BankRate.Com (http://bankrate.com)
With a full listing of Arizona mortgage rates from credit unions, banks and even online lenders, Bankrate.com provides one of the country's largest resources of mortgage rates.
The site also includes a search feature that allows you to search by zip code, pulling up individual listings for lenders along with their full contact information and websites.
Yahoo Real Estate (http://realestate.yahoo.com)
While Yahoo Real Estate isn't going to point you towards the best Arizona mortgage rates, it will tell you what the median rate is in the state and each of its regions. By knowing the median interest rate, you can be a more informed consumer.
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Home-Mortgage-Preparation.com :: Arizona Mortgage Rates