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If you're hoping to buy a home in Arizona, you'll need to see what the best mortgage rates look like. Shopping around with multiple mortgage lenders will give you a sense of how low a rate you can snag, and that, in turn, could make your home more affordable for years. Here are today’s mortgage rates in Arizona.
For today, January 19th, 2022, the current average mortgage rate in Arizona for a 30-year fixed-rate mortgage is 3.731%, the average rate for a 15-year fixed-rate mortgage is 2.902%, and the average rate for a 5/1 adjustable-rate mortgage (ARM) is 2.500%. Rates are quoted as annual percentage rate (APR) .
Current Mortgage and Refinance Rates in Arizona
Rates As of Jan 18, 2022
| Product | Interest Rate | Average Points/Credits |
|---|---|---|
| Fixed 30 Year | 3.731% | 0.719 |
| Fixed 15 Year | 2.902% | 0.739 |
| Fixed 30 Year - FHA | 3.728% | 0.573 |
| Fixed 30 Year - VA | 3.383% | 0.548 |
| Fixed 30 Year - Jumbo | 3.359% | -0.003 |
| Fixed 30 Year | 3.758% | 1.023 |
| Fixed 20 Year | 3.331% | 1.272 |
| Fixed 15 Year | 2.885% | 0.948 |
| Fixed 30 Year - FHA | 3.589% | 1.323 |
| Fixed 30 Year - VA | 3.224% | 1.286 |
| Fixed 30 Year - Jumbo | 3.411% | 0.320 |
5 affordable places to live in Arizona
Home to the Grand Canyon and other national parks, Arizona is known for its hot, dry climate. Summers in Arizona are not for the faint of heart, but winters are notably mild. Here are five affordable cities you can find throughout the state.
1. Tucson
Home to the University of Arizona, much of Tucson's economy revolves around the college itself, though a number of large companies have a presence in Tucson. The city is also known for its annual Folk Festival and Festival of Books. The median home value in Tucson is $146,500, according to Niche. That's well below the median home value statewide, which is $277,574, according to Zillow. Meanwhile, the average property tax rate in Pima County, where Tucson is located, is 0.81% of a home's assessed value. That's just a bit higher than the average property tax rate statewide -- 0.72%.
2. Mesa
Located about 20 miles east of Phoenix, Mesa is known for its scorching hot summers, coffee shops, and parks. There are a number of large companies that have a presence in Mesa as well. The median home value in Mesa is $209,700, while the average property tax rate in Maricopa County, where Mesa is located, is 0.59% of a home's assessed value. That's a bit below the average property tax rate statewide.
3. Phoenix
Arizona's capital is unique in that it's divided into urban villages, each with its own planning committee. The city also has numerous performing arts venues, museums, and restaurants, which are a draw for young professionals in particular. The median home value in Phoenix is $217,400, while the average property tax rate in Maricopa County, where Phoenix is located, is 0.59% of a home's assessed value.
4. Tempe
Located about 15 minutes from Phoenix, Tempe is home to many restaurants and parks. There are a number of financial institutions with a presence in Tempe that contribute to its economy. The median home value in Tempe is $255,800, while the average property tax rate in Maricopa County, where Tempe is located, is 0.59% of a home's assessed value.
5. Scottsdale
Scottsdale is another vibrant Arizona city known for its restaurants, bars, coffee shops, and parks. Scottsdale is home to young professionals and retirees alike, and its economy is centered on tourism. The median home value in Scottsdale is $455,900, which is high for Arizona. But property taxes are reasonable. Scottsdale is located in Maricopa County, whose average property tax rate is 0.59% of a home's assessed value.
To snag an affordable mortgage in Arizona, work on improving your credit score and lowering your debt-to-income ratio, which measures your ongoing debt obligations relative to your income. Doing these things will make you a more appealing loan candidate, which could result in major savings. And remember, the lower your mortgage rate, the more affordable your home becomes.
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The Ascent's best mortgage lenders
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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