Current Arizona Mortgage and Refinance Rates

Compare offers to find the best rates for your home loan

How Does LendingTree Get Paid?
LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.
Privacy Secured  |  Advertising Disclosures
 

Current 30-year fixed mortgage rates are averaging: 7.52%

Current 15-year fixed mortgage rates are averaging: 6.83%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.

Compare AZ mortgage rates today

loading image

 Refinance rates in Arizona

Here’s a quick overview of your home refinance options, each with its own features and typical rates.

  • Rate-and-term refinances allow you to change either your interest rate or loan term, or even both. Adding time to your loan term or lowering your interest rate will lower your monthly mortgage payment. Refinance rates will usually be a little higher than purchase mortgage rates.
  • Cash-out refinances let you replace your current loan with a new mortgage and, at the same time, borrow cash secured by your home equity. They usually come with higher rates than regular refinances.
  • Conventional refinances don’t belong to any government refinance loan programs. They generally have higher rates than government-backed refinances.
  • FHA refinances are backed by the Federal Housing Administration (FHA), and can be more accessible — that is, easier to qualify for — than conventional loans. Their rates are often lower than conventional refinance rates, and in the current Arizona mortgage rates environment may be more than half a percentage point lower.
  • VA refinances are backed by the U.S. Department of Veterans Affairs (VA) and come with some of the most flexible VA loan requirements and lowest rates available. However, you will need to be a qualified military borrower to be eligible.

Current 30-year fixed mortgage refinance rates are averaging: 7.76%

The current average rate for a 15-year fixed mortgage refinance is: 6.99%

Current average rates are calculated using all conditional loan offers presented to consumers nationwide by LendingTree’s network partners on the previous day for each combination of loan program, loan term and loan amount. Rates and other loan terms are subject to lender approval and not guaranteed. Not all consumers may qualify. See LendingTree’s Terms of Use for more details.
See whether refinancing makes sense for you using our mortgage refinance calculator.

 What is the current mortgage rates forecast for 2024?

Interest rates rose for most of 2023 but finally began to drop at the end of October, crossing below 7% by the end of the year. The current mortgage rates forecast is for rates to continue to trend downward long term.

Our market expert is cautiously optimistic about what’s to come in 2024, and predicts that rates may be closer to 6% by the end of the year.

That said, the market is ever-changing and beyond your control. To help you get the best mortgage rates possible, let’s look at how mortgage rates are determined and which of these factors are within your power to change.

How do I get the best mortgage rate for my Arizona home loan?

Here are a few steps you can take to get the best mortgage rate:

  1. Boost your credit. Your credit score is often the biggest factor influencing which mortgage rates you can access. Generally, those with higher scores get offered the better rates.
  2. Lower your debt-to-income (DTI) ratio. Lenders use your DTI ratio to consider how manageable your current debt load is. To lower your DTI, you can increase your income or pay off some debts. Likewise, a cosigner can help offset a high DTI.
  3. Buy a single-family, site-built home. Mortgages tend to have higher rates for manufactured homes, vacation homes, investment properties, or properties with more than one unit.
  4. Pay mortgage points. With mortgage points, you can “buy down” your interest rate, typically lowering it by up to 0.25% per point. Points are basically an upfront interest payment, and if you can afford them, then you can potentially save money in the long run.
  5. Compare offers from multiple lenders. Gather rate estimates from three to five lenders might seem like a hassle, but the savings can be worth it. Shopping around for the best rate can save you thousands — or even tens of thousands — over the life of your loan, according to LendingTree data.

 Read more about our picks for the best mortgage lenders.

loading image

 When should I lock in my mortgage rate?

After you’ve applied for a mortgage and gotten a loan estimate with an offer you want to accept, you should ask the lender to give you a mortgage rate lock. This makes sure your interest rate won’t increase before you get to the closing table.

2024 Arizona Home Loan Programs

Home in Five Advantage

The Home in Five Advantage program offers down payment assistance up to 6% for a 30-year mortgage, as well as help with closing costs. The loan can be an FHA, VA or conventional loan and should come with a competitive interest rate.

Who qualifies?

Borrowers must:

Have a credit score of at least 640
Have annual income of $138,600 or less
Take a homebuyer education course
Purchase in Maricopa County

City of Tucson Down Payment Assistance

The City of Tucson provides down payment assistance up to 20% for borrowers in all of Pima County, excluding tribal lands.

Who qualifies?

Borrowers must:

Earn no more than 80% of the Area Median Income (AMI), which ranges from $45,500 to $85,750, depending on family size.
Pay 35% or less of your monthly income for rent or other housing debt, and 45% or less of your income on all debt payments
Have at least two month’s worth of mortgage payments saved
Contribute at least $1,000 of their own money towards the home purchase

Pathway to Purchase

The Pathway to Purchase program helps borrowers purchase homes in 17 Arizona cities by providing up to $20,000 in down payment assistance.

Who qualifies?

Borrowers must:

Not currently own another home
Have at least a 640 credit score
Meet conventional loan requirements
Purchase a home for $371,936 or less
Complete and obtain certification for a homebuyer education course
Receive home inspection

Arizona first-time homebuyer programs in 2024

Arizona has several first-time homebuyer programs, including ones for down payment assistance programs and help with covering closing costs.

  • Home Plus
    Down payment assistance of up to 5%
    Funds may also be used towards closing costs
    May be used anywhere in the state of Arizona
    Complete a homebuyer education course (must be done by at least one borrower)
    The program is also available to borrowers who aren’t first-time homebuyers, but with some restrictions
  • The Open Doors Down Payment Assistance Program
    Down payment assistance of up to $15,000
    Funds may also be used towards closing costs
    May only be used in Phoenix

 Get more details about each program at our list of Arizona first-time homebuyer programs page.

 Who qualifies as a first-time homebuyer?

  • People who have never owned a home
  • People who haven’t owned real estate in the last three years
loading image

Learn about different types of AZ mortgage loans

Arizona conventional loans. A conventional loan is the industry standard, and it can be a solid choice for those with good credit and sufficient funds for their down payment. Conventional loans typically share certain minimum requirements set by Fannie Mae and Freddie Mac.

Arizona FHA loans. FHA loan requirements are generally much easier to meet than those for a conventional loan. You might qualify with a credit score as low as 500 so long as you make a 10% down payment. And if you have at least a 580 credit score and would rather make a smaller down payment, you may be able to put down as little as 3.5%.

Arizona VA loans. VA loan requirements come with much flexibility and value for borrowers with a military background. These loans also include some great perks, like the ability to purchase or refinance without making a down payment or paying for mortgage insurance.

Arizona streamline refinances may be available for an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL). These loans will require less paperwork and less hassle than other refinance types. However, you’ll need to refinance from one FHA or VA loan into another FHA or VA loan in order to take advantage of these options.

Ready to compare top mortgage lenders with LendingTree?