Current Mortgage Rates in Arizona - Thursday, May 17, 2012

Get today's mortgage rate quotes and savings analysis from top lenders for Arizona using our mortgage rate calculator.

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Arizona Housing Market

Arizona's housing market has gone gone up and down over the last decades, but tourism and health care are mainstay industries that continue to attract newcomers. The warm climate and world-class scenery make the state a perennial favorite among retirees. The largest cities in Arizona are Phoenix, Tucson, Mesa, Chandler, Glendale, Scottsdale, Gilbert, Tempe, Tempe Junction, and Peoria.

For those contemplating a new home purchase or refinancing an Arizona home, checking Arizona mortgage rates and their historical trends is critical to the home buying or refinancing process. You can use Credit Sesame's mortgage calculator to determine your monthly mortgage payments, with different rates and terms, and whether the Arizona home you are looking at is affordable, given your income and down payment.

Advantages and Disadvantages of Different Types of Home Loans

There are different types of Arizona home mortgage products available to consumers. Below we have outlined some of the advantages and disadvantages of the different home loan mortgages currently available from national mortgage lenders. Getting the lowest mortgage rate is not always the best choice when selecting a Arizona home mortgage.

40-Year Fixed Mortgage Rates in Arizona

The payments and interest rate on this loan are fixed for the entire 40-year life of the loan. At the end of 40 years, the loan is fully paid off.

• Advantages of 40-Year Fixed Mortgage
  Typically has a lower payment than a traditional 30-year fixed rate mortgage while offering the security of a payment and rate will not change for the life of the loan.
• Disadvantages of 40-Year Fixed Mortgage
  Rates may be higher than fixed rate products with a shorter term and ARM products with a similar term.

30-Year Fixed Mortgage Rates in Arizona

The payments on this loan are fixed for the entire 30-year life of the loan. At the end of 30 years, the loan is fully paid off.

• Advantages of 30-Year Fixed Mortgage Rates
  Typically has a lower payment than a shorter term fixed rate mortgage while offering the security of a payment and rate will not change for the life of the loan.
• Disadvantages of 30-Year Fixed Mortgage
  Rates may be higher than fixed rate products with a shorter term and ARM products with a similar term.

20-Year Fixed Mortgage Rates in Arizona

The payments on this loan are fixed for the entire 20-year life of the loan. At the end of 20 years, the loan is fully paid off.

• Advantages of 20-Year Fixed Mortgage
  Typically has a lower rate, accumulates equity more rapidly and has lower total interest expense over the life of the loan than a traditional 30y-year fixed mortgage.
• Disadvantages of 20-Year Fixed Mortgage
  Monthly payment may be higher than fixed rate products with a longer term and ARMs.

15-Year Fixed Mortgage Rates in Arizona

The payments on this loan are fixed for the entire 15-year life of the loan. At the end of 15 years, the loan is fully paid off.

• Advantages of 15-Year Fixed Mortgage Rates
  Typically has a lower rate, accumulates equity more rapidly and has lower total interest expense over the life of the loan than a traditional 30yr fixed mortgage.
• Disadvantages of 15-Year Fixed Mortgage
  Monthly payment may be higher than fixed rate products with a longer term and ARMs.

FHA 30-Year Fixed Mortgage Rates in Arizona

The payments on this loan are fixed for the entire 30-year life of this loan insured by the Federal Housing Administration.

• Advantages of FHA 30-Year Fixed Mortgage
  Typically has a lower payment than a shorter term fixed rate mortgage while offering the security of a payment and rate will not change for the life of the loan.
• Disadvantages of FHA 30 Year Fixed Mortgage
  Rates may be higher than fixed rate products with a shorter term and ARM products with a similar term.

5/1 ARM Mortgage Rates in Arizona (40-Year term)

This is an adjustable rate mortgage on which you make interest and principal payments; the initial rate you pay is fixed for 5 years.

• Advantages of 40-Year 5/1 ARM Mortgage
  Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage and lower payment than a comparable ARM amortized over 30 years during the initial 5 year fixed period.
• Disadvantages of 40-Year 5/1 ARM Mortgage
  Once the fixed term expires the mortgage rate and payment could move significantly higher. Also, these have higher interest rates and slower debt reduction than shorter-term products.

3/1 ARM Mortgage Rates in Arizona (30-Year term)

This is an adjustable rate mortgage on which you make both interest and principal payments; the initial rate you pay is fixed for 3 years.

• Advantages of 30-Year 3/1 ARM Mortgage
  Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 3 year fixed period.
• Disadvantages of 30-Year 3/1 ARM Mortgage
  Once the fixed term expires the mortgage rate and payment could move significantly higher.

5/1 ARM Mortgage Rates in Arizona (30-Year term)

This is an adjustable rate mortgage on which you make both interest and principal payments; the initial rate you pay is fixed for 5 years.

• Advantages of 30-Year 5/1 ARM Mortgage
  Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 5 year fixed period.
• Disadvantages of 30-Year 5/1 ARM Mortgage
  Once the fixed term expires the mortgage rate and payment could move significantly higher.

FHA 5/1 ARM Mortgage Rates in Arizona (30-Year term)

This is an adjustable rate mortgage insured by the Federal Housing Administration on which you make both interest and principal payments; the initial rate you pay is fixed for 5 years.

• Advantages of 30-Year FHA 5/1 ARM Mortgage
  Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 5 year fixed period.
• Disadvantages of 30-Year FHA 5/1 ARM Mortgage
  Once the fixed term expires the mortgage rate and payment could move significantly higher.

7/1 ARM Mortgage Rates in Arizona (30-Year term)

This is an adjustable rate mortgage on which you make interest and principal payments; the initial rate you pay is fixed for 7 years.

• Advantages of 30-Year 7/1 ARM Mortgage
  Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 7 year fixed period.
• Disadvantages of 30-Year 7/1 ARM Mortgage
  Once the fixed term expires the mortgage rate and payment could move significantly higher.

10/1 ARM Mortgage Rates in Arizona (30-Year term)

This is a fully-amortizing (you pay interest and principal) adjustable rate mortgage for which the initial rate you pay is fixed for 10 years.

• Advantages of 30-Year 10/1 ARM Mortgage
  Typically has a lower rate and payment compared to a traditional 30-year fixed mortgage during the initial 10 year fixed period.
• Disadvantages of 30-Year 10/1 ARM Mortgage
  Once the fixed term expires the mortgage rate and payment could move substantially higher.

5/1 Interest Only ARM Mortgage Rates in Arizona (30-Year term)

This is a interest only adjustable rate mortgage for which the initial rate you pay is fixed for 5 years. After 5 year(s) a new rate equal to the level of the INDEX plus MARGIN and a new monthly payment are calculated. After the first reset, a new rate and payment are calculated annually. For the first 10 years you pay only the interest. The remaining 20 years are fully-amortizing (you pay interest and principal), so payments may be substantially higher.

• Advantages of 30-Year 5/1 Interest Only ARM Mortgage
  Typically has a lower payment compared to a traditional 30yr fixed mortgage, fully amortized ARMs or Interest only ARM with longer fixed periods during the initial 5 year fixed period.
• Disadvantages of 30-Year 5/1 Interest Only ARM Mortgage
  Payments could increase substantially after the 10 year interest only period and the principal balance will be unchanged. If saved cash flows cannot be reinvested at a higher rate than the mortgage rate, you might be better off in a fixed rate or comparable term fully amortized ARM product.

7/1 Interest Only ARM Mortgage Rates in Arizona (30-Year term)

This is a interest only adjustable rate mortgage for which the initial rate you pay is fixed for 7 years. After 7 year(s) a new rate equal to the level of the INDEX plus MARGIN and a new monthly payment are calculated. After the first reset, a new rate and payment are calculated annually. For the first 10 years you pay only the interest. The remaining 20 years are fully-amortizing (you pay interest and principal), so payments may be substantially higher.

• Advantages of 30-Year 7/1 Interest Only ARM Mortgage
  Typically has a lower payment compared to a traditional 30yr fixed mortgage, fully amortized ARMs or Interest only ARM with longer fixed periods during the initial 7 year fixed period.
• Disadvantages of 30-Year 7/1 Interest Only ARM Mortgage
  Payments could increase substantially after the 10 year interest only period and the principal balance will be unchanged. If saved cash flows cannot be reinvested at a higher rate than the mortgage rate, you might be better off in a fixed rate or comparable term fully amortized ARM product.

10/1 Interest Only ARM Mortgage Rates in Arizona (30-Year term)

This is a interest only adjustable rate mortgage for which the initial rate you pay is fixed for 10 years. After 10 year(s) a new rate equal to the level of the INDEX plus MARGIN and a new monthly payment are calculated. After the first reset, a new rate and payment are calculated annually. For the first 10 years you pay only the interest. The remaining 20 years are fully-amortizing (you pay interest and principal), so payments may be substantially higher.

• Advantages of 30-Year 10/1 Interest Only ARM Mortgage
  Typically has a lower payment compared to a traditional 30yr fixed mortgage, fully amortized ARMs or Interest only ARM with longer fixed periods during the initial 10 year fixed period.
• Disadvantages of 30-Year 10/1 Interest Only ARM Mortgage
  Payments could increase substantially after the 10 year interest only period and the principal balance will be unchanged. If saved cash flows cannot be reinvested at a higher rate than the mortgage rate, you might be better off in a fixed rate or comparable term fully amortized ARM product.

Knowing your current credit score is important when looking for the best Arizona mortgage rates. Credit Sesame can provide your free credit score without a credit card or trial periods. Simply register today to get your free credit score report and find the best mortgage rates in Arizona for you!

Disclaimer: Not all mortgage rate products are available in all states.