Best Arizona Mortgage and Refinance Rates for September 2020

Arizona mortgage rates currently are slightly lower than the national average, which means they are very low. Property taxes are also pretty low, offering some additional savings in parts of the state.

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Current Arizona Mortgage Rates

Compare today’s average mortgage rates in the state of California, based on an aggregated pool of rates from multiple sources.

Product Rate Rate Last Week
30-Year Fixed Rate3.050%3.030%
15-Year Fixed Rate2.490%2.450%
5/1 ARM Rate2.800%3.040%
30-Year Jumbo Mortgage Rate3.080%3.070%
30-Year Fixed Refinance Rate2.930%2.910%

Rates data based on Yuma, Arizona as of 9/24/2020

Mortgage Rates Trends

In this graph:

On , the APR was for the 30-year fixed rate, for the 15-year fixed rate, and for the 5/1 adjustable-rate mortgage rate. These rates are updated almost every day based on Bankrate’s national survey of mortgage lenders. Toggle between the three rates on the graph and compare today’s rates to what they looked like in the past days.

Note: Not sure how much house you can afford? Use our mortgage calculator to find out.

Arizona mortgage and refinance rates are currently right on par with the national average — and national mortgage rates are at historic lows. Median home prices and homeownership rates in Arizona are also right on par with the rest of the country. The median monthly ownership costs come in about $150 below the national average, which provides additional savings.

Getting a mortgage in Arizona

Most of the housing statistics for the state of Arizona are right on par with the rest of the country. The median home price is only about $5,000 higher than the national average, and the median monthly cost of ownership is $150 cheaper.

The cost of living in the state currently ranks 24th, according to World Population Review’s rankings. You can snag significant property tax savings in this state. 

  • Median home price: $209,600
  • Average 30-year fixed rate: 2.875%
  • Median monthly ownership cost: $1,394
  • Homeownership rate: 63.6%

Arizona state mortgage rate trends

Over the past two years, mortgage rates in the state of Arizona heavily mirrored the trends seen across the country. In May of 2018, rates on 30-year fixed loans were just below the 4.50% mark. Throughout 2018, rates slowly climbed to just below 4.90% before dropping to lower rates.

In early 2020, rates spiked dramatically as a result of growing demand from the national rate drops due to COVID-19. Compared to the rest of the country, the spikes were more exaggerated, especially on 30- and 20-year fixed-rate mortgages — but that trend leveled out and landed on the extremely low interest rates we’re seeing as of Aug. 2020.

Arizona state current mortgage rates

Currently, mortgage rates in the state of AZ are below the national average. The rate for 30-year fixed loans is just 2.875% as of Aug. 10, and the rate for 15-year fixed loans is 2.250%.

Most and least expensive places to live in Arizona

Most expensive places to live in Arizona

1. Paradise Valley — This city clocks has a 114% higher cost of living average than the rest of the nation. Housing in the area is an astronomical 412% high than the national average. The median home price is $1,775,116. If you’re looking to rent in the city, expect to pay somewhere around the median rent of $5,561 per month.

2. Scottsdale — At 14% higher than the national average for cost of living, Scottsdale is expensive. The biggest cost is housing, with a median home price is just over half a million ($501,068), and a median rent of $1,570.

3. Gilbert — Coming in at 9% higher than the national cost of living average is Gilbert. Housing is 35% higher than the national average, with a median home price of $469,852 and a median monthly rent of $1,472.

4. Peoria — While comparable to the national average for cost of living, Peoria is still more expensive than many cities in the state. Housing is 8% higher than the national average. The median home price in the area is $374,783 and the median monthly rent is $1,174.

5. Yuma — While slightly below the average cost of living average for the nation, utilities and groceries in Yuma are expensive. Utilities are 17% higher than the national average and groceries are 7% higher. The median home price in the area is $300,155 and the median rent is $940.26.

Least expensive places to live in Arizona

1. Eloy — The cost of housing in Eloy is 59% below the national average. The median home price is $143,780 and the median rent is $450.40 per month.

2. Coolidge — At 19% below the national cost of living average, Coolidge offers extensive savings to residents, especially when it comes to housing. Housing in Coolidge is 53% below the national average, with a median home price of only $161,819. The median rent in the area is $506.91.

3. Apache Junction — Housing costs in the area are 50% below the national average, helping to drive the total cost of living to 18% lower than the national average. The median home price in Apache Junction is $172,604. The median rent in the area is only $540.59.

4. Bullhead City — Housing costs in Bullhead are 17% below the national average and utility costs are 11% lower. The average energy bill in Bullhead City is $148.71 per month. The median home price is $288,357 and the median rent is $903.30.

5. Douglas — At 5% below the national cost of living average, Douglas is one of the least expensive places to live in the state. Housing costs are 9% below the national average. The median home price in the area is $314,729 and the median rent is $985.91.

Arizona state mortgage resources and intricacies

If you’re looking to buy or refinance in the state of Arizona, there are several resources that can help. First, you should check out the Arizona Department of Housing website or the HUD’s website for buying a home in Arizona. Both government-run websites are quite helpful.

Property taxes in the state are lower than the national average, which may also help cut down on costs when buying a home. Keep in mind, though, that property taxes can vary by county and city. Take the time to research the particular city you are interested in to get the exact rate. 

The final word

Overall, Arizona could serve as a barometer for the mortgage and refinancing market in the entire country. This state tends to stay on par with the national average while offering areas with affordable housing and low property taxes in return