If you’re considering buying a home in the Grand Canyon State, you’re far from alone. Arizona has 3 million housing units and a homeownership rate of 64.8%, according to the U.S. Census Bureau’s 2018 American Community Survey.
The median housing value for Arizona is $241,100, compared with a $229,700 national median value. The maximum in even the most expensive counties doesn’t exceed that figure by much, and some counties are much cheaper.
What Are the Mortgage Rates in Arizona?
Home interest rates range from 2.63% to 5.25% in Arizona.
What Are Today’s Mortgage Rates?
Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
|
Loan Types |
This Week’s Rate |
Last Week’s Rate |
| 30-year fixed-rate mortgage | 3.04% | 3.08% |
| 15-year fixed-rate mortgage | 2.55% | 2.59% |
| 30-year fixed-rate jumbo mortgage | 3.08% | 3.11% |
| 5/1 ARM | 3.1% | 3.11% |
| 5/1 jumbo ARM | 3% | 2.98% |
*Rates as of Oct. 7, 2020
U.S. News’ Best Arizona Mortgage Lenders
U.S. News conducted an in-depth review of leading direct mortgage lenders. Research was based on program availability and customer satisfaction ratings. Because each consumer has different needs, the top finishers in several key areas were chosen.
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Bank of America: Best lender for up to 100% of the appraised value of the home.
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Caliber Home Loans: Best for online service
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Chase: Best for up to $3,000 at closing with the Chase Homebuyer grant and completion of a homebuyer education course.
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Guild Mortgage: Best for loans for up to $3 million.
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loanDepot: Best lender for waived lender fees on future refinancing.
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PrimeLending: Best lender with a closing cost assistance program.
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Quicken Loans: Best lender for good customer satisfaction ratings.
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Veterans United Home Loans: Best lender for focused service for veterans and service members.
Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders in Arizona. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.
Best lender for up to 100% of the appraised value of the home.
Lender Highlights
- Mortgage types: ARMs, conventional, FHA, first-time homebuyer program, home equity lines of credit, refinancing, VA
- Minimum FICO credit score: 600
- Maximum loan amount: $5 million
- Better Business Bureau rating: A+
Best Features
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Wide variety of mortgages
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Annual percentage rate or closing cost discounts for qualifying Bank of America and Merrill Lynch clients
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No closing costs and no annual, balance transfer and cash advance fees for HELOCs
See full profile
Best for online service
Before You Apply
- Mortgage types: conventional, FHA, jumbo, refinance, USDA and VA
- Minimum FICO credit score: 580
- Maximum loan amount: $3 million
- Better Business Bureau rating: A
Best Features
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Offers a first-time homebuyer program
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Accepts mortgage applicants with FICO credit scores as low as 580
See full profile
Best for loans for up to $3 million.
Before You Apply
- Mortgage types: ARMs, conventional, FHA, jumbo, manufactured home, refinance, reverse, USDA and VA
- Minimum FICO credit score: 600
- Maximum loan amount: varies
- Better Business Bureau rating: A+
Best Features
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Receives strong customer service ratings from the Better Business Bureau
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Offers a broad range of mortgage products
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Provides special mortgage programs for first-time buyers and manufactured homebuyers
See full profile
Best lender for waived lender fees on future refinancing.
Highlights:
- Mortgage types offered: Conventional, FHA, VA, ARM, Refinancing (conventional), Refinancing (FHA), Refinancing (VA), Home equity loans
- Minimum FICO credit score: 500 with conditions
- Maximum debt-to-income ratio: 43% for FHA
- Maximum combined loan-to-value ratio: 90%
- J.D. Power satisfaction rating: Four out of five
Best Features
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LoanDepot mortgages have a lifetime guarantee, which means if you ever decide to refinance an existing loanDepot loan, the company will waive the lender fees and reimburse appraisal fees.
See full profile
Best lender with a closing cost assistance program.
Highlights:
- Loan types: conventional, FHA, VA, USDA, ARM, refinancing
- Minimum FICO Score: 600
- Maximum loan-to-value ratio: not disclosed
- Maximum debt-to-income ratio: 43%
- Total closing costs: 2% to 6% of loan amount
- Equity required: not disclosed
- J.D. Power Satisfaction rating: not rated
Best Features
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Offers a wide variety of mortgage loans.
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Provides mortgage loans nationwide.
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Helps with closing costs.
See full profile
Best lender for good customer satisfaction ratings.
Highlights:
- Mortgage types offered: ARM, FHA, VA, Refinancing (FHA), USDA, Conventional, Refinancing (conventional)
- Minimum FICO credit score: 580 (FHA), other loans vary
- Maximum debt-to-income ratio: 60%
- J.D. Power satisfaction rating: Five out of five
Best Features
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Complete loan process available online.
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Wide variety of mortgage products.
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Good customer service ratings.
See full profile
Best lender for focused service for veterans and service members.
Before You Apply
- Mortgage types: ARMs, conventional, FHA, refinance, USDA and VA
- Minimum FICO credit score: 660
- Maximum loan amount: $1.5 million
- Better Business Bureau rating: A+
Best Features
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Requires no military service
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Sets no minimum loan amount
See full profile
Mortgage Calculator
Is your dream home within reach? U.S. News’ mortgage calculator will show you how much house you can afford.
What Are Some Arizona Homebuyer Programs?
The state offers just one program to assist homebuyers in the state, through the Arizona Industrial Development Authority.
- Available to: Eligible Arizona homebuyers who complete a homebuyer education course and have a credit score of 640 or higher.
- Income limits: $105,291
- First-time homebuyers only? No.
- Loan options: 30-year, fixed-rate mortgage.
- Benefits: The program couples a HOME PLUS mortgage with down payment and closing cost assistance of up to 5%. The assistance comes in the form of a second mortgage loan, which has no interest rate and may be forgiven over three years. If the home is sold or the loan refinanced during that time, the remaining balance that hasn’t been forgiven will be due. If the loan isn’t forgivable, it’s due upon the sale of the home or if you refinance your loan. The HOME PLUS mortgage loan comes with reduced mortgage insurance requirements compared with a traditional conventional loan.
Advertising Disclosure: Some of the loan offers on this site are from companies
who are advertising clients of U.S. News. Advertising considerations may impact
where offers appear on the site but do not affect any editorial decisions,
such as which loan products we write about and how we evaluate them. This site
does not include all loan companies or all loan offers available in the marketplace.
