Arizona’s Mortgage Rates Rise
Arizona Mortgage Rates Rise 
Largest 1 Week Increase in History!
By Angie Johnson, Realtor® & Owner of Sun Point Appraisals
Those of you who have been paying attention to the latest Mortgage News from the Feds know that the month of June brought “the largest one week increase in mortgage rates,” since tracking mortgage rates began. Considering they have been keeping mortgage rate statistics since 1971, it’s a pretty big deal! However, let’s keep this recent rate change in perspective. "Arizona Mortgage Rates Rise- Largest One Week Increase in History!" It's a great headline but let's learn a little more.
For quite some time now we have been lucky enough to experience historically low Arizona Mortgage Rate levels. June’s “largest one week rate hike ever,” combined with the “lowest mortgage rates ever,” means that Phoenix area home loan rates are still lower than they were during the Real Estate boom we experienced in early 2003. I view the historically low rates as the Feds pushing Arizona Mortgage Rates down like a beach ball being pushed under water; it was only a matter of time before the ball surfaced to the top.
All of us know, including the Feds that a jump from 3% to 5% in mortgage rates is NOT good for the economy overall. Both the Arizona housing market and the national housing market, depend on the Real Estate industry recovering for overall economic stability. However, keeping mortgage rates ridiculously low isn’t great for the overall economic stability either. What I, Angie Johnson am predicting, is a steady adjustment from Fed supported mortgage rates to a more reasonable mortgage rate market. What is reasonable you might ask? I’d say mortgage rates in the 5% to 6% range; which will increase steadily over the next 2 years, is healthy and normal. That would bring the Arizona Mortgage Rates back to normal i.e. without the Fed having to artificially hold rates down and allow no outside influence other than natural market forces (bond buyers and bond sellers) dictating mortgage rate levels. Overall, it’s best for everyone.
If you’ve been on the fence about refinancing, buying or selling, it’s a wonderful time to get off the fence and get going! Check out our site for free home values and current MLS listings for houses for sale in Arizona. To view current Mortgage Rates or apply for a mortgage, visit The Lending Company and ask for the Dylan James team or email him here. Their good people I trust who know the mortgage industry well! If you felt you learned something from this post, please share it with the share button I've provided below. I appreciate you!
All good things,
Angie Johnson
(480) 570-5500
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