AZ Homes- Mortgage Rates up to 4.58% Highest Since 2013

Real Estate Agent with HomeSmart Real Estate BR632450000

Thinking now is the time to buy a home in Arizona? National mortgage rates, still low relatively, rose for the third consecutive week last week and are now at the highest level since 2013. Rates rose from 4.47% the week before. Interest rate movement is being affected by rising yields on US Treasury Bonds affected by rising commodity prices and boosting inflation expectations. 

Home Mortgages

                Loans are still being approved and Down Payment Assistance in Phoenix is available


Althought the higer rates cut into the affordability of a home, the 4.58% is still below 5% and still closer to historic lows than highs. 


Home prices in the Phoenix metro area of Arizona are still increasing but median prices are still in the $250s in many communities for a single family detached home, making a home much less expensive than other western cities like LA, San Francisco, San Diego and Seattle.


Even with the slightly higher mortgage rates, it may be a good time to buy a home and expect appreciation in the Phoenix metro area of Maricopa County. Why? People are moving to the area at the clip of 6,000+ per month. Maricopa County in Arizona is the most populated County in the US and is the fastest growing per the United States Census Bureau. This is an opportunity for home buyers to buy now with median home prices in the $250,000 range and look for appreciation as demand for housing continues to rise.


Phoenix home                                      Median home prices in the Phoenix metro area are about $250K


Still the BULL: Population Growth in Maricopa County, Arizona


July 1, 2017, (2017) 4,307,033 with an increase of 73,650 from 2016


Followed by Clark County, NV and Riverside County, CA and several Texas counties, the Phoenix metro area of Maricopa County is the Bull. The 73,650 increase is an average increase of populaton of 6,138 people per month.


Texas Keeps Getting Bigger
Why this population growth you may ask? Maricopa County is the nation's largest county and the home of Phoenix, Scottsdale, Chandler, Gilbert and Mesa Arizona among other suburban cities and towns. Phoenix is now the nation's fifth largest city and the municipal city with the largest land mass.  
Excellent weather including sunny days, beautiful scenery from green mountains to sunny deserts allow residents a myriad of activities including golf, hiking, touring and more. The Maricopa County area of Phoenix has major Universities and an educated population with good employment. The Red Rock county of Sedona is only 1.5 hours away and the mile high city of Flagstaff and skiing is only 2 hours away by car.
More people are moving to Maricopa County daily especially from tax and regulation strapped California.
New homes and apartments are being built yet prices, for now, are still lower than many other US cities when compared to LA, San Francisco, Seattle and New York. Taxes are reasonable.

Maybe it is time for you to consider Arizona Homes For Sale or Homes for sale in the Phoenix metro including Scottsdale.

If you are looking to move to Phoenix including Scottsdale or to buy a home in Arizona or sell a home in Arizona, contact Jeffrey Masich, Associate Broker and Realtor. I would be pleased to help you and look out for your best interests while finding you the right home at the right price!


Free MLS Search ArizonaPress FREE MLS Search for search for homes for sale in Arizona

Posted by

Jeffrey Masich, Associate Broker, REALTOR®, MBA, GRI, BS Accounting


Scottsdale, Arizona





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Endre Barath, Jr.
Berkshire Hathaway HomeServices - Beverly Hills, CA
Realtor - Los Angeles Home Sales 310.486.1002

If this post does not get the fence sitters into the market maybe when the interest rates go north of 5% will:))Endre

Apr 30, 2018 10:51 PM #1
stephen williams
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May 01, 2018 05:07 AM #2
Debb Janes EcoBroker and Bernie Stea JD
ViewHomes of Clark County - Nature As Neighbors - Camas, WA
REALTORS® in Clark County, WA

Great reasons to buy a home soon in Maricopa County.  The interest rates are still very good, but who knows how long they  will remain under 5%? 

May 01, 2018 07:08 AM #3
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Jeff Masich-Scottsdale AZ Associate Broker,MBA,GRI

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