Arizona residents rarely get bored with its extensive list of things to do, sights to see, and places to visit. These, plus the quality education system it has, the lower-than-national average cost of living, and good median household income, make its people want to keep living here. At the same time, it draws the interest of property investors and homebuyers.
The Grand Canyon State boasts of beautiful cities, but one that consistently gets a lot of attention is Phoenix.
Why Phoenix Keeps Attracting Home Buyers
Phoenix has a “very livable” ranking. In fact, Time Money has included it in its 2014 list of best bargain neighborhoods in the country. It also placed within the top 50 of all the places the U. S. News and World Report reviewed for its “Best Places to Live” rankings. These should already give you an idea of the kind of life you’ll have here.
Its best characteristics include countless amenities in and within proximity, as well as low cost of living. As long as you work with the right Phoenix mortgage broker, you can secure a home loan with an interest rate you can afford and allow you to become one of the state’s proud homeowners.
What to Expect from the State’s Home Lending Industry
In the beginning of 2017, the mortgage market opened with a nationwide average interest rate of 4.09% for 30-year fixed-rate mortgages. By the end of March, it went up to 4.14%. In Arizona though, home buyers have access to lower rates. This is especially true for the current rates for the benchmark home loan, seeing as the statewide average is at 4.05%.
Fixed-rate mortgages with the 15-year term have much lower interest rates, with the state average just at 3.25%. If you intend to refinance your loan in the future, then you might find this term more favorable than the 30-year one.