Arizona Mortgage Prices On The Rise
Mortgage rates have been rising around the country and Arizona is not an exception. Since late 2016 there has been a rising trend and in 2018, the rates have hit highs that have not been experienced since 2014. While this does not necessarily mean that there are fewer houses being bought or sold, the effect will be felt by people interested in borrowing for home purchases.
The average mortgage rate in September 2017 was 3.78% for the 30-year mortgage in Arizona. In 2018, the rates have seen an upward movement that has reached an average of about 4.44%. The most common reason why rates go high is because of inflation. The supply and demand graph is also negative for mortgage rates. Though this is the case, the rise in mortgage rates comes in the middle of favorable economic strength news, employment news and tax cuts.
A quick indicator that shows that the rates are about to rise or fall is bond prices. When bond prices are rising or on demand, the mortgage rates are declining. When bonds have a weaker demand, the rates are high. In simple terms, bond prices and rates are inversely proportional. It is all about supply and demand.
“People interested in buying a home need to pay attention to a few important elements especially if they are interested in borrowing to buy the home. Arizona mortgage rates have been on the rise and this simply means that home buyers will have to pay more for a new home. Though this is the case, there are lenders that have better rates than others. This is why interested individuals need to work with a professional Arizona mortgage broker. As an experienced Arizona mortgage broker, our main focus is to help our clients understand all the processes that are involved in home loans. We strive to connect you with the best deals and these include low mortgage rates in Arizona.” ABLEnding, Inc, an expert mortgage broker in Arizona.
Since the mortgage rates are on the rise, the costs for using equity in a home, refinancing, or purchasing a home will be more expensive. The higher rates might also affect the purchasing power of potential buyers since the rise in rates also results in high principals and high-interest payments. The good news would be a rise in wages and a better job market that will lead to increased buying confidence. Working with a professional mortgage broker will help clients get the best deals even in an era of rising mortgage rates in the state of Arizona.
Media Contact
Company Name: ABLEnding, Inc.
Contact Person: Mark Ventrone
Email: Send Email
Phone: (602) 362-6634
Address:11571 E Ranch Gate Rd
City: Scottsdale
State: AZ
Country: United States
Website: https://arizona.ablending.com/