Current Mortgage Refinance Rates in Arizona (December 2024)

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Updated: January 10, 2025

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The current mortgage refinance rates in Arizona are 6.42% for a 30-year fixed mortgage and 5.99% for a 15-year fixed mortgage. In comparison, the national averages for these loans are 6.45% for a 30-year fixed-rate loan and 5.38% for a 15-year fixed-rate loan.

We provide you with a comprehensive overview of refinancing options in Arizona, including current rates, trends and tips on when to refinance. Understanding how credit scores and loan types impact refinancing ensures you have the information needed to make informed decisions.

MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Arizona. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless noted otherwise, featured rates are annual percentage rates (APRs).

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This data was last updated in December 2024.

Current Mortgage Refinance Rates in Arizona

The current 30-year refinance rate in Arizona is 6.42%. According to Experian, the average mortgage debt in Arizona was $261,706 as of September 2023. Refinancing your mortgage can be a smart way to manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.

Refinancing could save you money if your current mortgage rate is higher than 6.42%. This is especially true if you're aiming to decrease your monthly financial burden. Below, you'll find the current refinance rates in Arizona to consider your options.

15-Year Fixed5.88%5.99%
30-Year Fixed6.34%6.42%

Mortgage Refinance Rate Trends in Arizona

In Arizona, 15-year refinance rates increased from 5.77% in October to 6.10% in November, suggesting higher costs for those looking to refinance. Similarly, 30-year refinance rates in Arizona also increased, moving from 6.45% in October to 6.69% in November.

Arizona Mortgage Refinance Rate Trends 2024

Data from 2024

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WHY DO INTEREST RATES GO UP?

Interest rates rise due to factors like US Federal Reserve policies, economic growth and inflation. These elements influence refinance rate trends in Arizona. Understanding these trends helps you stay informed about the changes in the financial landscape.

How to Refinance a Mortgage in Arizona

Refinancing your mortgage in Arizona can be a smart move if you want to reduce your interest rate or monthly payments. By understanding the steps involved, you can confidently navigate the process and avoid common pitfalls. Explore the steps to take for a successful refinancing experience.

  1. 1

    Check Your Credit Score

    Credit scores impact the rates you qualify for. If your score is below Arizona's average of 713, consider paying down debt or disputing errors. This can improve your chances of securing better rates.

  2. 2

    Determine When to Refinance a Mortgage

    Compare your current mortgage terms with market rates: 5.13% for a 15-year and 5.82% for a 30-year in Arizona. If these are lower, refinancing might be wise. Consider how long you'll stay in your home to ensure benefits.

  3. 3

    Gather Necessary Documents

    Prepare documents like pay stubs, tax returns and bank statements. This streamlines the process by verifying your financial status and current mortgage details, ensuring a smoother application.

  4. 4

    Shop Around for Lenders

    Compare lenders by interest rates, fees and customer service. This helps you find the best deal for your situation, potentially saving money over the life of your loan.

  5. 5

    Understand the Costs Involved

    Be aware of closing costs, such as origination fees and appraisals. According to the National Association of Realtors, expect to pay around $3,898 in Arizona.

  6. 6

    Apply for the Loan

    Submit your application to your chosen lender. Having all documents ready can expedite approval. Ensure accuracy to avoid delays and increase your chances of approval.

  7. 7

    Lock in Your Interest Rate

    Once approved, lock in your rate to protect against market fluctuations. Doing this promptly can secure favorable terms.

  8. 8

    Close on Your New Loan

    Finalize paperwork and pay any remaining fees. Carefully review all documents to ensure there are no surprises. Fully understand the terms to prevent future issues.

  9. 9

    Start Making Payments on Your New Loan

    Begin payments on your new mortgage. Setting up automatic payments can help avoid missed due dates and maintain your credit standing.

  10. 10

    Reevaluate When to Refinance a Mortgage

    Monitor rates and personal finances to determine future refinancing opportunities. Regular assessments keep you informed, allowing strategic decisions.

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HOW SOON CAN YOU REFINANCE A MORTGAGE?

In Arizona, how soon you can refinance a mortgage depends on the type of loan. Refinancing can occur immediately for conventional loans, but a cash-out refinance typically requires a six-month seasoning period. USDA loans have a longer wait, generally requiring a 12-month period before refinancing.

The refinance rate in October was 5.82%, lower than previous months, illustrating a favorable time to consider refinancing when rates drop. However, refinancing comes with additional closing costs that can take years to recover. So, although you can refinance a mortgage within a year, it might only be worthwhile if there is a significant reduction in interest rates.

When to Refinance a Mortgage

Refinancing your mortgage in Arizona can reduce your monthly payments by lowering interest rates. But watch out for closing costs that might offset these savings. Knowing when to refinance a mortgage in Arizona helps you make the most of your financial situation. Review these scenarios where refinancing could be an advantageous move:

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    Lower Interest Rates

    Refinancing when interest rates drop can reduce monthly payments and overall interest costs. To find the best rates, consult local lenders and credit unions, who often offer competitive rates. This approach ensures you capitalize on favorable market conditions.

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    Increased Home Value

    Refinancing when your home's value rises can boost home equity. Enhancing curb appeal or updating interiors can increase value. With Arizona's average home value at $433,271, leveraging equity can lead to better loan terms.

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    Improved Credit Score

    A better credit score can unlock lower interest rates when refinancing. Paying bills on time and reducing debt can improve your score. This financial health boost can lead to significant savings over the loan term.

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    Shorter Loan Term

    Refinancing to a shorter loan term can reduce interest costs and build equity faster. Benefits include paying off your mortgage sooner and saving on interest. This strategy suits those with stable finances seeking long-term savings.

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    Switch Loan Type

    Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can stabilize payments. Fixed rates protect against market fluctuations, offering predictable expenses for budget-conscious homeowners.

Mortgage Refinancing in Arizona: Is It Right for You?

Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.

Mortgage Refinance Calculator

Make sure refinancing your existing home loan will save you money.

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Today's Mortgage Refinance Rates in Arizona by Credit Score

Your credit score affects the rates you qualify for in Arizona. For example, the current average refinance rate in Arizona for a 30-year fixed-rate loan with a loan-to-value ratio of 80% or lower equates to 6.96% for scores between 680 and 740, compared to 6.42% for scores 740 or higher. Explore the table below for more details.

Data filtered by:Results filtered by:
Select
Loan Type:15-year Fixed
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Credit Score Range:680 - 740
Select
Loan-to-Value Ratio:80% - 95%
5.88%6.34%

Mortgage Refinance Rates in Arizona by Loan Type

Loan type is another factor affecting the rates you qualify for in Arizona. For example, current average refinance rates in Arizona are 6.42% for a 30-year fixed loan and 8.09% for a 30-year FHA fixed loan. The table below shows average APRs for various loan types in Arizona.

Data filtered by:Results filtered by:
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Loan Type:10-Year Fixed
5.91%6.10%

FAQ: Today's Mortgage Refinance Rates in Arizona

Homeowners in the Grand Canyon State have questions about today's refinance rates, which can significantly impact their financial strategies. In this section, we address some of the most common questions homeowners have about refinance rates in Arizona.

Should you refinance your mortgage?

How to get the best mortgage refinance rate?

What are the pros and cons of a mortgage refinance?

How much does it cost to refinance a mortgage?

What is the mortgage refinance rate in Phoenix?

About Zachary Romeo, CBCA

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Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.

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