Mortgage Rates in Phoenix, Arizona — March 2026
Updated March 2026 | Based on Phoenix market data and regional lending conditions
Phoenix is a major metropolitan area in Arizona with a population of 1,608,139. The current 30-year fixed mortgage rate in Phoenix is 6.67%, which is 0.02% above the national average. With a median home price of $395,000 and a 20% down payment of $79,000, homebuyers can expect a monthly principal and interest payment of approximately $2,033.
Current Mortgage Rates in Phoenix, AZ
Below are the current average mortgage rates available in the Phoenix area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.67% | 6.65% | +0.02% |
| 15-Year Fixed | 5.91% | 5.89% | +0.02% |
| 5/1 ARM | 6.17% | 6.15% | +0.02% |
| FHA | 6.27% | 6.25% | +0.02% |
| VA | 6.07% | 6.05% | +0.02% |
| Jumbo | 6.87% | 6.85% | +0.02% |
Phoenix Housing Market Overview
The Phoenix housing market reflects moderate demand with prices near the national average. The median household income in Phoenix is $57,459, and the cost of living index is 103.1 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $95,871 to comfortably afford the median-priced home in Phoenix, which exceeds the current median household income.
Monthly Payment Breakdown for Phoenix
Based on the median home price of $395,000 with 20% down ($79,000), here is what you can expect to pay monthly in Phoenix:
15-Year vs. 30-Year Mortgage in Phoenix
Choosing a 15-year mortgage in Phoenix at 5.91% instead of a 30-year at 6.67% would save you $254,700 in total interest over the life of the loan. However, your monthly payment would be $2,651 instead of $2,033 — an increase of $618 per month.
Calculate Your Phoenix Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Phoenix
What are the current mortgage rates in Phoenix, AZ?
As of March 2026, the average 30-year fixed mortgage rate in Phoenix, Arizona is 6.67%, while the 15-year fixed rate is 5.91%. FHA loans average 6.27% and VA loans 6.07%. These rates are 0.02% above the national average of 6.65%.
How much is a monthly mortgage payment in Phoenix?
Based on the median home price of $395,000 with 20% down, the estimated monthly mortgage payment in Phoenix is $2,033 for principal and interest. Including property taxes of $204/month, the total monthly housing cost is approximately $2,237.
What income do I need to buy a home in Phoenix?
Using the 28% rule, you would need an annual income of approximately $95,871 to afford the median-priced home in Phoenix at $395,000. The median household income in Phoenix is $57,459. This means most households would need to either earn above the median or consider homes below $395,000.
Is Phoenix a good place to buy a home in 2026?
Phoenix has a moderate cost of living with a cost of living index of 103.1 (national average = 100). The property tax rate in Arizona is 0.62%, which is below the national average. As a major city with 1,608,139 residents, Phoenix offers diverse employment opportunities and amenities.
Mortgage Rates in Other Arizona Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Phoenix, Arizona area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.