Moving on in our state-by-state look at the best home mortgage rates, we here at Peak Personal Finance are turning to Arizona.  This market is an interesting one and there is some competition for who has the best mortgage rates in Arizona right now.

Our assumptions for this comparison are a credit score of 700 or better, at least a 5% dowm payment, a loan of $200,000, and the ability to pay any fees associated with the loan.  All of these could be different for your circumstance, of course, but they are a good average to go by for this comparison.

In the market for a 30-year fixed loan, the best home loans in Arizona with M&I Bank, which has a 5.412% annual percentage rate (APR) with no points, only $825 in fees, a 30-day lock in, and estimated payments of $1,120 per month.

Not far behind on that 30-year fixed is Quicken Loans with the next best home mortgage rates in Arizona with a 5.795% APR giving no points, requiring $3,685 in fees, a 45-day lock in period, and $1,151 in estimated monthly payments.  This loan is good for credit scores down to 670, by the way.

For a 15-year fixed rate, the best home loans in Arizona are found at Quicken again with 4.997% APR, $1,600 in fees, no points, $1,569 in estimated monthly payments and a 45-day lock in.

For a 30-year FHA loan (fixed), the best mortgage interest rates are at Hart West Financial, who has a 5.404% APR with no points, only $650 in fees, a 30-day lock in and payments of an estimated $1,120 per month.

Mortgage Capital Associates is worth considering for an FHA 30-year fixed too, with a 5.668% APR, no points, $950 in fees, a 30-day lock in period, and estimated payments of $1,151 per month.  This is good for credit scores down to 680.

Your circumstances will be different, of course, and talk to your financial advisor before locking in a rate.  If you’re in the market for a new home, the best mortgage rates in Arizona might be one of these!