Phoenix FHA Loan Rates, Closing Costs & Stats
PHOENIX-MESA-CHANDLER, AZ
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Phoenix's 269 lenders originated 18,639 FHA loans during 2022. The total origination value was $5,973,695,000, with an average FHA loan value of $320,494.
Phoenix FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Phoenix
averaged
6.22%
for the week of 2023-05-26, compared to the national average (all FHA variants) of
6.612% for the same period.
Phoenix's average FHA mortgage closing costs are $8,532.
The average rate for the prior week (2023-05-19) was
5.99% and
one month ago for the week of 2023-04-21, the
average rate was 5.73%.
The average rate one year ago was 4.75%.
For refis of the same type during the week of 2023-05-26, the average rate
was 5.28%.
Phoenix FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Phoenix level.
The top Phoenix FHA lender as defined by loan originations is UNITED WHOLESALE MORTGAGE, LLC, with
1,504 FHA loans originated. Their average total fees are
$11,873, which is $956
lower than the next largest lender,
FAIRWAY INDEPENDENT MORTGAGE CORPORATION.
The lowest fee Phoenix FHA lenders (with over 10 loans originated) are
MID AMERICA MORTGAGE, INC. ($4,850), CHERRY CREEK MORTGAGE, LLC ($4,955), NOVA FINANCIAL & INVESTMENT CORPORATION ($7,080), PULTE MORTGAGE LLC ($7,087) and HOMEAMERICAN MORTGAGE CORPORATION ($7,130).
The lowest rate Phoenix FHA lenders (with over 10 loans originated) are
First Guaranty Mortgage Corporation (3.53%), UNION HOME MORTGAGE CORP. (3.74%), PLANET HOME LENDING, LLC (3.75%), Lakeview Community Capital, LLC (3.76%) and LAKEVIEW LOAN SERVICING, LLC (3.84%).
Phoenix FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
PHOENIX-MESA-CHANDLER, AZ | MARICOPA | 2022 | $441,600 | $565,300 | $683,350 | $849,250 |
PHOENIX-MESA-CHANDLER, AZ | PINAL | 2022 | $441,600 | $565,300 | $683,350 | $849,250 |
PHOENIX-MESA-CHANDLER, AZ | MARICOPA | 2023 | $530,150 | $678,700 | $820,350 | $1,019,550 |
PHOENIX-MESA-CHANDLER, AZ | PINAL | 2023 | $530,150 | $678,700 | $820,350 | $1,019,550 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Phoenix (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $339,700 (6.2%) | $582,430 (9.2%) | 1.26 | 16,043 |
2018-02-01 | $349,950 (7.0%) | $596,508 (9.1%) | 1.27 | 15,908 |
2018-03-01 | $364,900 (8.3%) | $614,504 (9.8%) | 1.28 | 15,664 |
2018-04-01 | $364,900 (5.0%) | $615,486 (7.8%) | 1.24 | 15,591 |
2018-05-01 | $364,450 (4.5%) | $606,867 (6.8%) | 1.22 | 15,056 |
2018-06-01 | $359,000 (5.6%) | $589,302 (5.6%) | 1.20 | 14,604 |
2018-07-01 | $349,900 (4.5%) | $562,394 (4.7%) | 1.17 | 14,197 |
2018-08-01 | $344,750 (4.5%) | $549,397 (4.1%) | 1.15 | 14,588 |
2018-09-01 | $345,000 (4.6%) | $548,172 (3.2%) | 1.16 | 14,745 |
2018-10-01 | $339,974 (3.1%) | $552,471 (2.2%) | 1.15 | 16,148 |
2018-11-01 | $342,125 (3.7%) | $568,819 (3.1%) | 1.16 | 16,972 |
2018-12-01 | $344,753 (2.9%) | $575,128 (1.1%) | 1.19 | 16,743 |
2019-01-01 | $347,938 (2.4%) | $582,777 (0.1%) | 1.20 | 17,306 |
2019-02-01 | $349,900 (0.0%) | $587,151 (-1.6%) | 1.18 | 17,886 |
2019-03-01 | $364,900 (0.0%) | $604,679 (-1.6%) | 1.22 | 17,467 |
2019-04-01 | $371,250 (1.7%) | $614,895 (-0.1%) | 1.18 | 16,865 |
2019-05-01 | $374,450 (2.7%) | $617,921 (1.8%) | 1.17 | 15,918 |
2019-06-01 | $380,000 (5.9%) | $626,446 (6.3%) | 1.19 | 14,614 |
2019-07-01 | $382,450 (9.3%) | $624,669 (11.1%) | 1.20 | 13,218 |
2019-08-01 | $389,900 (13.1%) | $631,890 (15.0%) | 1.22 | 12,040 |
2019-09-01 | $407,450 (18.1%) | $678,409 (23.8%) | 1.29 | 10,459 |
2019-10-01 | $383,196 (12.7%) | $637,482 (15.4%) | 1.24 | 13,015 |
2019-11-01 | $383,897 (12.2%) | $643,234 (13.1%) | 1.26 | 12,987 |
2019-12-01 | $379,975 (10.2%) | $659,754 (14.7%) | 1.27 | 11,907 |
2020-01-01 | $392,236 (12.7%) | $681,132 (16.9%) | 1.31 | 11,214 |
2020-02-01 | $399,900 (14.3%) | $697,352 (18.8%) | 1.31 | 10,358 |
2020-03-01 | $404,250 (10.8%) | $698,594 (15.5%) | 1.27 | 10,129 |
2020-04-01 | $375,000 (1.0%) | $621,373 (1.1%) | 1.17 | 12,657 |
2020-05-01 | $385,000 (2.8%) | $643,136 (4.1%) | 1.17 | 11,858 |
2020-06-01 | $430,123 (13.2%) | $747,398 (19.3%) | 1.27 | 8,797 |
2020-07-01 | $448,489 (17.3%) | $783,652 (25.5%) | 1.30 | 7,390 |
2020-08-01 | $443,000 (13.6%) | $775,542 (22.7%) | 1.27 | 7,165 |
2020-09-01 | $436,293 (7.1%) | $773,425 (14.0%) | 1.25 | 7,352 |
2020-10-01 | $435,000 (13.5%) | $771,753 (21.1%) | 1.25 | 7,635 |
2020-11-01 | $417,000 (8.6%) | $746,740 (16.1%) | 1.22 | 7,220 |
2020-12-01 | $408,350 (7.5%) | $735,976 (11.6%) | 1.21 | 5,984 |
2021-01-01 | $414,925 (5.8%) | $773,187 (13.5%) | 1.24 | 4,959 |
2021-02-01 | $412,950 (3.3%) | $800,106 (14.7%) | 1.20 | 4,020 |
2021-03-01 | $420,000 (3.9%) | $799,830 (14.5%) | 1.19 | 3,920 |
2021-04-01 | $427,500 (14.0%) | $806,862 (29.9%) | 1.16 | 4,158 |
2021-05-01 | $450,000 (16.9%) | $817,252 (27.1%) | 1.19 | 4,278 |
2021-06-01 | $460,000 (7.0%) | $801,647 (7.3%) | 1.21 | 4,875 |
2021-07-01 | $475,000 (5.9%) | $773,108 (-1.4%) | 1.25 | 5,625 |
2021-08-01 | $475,000 (7.2%) | $753,747 (-2.8%) | 1.27 | 6,019 |
2021-09-01 | $476,950 (9.3%) | $747,412 (-3.4%) | 1.27 | 6,238 |
2021-10-01 | $484,900 (11.5%) | $754,298 (-2.3%) | 1.29 | 6,465 |
2021-11-01 | $482,495 (15.7%) | $765,634 (2.5%) | 1.29 | 6,258 |
2021-12-01 | $487,000 (19.3%) | $784,070 (6.5%) | 1.32 | 5,574 |
2022-01-01 | $499,000 (20.3%) | $816,259 (5.6%) | 1.35 | 4,645 |
2022-02-01 | $499,950 (21.1%) | $857,630 (7.2%) | 1.30 | 4,050 |
2022-03-01 | $499,950 (19.0%) | $864,207 (8.1%) | 1.25 | 4,031 |
2022-04-01 | $525,000 (22.8%) | $877,383 (8.7%) | 1.25 | 4,592 |
2022-05-01 | $549,450 (22.1%) | $856,546 (4.8%) | 1.26 | 7,123 |
2022-06-01 | $547,500 (19.0%) | $818,385 (2.1%) | 1.22 | 10,239 |
2022-07-01 | $525,000 (10.5%) | $746,938 (-3.4%) | 1.19 | 14,301 |
2022-08-01 | $499,950 (5.3%) | $710,114 (-5.8%) | 1.15 | 16,376 |
2022-09-01 | $494,500 (3.7%) | $700,700 (-6.3%) | 1.16 | 16,739 |
2022-10-01 | $485,000 (0.0%) | $709,952 (-5.9%) | 1.14 | 17,776 |
2022-11-01 | $477,000 (-1.1%) | $717,189 (-6.3%) | 1.15 | 17,348 |
2022-12-01 | $474,900 (-2.5%) | $723,091 (-7.8%) | 1.17 | 14,792 |
2023-01-01 | $479,495 (-3.9%) | $758,688 (-7.1%) | 1.19 | 13,489 |
2023-02-01 | $487,000 (-2.6%) | $808,936 (-5.7%) | 1.17 | 12,500 |
2023-03-01 | $499,250 (-0.1%) | $846,696 (-2.0%) | 1.18 | 11,471 |
2023-04-01 | $518,850 (-1.2%) | $886,232 (1.0%) | 1.21 | 10,164 |
Phoenix's median listing price comes in at 121% of the national average.
Phoenix's average listing price for 2023-04-01 was $886,232, a difference of $8,849 (1.0%) versus the prior year and $39,536 versus the prior month.
For the 2023-04-01 period, Phoenix had 10,164 MLS listings, a difference of -1,307 listings (-11%) versus the prior month and 5,572 listings (121%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Phoenix (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 62 days | 2,154 sqft |
2018-02-01 | 48 days | 2,190 sqft |
2018-03-01 | 45 days | 2,247 sqft |
2018-04-01 | 44 days | 2,243 sqft |
2018-05-01 | 44 days | 2,245 sqft |
2018-06-01 | 46 days | 2,218 sqft |
2018-07-01 | 48 days | 2,180 sqft |
2018-08-01 | 48 days | 2,160 sqft |
2018-09-01 | 46 days | 2,154 sqft |
2018-10-01 | 44 days | 2,137 sqft |
2018-11-01 | 45 days | 2,137 sqft |
2018-12-01 | 54 days | 2,128 sqft |
2019-01-01 | 61 days | 2,122 sqft |
2019-02-01 | 50 days | 2,132 sqft |
2019-03-01 | 49 days | 2,181 sqft |
2019-04-01 | 48 days | 2,210 sqft |
2019-05-01 | 48 days | 2,214 sqft |
2019-06-01 | 50 days | 2,237 sqft |
2019-07-01 | 53 days | 2,254 sqft |
2019-08-01 | 64 days | 2,271 sqft |
2019-09-01 | 58 days | 2,345 sqft |
2019-10-01 | 42 days | 2,231 sqft |
2019-11-01 | 45 days | 2,214 sqft |
2019-12-01 | 53 days | 2,202 sqft |
2020-01-01 | 59 days | 2,205 sqft |
2020-02-01 | 45 days | 2,216 sqft |
2020-03-01 | 41 days | 2,201 sqft |
2020-04-01 | 38 days | 2,100 sqft |
2020-05-01 | 50 days | 2,119 sqft |
2020-06-01 | 55 days | 2,220 sqft |
2020-07-01 | 44 days | 2,207 sqft |
2020-08-01 | 31 days | 2,162 sqft |
2020-09-01 | 29 days | 2,130 sqft |
2020-10-01 | 29 days | 2,113 sqft |
2020-11-01 | 38 days | 2,029 sqft |
2020-12-01 | 41 days | 1,992 sqft |
2021-01-01 | 43 days | 1,997 sqft |
2021-02-01 | 34 days | 1,982 sqft |
2021-03-01 | 30 days | 1,977 sqft |
2021-04-01 | 28 days | 1,972 sqft |
2021-05-01 | 28 days | 1,992 sqft |
2021-06-01 | 26 days | 1,986 sqft |
2021-07-01 | 27 days | 1,989 sqft |
2021-08-01 | 28 days | 2,005 sqft |
2021-09-01 | 30 days | 1,988 sqft |
2021-10-01 | 30 days | 2,002 sqft |
2021-11-01 | 33 days | 2,002 sqft |
2021-12-01 | 36 days | 1,994 sqft |
2022-01-01 | 38 days | 1,990 sqft |
2022-02-01 | 28 days | 1,980 sqft |
2022-03-01 | 29 days | 1,940 sqft |
2022-04-01 | 24 days | 1,963 sqft |
2022-05-01 | 22 days | 1,976 sqft |
2022-06-01 | 24 days | 1,972 sqft |
2022-07-01 | 30 days | 1,942 sqft |
2022-08-01 | 38 days | 1,915 sqft |
2022-09-01 | 47 days | 1,904 sqft |
2022-10-01 | 51 days | 1,907 sqft |
2022-11-01 | 58 days | 1,910 sqft |
2022-12-01 | 70 days | 1,897 sqft |
2023-01-01 | 74 days | 1,917 sqft |
2023-02-01 | 62 days | 1,937 sqft |
2023-03-01 | 51 days | 1,975 sqft |
2023-04-01 | 51 days | 2,010 sqft |
Phoenix's median square footage for active listings during the 2023-04-01 period was 2,010 sqft. One year prior, the average listing was 1,963 sqft.