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 268 lenders originated 18,096 FHA loans during 2023. The total origination value was $6,457,340,000, with an average FHA loan value of $356,838.
Phoenix FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Phoenix
averaged
6.48%
for the week of 2024-04-19, compared to the national average (all FHA variants) of
6.855% for the same period.
Phoenix's average FHA mortgage closing costs are $9,308.
The average rate for the prior week (2024-04-12) was
6.67% and
one month ago for the week of 2024-03-15, the
average rate was 6.34%.
The average rate one year ago was 5.97%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.97%.
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
2,366 FHA loans originated. Their average total fees are
$15,437, which is $651
higher than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Phoenix FHA lenders (with over 10 loans originated) are
Mortgage Research Center, LLC ($7,548), JPMorgan Chase Bank ($7,885), PULTE MORTGAGE LLC ($7,915), HOMEAMERICAN MORTGAGE CORPORATION ($8,019) and Shea Mortgage Inc. ($8,227).
The lowest rate Phoenix FHA lenders (with over 10 loans originated) are
BROOKHOLLOW MORTGAGE SERVICES, LTD (5.05%), Shea Mortgage Inc. (5.16%), EAGLE HOME MORTGAGE, LLC (5.30%), DHI MORTGAGE COMPANY, LTD. (5.37%) and MATTAMY HOME FUNDING, LLC (5.41%).
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. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $339,700 (6.2%) | $582,121 (9.1%) | 1.26 | 16,040 |
| 2018-02-01 | $349,950 (7.0%) | $596,230 (9.1%) | 1.27 | 15,903 |
| 2018-03-01 | $364,900 (8.3%) | $614,257 (9.8%) | 1.28 | 15,660 |
| 2018-04-01 | $364,900 (5.0%) | $615,185 (7.8%) | 1.24 | 15,588 |
| 2018-05-01 | $364,450 (4.4%) | $606,681 (6.8%) | 1.22 | 15,053 |
| 2018-06-01 | $359,000 (5.6%) | $589,104 (5.6%) | 1.20 | 14,601 |
| 2018-07-01 | $349,900 (4.5%) | $562,151 (4.7%) | 1.17 | 14,196 |
| 2018-08-01 | $344,750 (4.5%) | $549,091 (4.1%) | 1.15 | 14,585 |
| 2018-09-01 | $345,000 (4.6%) | $548,169 (3.3%) | 1.16 | 14,741 |
| 2018-10-01 | $340,099 (3.1%) | $552,484 (2.3%) | 1.15 | 16,146 |
| 2018-11-01 | $342,200 (3.7%) | $568,839 (3.2%) | 1.16 | 16,970 |
| 2018-12-01 | $344,828 (3.0%) | $575,150 (1.1%) | 1.19 | 16,741 |
| 2019-01-01 | $347,945 (2.4%) | $582,810 (0.1%) | 1.20 | 17,303 |
| 2019-02-01 | $349,900 (0.0%) | $587,222 (-1.5%) | 1.18 | 17,882 |
| 2019-03-01 | $361,329 (-1.0%) | $601,751 (-2.0%) | 1.18 | 17,409 |
| 2019-04-01 | $371,350 (1.8%) | $615,009 (0.0%) | 1.18 | 16,852 |
| 2019-05-01 | $374,600 (2.8%) | $618,035 (1.9%) | 1.17 | 15,913 |
| 2019-06-01 | $380,000 (5.9%) | $626,550 (6.4%) | 1.19 | 14,610 |
| 2019-07-01 | $382,536 (9.3%) | $624,785 (11.1%) | 1.20 | 13,215 |
| 2019-08-01 | $384,727 (11.6%) | $628,020 (14.4%) | 1.22 | 12,659 |
| 2019-09-01 | $384,318 (11.4%) | $631,551 (15.2%) | 1.23 | 12,832 |
| 2019-10-01 | $384,045 (12.9%) | $637,627 (15.4%) | 1.24 | 13,012 |
| 2019-11-01 | $383,995 (12.2%) | $643,327 (13.1%) | 1.26 | 12,980 |
| 2019-12-01 | $379,990 (10.2%) | $659,922 (14.7%) | 1.27 | 11,902 |
| 2020-01-01 | $392,311 (12.8%) | $681,225 (16.9%) | 1.31 | 11,211 |
| 2020-02-01 | $399,900 (14.3%) | $697,431 (18.8%) | 1.31 | 10,356 |
| 2020-03-01 | $404,264 (11.9%) | $698,688 (16.1%) | 1.27 | 10,126 |
| 2020-04-01 | $375,000 (1.0%) | $621,453 (1.1%) | 1.17 | 12,654 |
| 2020-05-01 | $385,000 (2.8%) | $643,224 (4.1%) | 1.17 | 11,855 |
| 2020-06-01 | $430,250 (13.2%) | $747,605 (19.3%) | 1.27 | 8,794 |
| 2020-07-01 | $448,995 (17.4%) | $784,016 (25.5%) | 1.30 | 7,386 |
| 2020-08-01 | $444,000 (15.4%) | $775,732 (23.5%) | 1.27 | 7,165 |
| 2020-09-01 | $436,304 (13.5%) | $773,557 (22.5%) | 1.25 | 7,350 |
| 2020-10-01 | $435,000 (13.3%) | $771,889 (21.1%) | 1.25 | 7,633 |
| 2020-11-01 | $417,000 (8.6%) | $746,886 (16.1%) | 1.22 | 7,216 |
| 2020-12-01 | $408,500 (7.5%) | $736,213 (11.6%) | 1.21 | 5,980 |
| 2021-01-01 | $414,970 (5.8%) | $773,410 (13.5%) | 1.24 | 4,955 |
| 2021-02-01 | $412,950 (3.3%) | $800,100 (14.7%) | 1.20 | 4,019 |
| 2021-03-01 | $420,000 (3.9%) | $800,154 (14.5%) | 1.19 | 3,916 |
| 2021-04-01 | $427,995 (14.1%) | $807,094 (29.9%) | 1.16 | 4,156 |
| 2021-05-01 | $450,000 (16.9%) | $817,309 (27.1%) | 1.20 | 4,275 |
| 2021-06-01 | $460,000 (6.9%) | $801,961 (7.3%) | 1.21 | 4,872 |
| 2021-07-01 | $475,000 (5.8%) | $773,132 (-1.4%) | 1.25 | 5,623 |
| 2021-08-01 | $475,000 (7.0%) | $753,806 (-2.8%) | 1.27 | 6,017 |
| 2021-09-01 | $476,950 (9.3%) | $747,219 (-3.4%) | 1.27 | 6,236 |
| 2021-10-01 | $484,993 (11.5%) | $754,445 (-2.3%) | 1.29 | 6,462 |
| 2021-11-01 | $482,495 (15.7%) | $765,486 (2.5%) | 1.29 | 6,256 |
| 2021-12-01 | $487,000 (19.2%) | $783,838 (6.5%) | 1.32 | 5,573 |
| 2022-01-01 | $499,000 (20.3%) | $815,920 (5.5%) | 1.35 | 4,645 |
| 2022-02-01 | $499,950 (21.1%) | $857,432 (7.2%) | 1.30 | 4,050 |
| 2022-03-01 | $500,950 (19.3%) | $864,079 (8.0%) | 1.25 | 4,029 |
| 2022-04-01 | $525,000 (22.7%) | $877,482 (8.7%) | 1.25 | 4,590 |
| 2022-05-01 | $549,450 (22.1%) | $856,587 (4.8%) | 1.26 | 7,121 |
| 2022-06-01 | $547,500 (19.0%) | $818,345 (2.0%) | 1.22 | 10,236 |
| 2022-07-01 | $525,000 (10.5%) | $746,534 (-3.4%) | 1.18 | 14,297 |
| 2022-08-01 | $499,950 (5.3%) | $709,896 (-5.8%) | 1.16 | 16,371 |
| 2022-09-01 | $494,475 (3.7%) | $700,561 (-6.2%) | 1.16 | 16,733 |
| 2022-10-01 | $485,000 (0.0%) | $709,726 (-5.9%) | 1.14 | 17,772 |
| 2022-11-01 | $477,000 (-1.1%) | $717,207 (-6.3%) | 1.15 | 17,345 |
| 2022-12-01 | $474,900 (-2.5%) | $721,974 (-7.9%) | 1.17 | 14,790 |
| 2023-01-01 | $479,495 (-3.9%) | $758,362 (-7.1%) | 1.19 | 13,487 |
| 2023-02-01 | $487,000 (-2.6%) | $807,832 (-5.8%) | 1.18 | 12,499 |
| 2023-03-01 | $499,363 (-0.3%) | $845,639 (-2.1%) | 1.18 | 11,470 |
| 2023-04-01 | $516,006 (-1.7%) | $884,740 (0.8%) | 1.20 | 10,164 |
| 2023-05-01 | $529,447 (-3.6%) | $916,513 (7.0%) | 1.20 | 9,166 |
| 2023-06-01 | $539,945 (-1.4%) | $928,389 (13.5%) | 1.21 | 8,598 |
| 2023-07-01 | $539,900 (2.8%) | $892,899 (19.6%) | 1.23 | 8,231 |
| 2023-08-01 | $537,900 (7.6%) | $882,775 (24.4%) | 1.24 | 8,700 |
| 2023-09-01 | $532,000 (7.6%) | $867,398 (23.8%) | 1.24 | 9,317 |
| 2023-10-01 | $529,759 (9.2%) | $874,104 (23.2%) | 1.25 | 10,798 |
| 2023-11-01 | $522,450 (9.5%) | $871,475 (21.5%) | 1.24 | 12,000 |
| 2023-12-01 | $526,725 (10.9%) | $885,567 (22.7%) | 1.28 | 11,355 |
| 2024-01-01 | $535,000 (11.6%) | $932,383 (23.0%) | 1.31 | 11,429 |
| 2024-02-01 | $539,995 (10.9%) | $979,418 (21.2%) | 1.30 | 11,947 |
| 2024-03-01 | $534,990 (7.1%) | $948,151 (12.1%) | 1.26 | 13,407 |
Phoenix's median listing price comes in at 126% of the national average.
Phoenix's average listing price for 2024-03-01 was $948,151, a difference of $102,512 (12.1%) versus the prior year and $-31,267 versus the prior month.
For the 2024-03-01 period, Phoenix had 13,407 MLS listings, a difference of 1,460 listings (12%) versus the prior month and 1,937 listings (17%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Phoenix (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 59 days | 2,154 sqft |
| 2018-02-01 | 44 days | 2,190 sqft |
| 2018-03-01 | 43 days | 2,247 sqft |
| 2018-04-01 | 43 days | 2,243 sqft |
| 2018-05-01 | 43 days | 2,245 sqft |
| 2018-06-01 | 44 days | 2,218 sqft |
| 2018-07-01 | 45 days | 2,180 sqft |
| 2018-08-01 | 46 days | 2,160 sqft |
| 2018-09-01 | 44 days | 2,154 sqft |
| 2018-10-01 | 43 days | 2,137 sqft |
| 2018-11-01 | 44 days | 2,137 sqft |
| 2018-12-01 | 52 days | 2,128 sqft |
| 2019-01-01 | 59 days | 2,122 sqft |
| 2019-02-01 | 47 days | 2,132 sqft |
| 2019-03-01 | 44 days | 2,172 sqft |
| 2019-04-01 | 44 days | 2,210 sqft |
| 2019-05-01 | 46 days | 2,214 sqft |
| 2019-06-01 | 49 days | 2,237 sqft |
| 2019-07-01 | 51 days | 2,254 sqft |
| 2019-08-01 | 48 days | 2,251 sqft |
| 2019-09-01 | 43 days | 2,243 sqft |
| 2019-10-01 | 39 days | 2,236 sqft |
| 2019-11-01 | 44 days | 2,215 sqft |
| 2019-12-01 | 51 days | 2,202 sqft |
| 2020-01-01 | 57 days | 2,205 sqft |
| 2020-02-01 | 44 days | 2,216 sqft |
| 2020-03-01 | 40 days | 2,202 sqft |
| 2020-04-01 | 36 days | 2,100 sqft |
| 2020-05-01 | 49 days | 2,119 sqft |
| 2020-06-01 | 51 days | 2,221 sqft |
| 2020-07-01 | 41 days | 2,208 sqft |
| 2020-08-01 | 30 days | 2,164 sqft |
| 2020-09-01 | 27 days | 2,131 sqft |
| 2020-10-01 | 28 days | 2,113 sqft |
| 2020-11-01 | 37 days | 2,028 sqft |
| 2020-12-01 | 40 days | 1,992 sqft |
| 2021-01-01 | 42 days | 1,997 sqft |
| 2021-02-01 | 34 days | 1,982 sqft |
| 2021-03-01 | 29 days | 1,978 sqft |
| 2021-04-01 | 27 days | 1,972 sqft |
| 2021-05-01 | 27 days | 1,993 sqft |
| 2021-06-01 | 26 days | 1,986 sqft |
| 2021-07-01 | 27 days | 1,990 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 | 1,993 sqft |
| 2022-01-01 | 37 days | 1,990 sqft |
| 2022-02-01 | 28 days | 1,980 sqft |
| 2022-03-01 | 28 days | 1,940 sqft |
| 2022-04-01 | 24 days | 1,963 sqft |
| 2022-05-01 | 22 days | 1,977 sqft |
| 2022-06-01 | 24 days | 1,972 sqft |
| 2022-07-01 | 30 days | 1,942 sqft |
| 2022-08-01 | 37 days | 1,915 sqft |
| 2022-09-01 | 46 days | 1,904 sqft |
| 2022-10-01 | 51 days | 1,908 sqft |
| 2022-11-01 | 58 days | 1,910 sqft |
| 2022-12-01 | 69 days | 1,898 sqft |
| 2023-01-01 | 74 days | 1,918 sqft |
| 2023-02-01 | 60 days | 1,940 sqft |
| 2023-03-01 | 50 days | 1,976 sqft |
| 2023-04-01 | 50 days | 2,010 sqft |
| 2023-05-01 | 45 days | 2,033 sqft |
| 2023-06-01 | 44 days | 2,050 sqft |
| 2023-07-01 | 45 days | 2,039 sqft |
| 2023-08-01 | 45 days | 2,034 sqft |
| 2023-09-01 | 39 days | 2,020 sqft |
| 2023-10-01 | 37 days | 2,010 sqft |
| 2023-11-01 | 40 days | 1,984 sqft |
| 2023-12-01 | 53 days | 2,027 sqft |
| 2024-01-01 | 60 days | 2,041 sqft |
| 2024-02-01 | 45 days | 2,047 sqft |
| 2024-03-01 | 49 days | 2,031 sqft |
Phoenix's median square footage for active listings during the 2024-03-01 period was 2,031 sqft. One year prior, the average listing was 1,976 sqft.