Mortgage rates in Phoenix promote homeownership

Potential homebuyers debating the current housing market in Phoenix have many figures to go over before committing to a purchase. However, the market offers first-time homebuyers tantalizing opportunities to find a new property in neighborhoods that may have previously been out of their reach.

After you've considered your options and decided ownership is in the cards at this time, check out the MLS listings in Phoenix to compare prices in competitive neighborhoods. A prospective buyer should glean information about pricing, neighborhoods and housing conditions, as well as the finances involved with the purchase.

Knowledge is power in the world of real estate, and a savvy homebuyer can find a property to call home at a discounted rate in the current housing market if they are aware of the concepts and figures being batted around.

According to the Freddie Mac Primary Mortgage Market Survey, 30-year fixed-rate mortgages ended at 3.98 percent for the week ending on April 5, 2012 for the nation. A 15-year fixed-rate mortgage rested at 3.21 percent for that same time period.

In contrast to the national average, just a few days later the Phoenix market saw an average of 4.109 percent for a 30-year fixed-rate mortgage, according to Yahoo. In addition, a 15-year fixed-rate mortgage rested at 3.429 percent. While rates can fluctuate daily in accordance to the local and national economy, the Phoenix market has seen a slight increase in mortgage rates compared to the national average for the past couple of months.

You should run the numbers against the listing prices you consider within your budget to determine what the estimated monthly mortgage cost will be. Getting pre-approved for a loan will help you crunch the numbers in order to create a firm budget and help save yourself from financial struggles later in life. Potential homebuyers may want to choose a home well within economic reach and below budget to prepare for any unexpected costs that may arise along the way.

Factor in all the costs, including mortgage payments, maintenance and insurance in order to appropriately budget for a new lifestyle as a homeowner. The current housing market in Phoenix offers a first-time homebuyer a unique and exciting market to capitalize on.