Record low mortgage rates could increase housing affordability in Phoenix

As the housing market continues to recover, financial opportunities are available to consider. Houses for sale in Phoenix are already predicted to drop in value by 11.1 percent by the end of 2012, according to the Fiserv Case-Shiller. In addition to the decreased sticker price, financing is becoming more affordable.

The interest rate for a 30 year fixed-rate mortgage decreased by .04 percent at the end of last week, according to Freddie Mac. This popular financing solution went from 3.83 percent to 3.79 in the third straight week of interest decline. Rates this low could save a homebuyer $50 every month for every $100,000 borrowed, CNN Money reports.

It isn’t just the 30-year option that is dropping, as 15-year fixed mortgage rates decreased by .01 percent to 3.04 percent, claims the news source. Homebuyers with a 15-year mortgage at this rate could save $38 a month.

Prospective homebuyers in Phoenix can take advantage of this fortuitous situation and select one of the houses for sale in Phoenix at an affordable price.