Now is the time to buy a home in the Grand Canyon State, while the Arizona mortgage rates are low and the homes are abundant. Purchasing a brand new home, an old fixer-upper or a condo has never been smarter. Arizona mortgage rates are at an excellent level for buyers, while the Arizona real estate market is weakening for sellers. There are more homes than there are buyers right now, which makes it a great time to get an Arizona home loan.

Many home owners are selling because their own mortgage programs became too expensive. Adjustable rate mortgage and interest-only mortgage loans became increasingly popular ion Arizona, which allowed many buyers to get into the real estate market. These mortgage programs quickly became too expensive, though, as buyers have been forced to pay the highest Arizona mortgage rates. Fixed rate mortgages offer the best of today’s mortgage rates, though, and they will continue to do so for many years to come.  

Arizona home builders are also enticing new buyers with discounts, upgrades and giveaways. The marketing strategies are good for home loan shoppers. When new home sellers have success, people selling older homes will need to offer their own incentives to home buyers. Potential home buyers can negotiate the best mortgage rates in this kind of market. 

The median price of newly constructed Arizona homes dropped about 10 percent in 2006, and home builders are still having twice as many cancellations as in 2005. Cancellations of the purchases of existing homes are also on the rise, according to the National Association of Realtors. Home sellers don’t want to see this happen to themselves, and mortgage lenders are offering the lowest mortgage rates to entice trustworthy home buyers. Bonuses like free vacations and help with closing costs are also commonplace.

If Arizona mortgage rates stabilize the buyer’s home market will have to come to an end. It’s definitely a buyer’s mortgage rate market right now, so anyone thinking about purchasing property should act as fast as financially possible. It’s a perfect time to get a low mortgage rate and buy an Arizona dream home. Those who don’t act now and take advantage of the low Arizona mortgage rates may find themselves asking, “What was I thinking?”