It is now easier than ever for potential buyers to complete a purchase of Phoenix real estate thanks, in part, to reduced mortgage rates that are expected to remain stable throughout the next few years. As potential buyers enter the local real estate market, the reduced mortgage rates will spark even more activity, and the scarcity in housing that results is likely to drive up housing prices even further.Phoenix Mortgage Rates Remain Steady

Long-term mortgage rates have remained the most stable, and the median rate on a 30-year fixed-rate mortgage is 3.55%. That's a significant decrease from last year, when 30-year mortgage rates hovered at around 4%. As the increase in Phoenix housing market activity continues, the Mortgage Bankers Association reported that mortgage applications are on the rise. This summer, they increased by more than double digits, and a shift toward buying instead of renting is an emerging trend.

After a relatively lackluster employment report in August, unemployment numbers have dropped to the lowest point nationwide in four years. In spite of the fluctuation of employment numbers, mortgage rates have remained stable, which signifies that a housing recovery is well underway. Treasury bond yields have held steady at the same rates, which is yet another important economic indicator that points to a favorable upswing in the Phoenix housing market.

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