Lowest mortgage rates in 3 years?! | Phoenix Real Estate Market Updates

by Caitlin McKeague

Mortgage rates just dipped below 6% — the lowest levels we’ve seen in nearly three years. But what does that actually mean for the Phoenix housing market?

In this week’s Phoenix housing market update, we break down:

• Current mortgage rate trends and what’s driving the recent drop

• Whether lower rates are increasing buyer demand

• Why Phoenix is still technically in a buyer’s market

• Active listing trends vs. homes going under contract

• Listing success rates and what sellers should expect

• A surprising shift in the Phoenix rental market

• How national economic news, tariffs, and inflation data are impacting rates

Even though rates have improved, the market isn’t uniform across the Valley. Some areas are seeing multiple offers, while others are sitting with little activity. Location, price point, and condition matter more than ever.

If you’re thinking about buying or selling in Phoenix, this data will help you understand what’s really happening — not just the headlines.