The average rate on a 30-year mortgage has decreased to 6.60%. In Arizona, the median home price is $489,990, requiring a 20% down payment of $97,998, resulting in monthly payments of $2,503. With a 10% down payment, the upfront cost is $48,999, leading to monthly payments of $2,816. These payments are lower than those at the peak rate of 7.79% in October 2023. To buy a home, getting pre-approved for a mortgage is essential, requiring documents like Social Security numbers and proof of income.
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