By Angela Gonzales | Phoenix Business Journal
Home mortgage rates have dipped to 5.99% at a time when sales contract activity and supply is on the rise in metro Phoenix.
“So far, contract activity is up 4% over 2025 and supply is up 5.1%,” said Tina Tamboer, senior housing analyst for The Cromford Report.
“It’s better in the sense that buyer demand is gradually improving, but it’s the same as last year in that sellers are still in a heavily competitive market with stagnant price measures,” added Tamboer, who presented the Cromford Report Housing Market Update on Feb. 24.
Flat home prices and lower mortgage interest rates are improving affordability for buyers, said Sarah Perkins, director of industry research and senior account executive for Navi Title Agency, pointing to a 5.99% mortgage interest rate.
