A home for sale in the Sam Hughes neighborhood in Tucson, Arizona.
Mortgage rates are on their way down in anticipation of an interest rate cut by the Federal Reserve, and Southern Arizonans are taking advantage.
A report from Attom Data Solutions shows the Tucson area has one of the fastest-growing rates of mortgage originations in large metropolitan areas.
The number of new home loans is up 16.5% in the past year, the third-highest growth rate for cities with more than a million people.
The Phoenix area had the 15th highest growth rate for new home loans at 2.7%.
About half of loans in both places are for new home purchases, with the rest being made up of refinanced mortgages or home equity lines of credit.
The turnaround is noteworthy for the markets, which were at their lowest point in new mortgages since 2000 less than a year ago. Both bottomed out in the second half of 2023.
By submitting your comments, you hereby give AZPM the right to post your comments and potentially use them in any other form of media operated by this institution.