A detailed petrological study is presented for six phenocryst-poor obsidian samples (73–75 wt% SiO2) erupted as small volume, monogenetic domes in the Mexican and Cascade arcs. Despite low phenocryst (+microphenocryst) abundances (2–6 %), these rhyolites are each multiply saturated with five to eight mineral phases (plagioclase + orthopyroxene + titanomagnetite + ilmenite + apatite ± zircon ± hornblende ± clinopyroxene ± sanidine ± pyrrhotite). Plagioclase and orthopyroxene phenocrysts (identified using phase-equilibrium constraints) span ≤30 mol % An and ≤15 % Mg#, respectively. Eruptive temperatures (±1σ), on the basis of Fe–Ti two oxide thermometry, range from 779 (±25) to 940 (±18) °C. Oxygen fugacities (±1σ) range from −0.4 to 1.4 (±0.1) log units relative to those along the Ni–NiO buffer. With temperature known, the plagioclase-liquid hygrometer was applied; maximum water concentrations calculated for the most calcic plagioclase phenocryst in each sample range from 2.6 to 6.5 wt%. This requires that the rhyolites were fluid-saturated at depths ≥2–7 km. It is proposed that the wide compositional range in plagioclase and orthopyroxene phenocrysts, despite their low abundance, can be attributed to changing melt water concentrations owing to degassing during magma ascent. Phase-equilibrium experiments from the literature show that higher dissolved water concentrations lead to more Fe-rich orthopyroxene, as well as more calcic plagioclase. Loss of dissolved water leads to a progressive increase in melt viscosity, and phenocrysts often display diffusion-limited growth textures (e.g., dendritic and vermiform), consistent with large undercoolings caused by degassing. A kinetic barrier to microlite crystallization occurred at viscosities from 4.5 to 5.0 log10 Pa s for these rhyolites, presumably because the rate at which melt viscosity changed was high owing to rapid loss of dissolved water during magma ascent.