Compare mortgage rates and closing costs for leading lenders in Alabama. Review free, personalized mortgage rates for Alabama based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
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August 18, 2019
The current average rate for a 30 year fixed rate mortgage in Alabama is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Alabama is $147,633
The median household income for Alabama is $48,914
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Alabama is $27,391
The home price you can afford to by based on household income in Alabama is 179% of the median home value which means housing prices are affordable. Alabama ranks 12 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Alabama is affordable
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index