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Alabama

Current Alabama Mortgage Rates

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.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Alabama. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates for Alabama as of April 2, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Alabama Mortgage Rates Compare?

April 2, 2020

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%

Mortgage Program
Today's
Alabama Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Alabama?

Below we offer valuable insights on the housing market and real estate prices in Alabama. Understand how much you need to make to buy a house in Alabama, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Alabama is affordable for you. We provide this helpful information to help you decide if living in Alabama is right for you.

The median home value for Alabama is $156,666

Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Alabama is $28,196

With this income, you could qualify for a $141,000 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Alabama is $653

The median household income for Alabama is $50,056

Based on this income, you can afford a home valued at approximately $278,130

The home price you can afford to buy based on household income in Alabama is 178% of the median home value which means housing prices are affordable. Alabama ranks 13 out of 50 states for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the real estate market in Alabama is affordable

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Additional Mortgage Resources for Alabama Residents

Mortgage Rates for Alabama Cities

Albertville Mortgage Rates

Anniston Mortgage Rates

Athens Mortgage Rates

Auburn Mortgage Rates

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Gadsden Mortgage Rates

Huntsville Mortgage Rates

Mobile Mortgage Rates

Montgomery Mortgage Rates

Shelby Mortgage Rates

Tuscaloosa Mortgage Rates