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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 October 21, 2019
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Get Personalized Mortgage Quotes for Alabama

Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

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.

How Do Today's Alabama Mortgage Rates Compare?

October 21, 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%

Mortgage Program
Today's
Alabama Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Alabama?

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 buy 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

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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

Birmingham Mortgage Rates

Daphne Mortgage Rates

Decatur Mortgage Rates

Dothan Mortgage Rates

Florence Mortgage Rates

Gadsden Mortgage Rates

Huntsville Mortgage Rates

Mobile Mortgage Rates

Montgomery Mortgage Rates

Shelby Mortgage Rates

Tuscaloosa Mortgage Rates

Sources

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