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Birmingham

Compare Current Birmingham, Alabama Mortgage Rates

Compare Birmingham, AL mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Birmingham.

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

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Birmingham, AL Mortgage Rates as of January 24, 2022
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Birmingham, AL Mortgage Rates Compare?

January 24, 2022

Current mortgage rates in Birmingham, AL are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Today's
Birmingham, AL Rates
National
Average
Comparison
30 Year Fixed Rate
%
3.560%
15 Year Fixed Rate
%
2.790%
5/1 Adjustable Rate Mortgage
%
2.600%

How Affordable is Housing in Birmingham, Alabama?

Below we provide helpful information on the real estate market, home prices and housing affordability in Birmingham. Understand how much you need to earn to afford a home in Birmingham, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Birmingham fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Birmingham is right for you.

The median home value for Birmingham, AL (Jefferson County) is $206,380

Based on current mortgage rates and a 10% down payment, you need to make $33,815 per year to buy the median priced home in Birmingham

With this income, you could qualify for a $185,742 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 Birmingham is $783

The median household income for Birmingham, AL (Jefferson County) is $58,307

Based on this income, you can afford a home valued at approximately $355,862

The home price you can afford to buy based on household income in Birmingham is 172% of the median home value which means housing prices are average. Birmingham (Jefferson County) ranks 60 out of 67 counties in Alabama and 2,261 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Birmingham, AL is average

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Loan Limits for Birmingham, Alabama

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Birmingham (Jefferson County) below.

Conforming loan limits for Birmingham, AL

1 unit: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Birmingham, AL

1 unit: $420,680
2 units: $538,650
3 units: $651,050
4 units: $809,150

VA loan limits for Birmingham, AL

1 unit: $647,200

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