Compare mortgage rates and fees for leading lenders in Birmingham, AL. 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 lender offering the best 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.
April 5, 2020
The current average rate for a 30 year fixed rate mortgage in Birmingham 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%
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 $185,641
Based on current mortgage rates and a 10% down payment, you need to make $33,411 per year to buy the median priced home in Birmingham
With this income, you could qualify for a $167,077 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 $774
The median household income for Birmingham, AL (Jefferson County) is $52,016
Based on this income, you can afford a home valued at approximately $289,019
The home price you can afford to buy based on household income in Birmingham is 156% of the median home value which means housing prices are average. Birmingham (Jefferson County) ranks 66 out of 67 counties in Alabama and 2,435 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
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
FHA loan limits for Birmingham, AL
VA loan limits for Birmingham, AL