»
»
Birmingham

Current Mortgage Rates in Birmingham, Alabama

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.

%
Mortgage Rates in Birmingham, AL as of August 22, 2019
  • Lender
  • APR
  • Loan Type
  • Rate
  • Payment
  • Fees
  • Contact

%
Get Personalized Mortgage Quotes for Birmingham, AL

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 Birmingham, AL Mortgage Rates Compare?

August 22, 2019

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%

Mortgage Program
Today's
Birmingham, AL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Birmingham, Alabama?

The median home value for Birmingham, AL (Jefferson County) is $173,497

The median household income for Birmingham, AL (Jefferson County) is $50,829

Based on current mortgage rates and a 10% down payment, you need to make $32,189 per year to buy the median priced home in Birmingham

The home price you can afford to by based on household income in Birmingham is 158% of the median home value which means housing prices are average

Birmingham (Jefferson County) ranks 65 out of 67 counties in Alabama and 2,414 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

orange-simple-house
ruler

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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Birmingham, AL

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Birmingham, AL

1 unit: $484,350

Additional Mortgage Resources for Birmingham, AL 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/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index