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.
December 9, 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%
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 buy 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
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
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