Compare mortgage rates and fees for leading lenders in Decatur, 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 Decatur.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Decatur. Plus, shopping lenders is free and there is no obligation.
December 11, 2019
The current average rate for a 30 year fixed rate mortgage in Decatur 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 Decatur, AL (Morgan County) is $150,436
The median household income for Decatur, AL (Morgan County) is $48,982
Based on current mortgage rates and a 10% down payment, you need to make $27,911 per year to buy the median priced home in Decatur
The home price you can afford to buy based on household income in Decatur is 175% of the median home value which means housing prices are average
Decatur (Morgan County) ranks 57 out of 67 counties in Alabama and 2,081 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Decatur, AL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Decatur (Morgan County) below.
Conforming loan limits for Decatur, AL
FHA loan limits for Decatur, AL
VA loan limits for Decatur, 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