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Decatur

Current Mortgage Rates in Decatur, Alabama

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.

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Mortgage Rates in Decatur, AL as of December 11, 2019
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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 Decatur, AL Mortgage Rates Compare?

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%

Mortgage Program
Today's
Decatur, AL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Decatur, Alabama?

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

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Loan Limits for Decatur, Alabama

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

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

FHA loan limits for Decatur, AL

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

VA loan limits for Decatur, AL

1 unit: $484,350

Additional Mortgage Resources for Decatur, AL Residents

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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