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Florence

Current Mortgage Rates in Florence, Alabama

Compare mortgage rates and fees for leading lenders in Florence, 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 Florence.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Florence. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Florence, AL as of August 22, 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 Florence, AL Mortgage Rates Compare?

August 22, 2019

The current average rate for a 30 year fixed rate mortgage in Florence 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
Florence, 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 Florence, Alabama?

The median home value for Florence, AL (Lauderdale County) is $147,117

The median household income for Florence, AL (Lauderdale County) is $46,260

Based on current mortgage rates and a 10% down payment, you need to make $27,295 per year to buy the median priced home in Florence

The home price you can afford to by based on household income in Florence is 169% of the median home value which means housing prices are average

Florence (Lauderdale County) ranks 59 out of 67 counties in Alabama and 2,195 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Florence, AL is average

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Loan Limits for Florence, Alabama

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Florence (Lauderdale County) below.

Conforming loan limits for Florence, AL

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

FHA loan limits for Florence, AL

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

VA loan limits for Florence, AL

1 unit: $484,350

Additional Mortgage Resources for Florence, 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