Compare Mobile, AL mortgage rates and fees from top lenders. 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 lowest mortgage rates in Mobile.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Mobile. Plus, shopping lenders is free and there is no obligation.
August 8, 2022
Below we provide helpful information on the real estate market, home prices and housing affordability in Mobile. Understand how much you need to earn to afford a home in Mobile, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Mobile fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Mobile is right for you.
The median home value for Mobile, AL is $175,198
Based on current mortgage rates and a 10% down payment, you need to make $28,705 per year to buy the median priced home in Mobile
With this income, you could qualify for a $157,678 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Mobile is $665
The median household income for Mobile, AL is $53,653
Based on this income, you can afford a home valued at approximately $327,462
The home price you can afford to buy based on household income in Mobile is 187% of the median home value which means housing prices are average. Mobile ranks 48 out of 67 counties in Alabama and 2,002 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Mobile, AL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Mobile below.
Conforming loan limits for Mobile, AL
FHA loan limits for Mobile, AL