Compare mortgage rates and fees for leading lenders in Montgomery, 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 Montgomery.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Montgomery. Plus, shopping lenders is free and there is no obligation.
December 12, 2019
The current average rate for a 30 year fixed rate mortgage in Montgomery 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 Montgomery, AL is $131,790
The median household income for Montgomery, AL is $47,968
Based on current mortgage rates and a 10% down payment, you need to make $24,451 per year to buy the median priced home in Montgomery
The home price you can afford to buy based on household income in Montgomery is 196% of the median home value which means housing prices are average
Montgomery ranks 39 out of 67 counties in Alabama and 1,667 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Montgomery, AL is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Montgomery below.
Conforming loan limits for Montgomery, AL
FHA loan limits for Montgomery, AL
VA loan limits for Montgomery, 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