Compare Current Montgomery, Alabama Mortgage Rates

Compare Montgomery, 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 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.

Montgomery, AL Mortgage Rates as of November 30, 2022
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Data provided by Icanbuy. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.


Compare Today's Montgomery, AL Mortgage Rates

November 30, 2022

Current mortgage rates in Montgomery, AL are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Montgomery, AL Rates
30 Year Fixed Rate
15 Year Fixed Rate
5/1 Adjustable Rate Mortgage

How Affordable is Housing in Montgomery, Alabama?

Below we provide helpful information on the real estate market, home prices and housing affordability in Montgomery. Understand how much you need to earn to afford a home in Montgomery, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Montgomery 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 Montgomery is right for you.

The median home value for Montgomery, AL is $158,071

Based on current mortgage rates and a 10% down payment, you need to make $25,899 per year to buy the median priced home in Montgomery

With this income, you could qualify for a $142,264 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 Montgomery is $600

The median household income for Montgomery, AL is $57,413

Based on this income, you can afford a home valued at approximately $350,406

The home price you can afford to buy based on household income in Montgomery is 222% of the median home value which means housing prices are affordable. Montgomery ranks 23 out of 67 counties in Alabama and 1,297 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 affordable


Loan Limits for Montgomery, Alabama

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

1 unit: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Montgomery, AL

1 unit: $420,680
2 units: $538,650
3 units: $651,050
4 units: $809,150

VA loan limits for Montgomery, AL

1 unit: $647,200

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