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Montgomery

Current Mortgage Rates in Montgomery, Alabama

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.

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Mortgage Rates in Montgomery, AL as of October 1, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Montgomery, AL Mortgage Rates Compare?

October 1, 2020

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%

Mortgage Program
Today's
Montgomery, AL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

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 $137,720

Based on current mortgage rates and a 10% down payment, you need to make $24,786 per year to buy the median priced home in Montgomery

With this income, you could qualify for a $123,948 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 $574

The median household income for Montgomery, AL is $49,088

Based on this income, you can afford a home valued at approximately $272,752

The home price you can afford to buy based on household income in Montgomery is 198% of the median home value which means housing prices are average. Montgomery ranks 38 out of 67 counties in Alabama and 1,614 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

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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: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Montgomery, AL

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Montgomery, AL

1 unit: $510,400

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