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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 December 12, 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 Montgomery, AL Mortgage Rates Compare?

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%

Mortgage Program
Today's
Montgomery, AL Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Montgomery, Alabama?

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

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

FHA loan limits for Montgomery, AL

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

VA loan limits for Montgomery, AL

1 unit: $484,350

Additional Mortgage Resources for Montgomery, 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