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Shelby

Current Mortgage Rates in Shelby, Alabama

Compare mortgage rates and fees for leading lenders in Shelby, 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 Shelby.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Shelby. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Shelby, AL as of October 22, 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 Shelby, AL Mortgage Rates Compare?

October 22, 2019

The current average rate for a 30 year fixed rate mortgage in Shelby 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
Shelby, 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 Shelby, Alabama?

The median home value for Shelby, AL is $213,934

The median household income for Shelby, AL is $76,327

Based on current mortgage rates and a 10% down payment, you need to make $39,691 per year to buy the median priced home in Shelby

The home price you can afford to buy based on household income in Shelby is 192% of the median home value which means housing prices are average

Shelby ranks 42 out of 67 counties in Alabama and 1,739 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Shelby, AL is average

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Loan Limits for Shelby, Alabama

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Shelby below.

Conforming loan limits for Shelby, AL

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

FHA loan limits for Shelby, AL

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

VA loan limits for Shelby, AL

1 unit: $484,350

Additional Mortgage Resources for Shelby, AL Residents

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Shelby Mortgage Rates

Tuscaloosa Mortgage Rates

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