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Compare Fairbanks, AK 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 Fairbanks.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Fairbanks. Plus, shopping lenders is free and there is no obligation.
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Fairbanks, AK Mortgage Rates as of December 7, 2023
Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and product details.
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Compare Today's Fairbanks, AK Mortgage Rates
December 7, 2023
Current mortgage rates in Fairbanks, AK 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
Today's Fairbanks, AK Rates
National Average
Comparison
30 Year Fixed Rate
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7.220%
15 Year Fixed Rate
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6.560%
5/1 Adjustable Rate Mortgage
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6.625%
How Affordable is Housing in Fairbanks, Alaska?
Below we provide helpful information on the real estate market, home prices and housing affordability in Fairbanks. Understand how much you need to earn to afford a home in Fairbanks, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Fairbanks 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 Fairbanks is right for you.
The median home value for Fairbanks, AK is $282,652
Based on current mortgage rates and a 10% down payment, you need to make $58,966 per year to buy the median priced home in Fairbanks
With this income, you could qualify for a $254,387 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 Fairbanks is $1,366
The median household income for Fairbanks, AK is $73,202
Based on this income, you can afford a home valued at approximately $350,895
The home price you can afford to buy based on household income in Fairbanks is 124% of the median home value which means housing prices are average.
Fairbanks ranks 18 out of 29 counties in Alaska and 2,441 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Fairbanks, AK is average
Loan Limits for Fairbanks, Alaska
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Fairbanks below.
Conforming loan limits for Fairbanks, AK
1 unit:$1,089,300
2 units:$1,394,775
3 units:$1,685,850
4 units:$2,095,200
FHA loan limits for Fairbanks, AK
1 unit:$472,030
2 units:$604,400
3 units:$730,525
4 units:$907,900
VA loan limits for Fairbanks, AK
1 unit:$1,089,300
Additional Mortgage Resources for Fairbanks, AK Residents