On Monday, 13 March 2023, the national average 30-year fixed mortgage APR is 7.03%. The national average 30-year fixed refinance APR is 7.06%, as per the Bankrate’s latest survey of the nation’s largest mortgage lenders. Bankrate has offers for Alabama mortgage and refinance loans from top partners that are well below the national average.
Now on this page you can Compare, apply, and start saving today also you will get to know Alabama Mortgage Rates in 2023, Refinance Rates, and Loans. Southern hospitality is just 1 reason Alabama is such a great place to live and work. With its Gulf Coast beaches, vibrant metro areas of Birmingham and Montgomery, and rich culture as the heart of the civil rights movement, Alabama has much to offer those who call it home.
Alabama Mortgage Rates 2024
If you live in Alabama, many of you must have heard or read about mortgage loan at one time or the other, but do not have the right information about it. Don’t worry, in this article we will provide you all the information like what is mortgage loan and how to apply for it etc.
A mortgage is a loan taken against the property. In which a person mortgages his/her property to a financial institution and takes some amount as a loan on it and after paying the loan amount, gets back the ownership of his property. Mortgage loans are generally taken by people who buy a new house. He/she takes a loan against the registry of the house by mortgaging the documents of the newly purchased house with the financial institution.
Alabama first-time home buyer programs
First-time home buyer assistance programs in Alabama and across the United States of America offer loans, grants, down payment assistance and tax credits but availability and qualification requirements can vary. Contact your Bank mortgage loan officer in America for more information about programs available in Alabama.
Historical Mortgage Rates in Alabama
- Median Home Value: $172,800 (United States Census Bureau)
- Loan Funding Rate: 55.54% (CFPB)
- Homeownership Rate: 73.4% (St. Louis Fed)
- Median Monthly Homeownership Costs: $1,242 (United States Census Bureau)
Today’s Mortgage Rates in Alabama- Refinance Rates
| Product | Today | Last Week | Change |
|---|---|---|---|
| 30 year fixed | 4.88% | 4.49% | +0.38 |
| 15 year fixed | 4.00% | 3.63% | +0.38 |
| 5/1 ARM | 4.63% | 2.00% | +2.63 |
| 15-year fixed Mortgage Refinance | 7.00% | 7.00% | 0.00 |
| 15-year jumbo fixed Mortgage Refinance | 5.13% | 5.00% | +0.13 |
| 7/1 ARM Refinance | 5.25% | 5.13% | +0.13 |
| 15 year jumbo fixed Mortgage Refinance | 3.09% | 3.11% | -0.02 |
Alabama Mortgages Overview
Alabama is one of the most affordable states in America to purchase a home. The median home value here is $172,800, well under the corresponding national figure of $281,400. Every nation in the state has a standard conforming loan limit of $726,200. The data once again puts Alabama at an average, affordable level compared to the rest of the nation. Every nation also has the standard FHA limit of $472,030.
Average property tax in Alabama counties
| County | Avg. property tax rate | Avg. home value |
|---|---|---|
| Barbour County | 0.31% | $89,300 |
| Bibb County | 0.23% | $105,500 |
| Blount County | 0.27% | $122,200 |
| Bullock County | 0.25% | $66,800 |
| Butler County | 0.29% | $88,800 |
| Calhoun County | 0.33% | $117,700 |
| Chambers County | 0.32% | $86,400 |
| Cherokee County | 0.31% | $116,300 |
| Chilton County | 0.28% | $98,600 |
How does a mortgage work in Alabama
Individuals or companies use mortgages to buy real estate properties without paying the full purchase price upfront. Borrowers repay the loan with interest over a specified number of years until they become free and clear owners of the property. The lender or bank can foreclose on the property if the payments stop.
For example, in a residential mortgage, the home buyer in Alabama pledges his/her home to a bank or other lender. The lender or bank can have a claim on the property if the buyer fails to pay the mortgage. In case of foreclosure, the lender or bank can vacate the house sell the property and use the proceeds from the sale to repay the mortgage loan.
Alabama Mortgage Loans 2024 Major Points
- A mortgage is a type of loan used to purchase or maintain a house in Alabama
- The property is used as collateral for the Alabama Mortgage Loans.
- Mortgage in Alabama is available in various forms like fixed rate and adjustable rate.
- The Alabama Mortgage rate depends on the type of loan, the tenure and the interest rates charged by the lender.
- Alabama Mortgage rates can vary greatly depending on the type of product and the qualifications of the applicant.
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