Thinking about settling down in the Heart of Dixie? Those who say yes should have many options. Alabama has just below 2.3 million housing units and a homeownership rate of 68%, according to the U.S. Census Bureau’s 2018 American Community Survey.
Alabama’s median housing value is $147,900, which is roughly 36% below the national median value of $229,700. Depending on where you look in Alabama, both higher and lower housing prices can be found.
U.S. News conducted an in-depth review of leading direct mortgage lenders. Research was based on program availability and customer satisfaction ratings. Because each consumer has different needs, the top finishers in several key areas were chosen.
What Are the Mortgage Rates in Alabama?
Home interest rates range from 2.88% to 4.13% in Alabama.
What Are Today’s Mortgage Rates?
Locking in a low mortgage rate today can save you thousands over the life of your loan. Compare your mortgage rate offers with national average trends.
This Week’s Rate
Last Week’s Rate
|30-Year Fixed Rate||3.40%||3.45%|
|15-Year Fixed Rate||2.83%||2.82%|
|30-Year Fixed Jumbo Rate||3.46%||3.53%|
|5/1 ARM Rate||3.17%||3.18%|
|5/1 ARM Jumbo Rate||2.99%||3.00%|
*Rates as of June 10, 2020.
U.S. News’ Best Alabama Mortgage Lenders
Methodology: U.S. News conducted an in-depth review of leading direct mortgage lenders in Alabama. Research was based on program availability, customer satisfaction ratings and qualification requirements. Because each consumer has different needs, the top finishers in several key areas were chosen.
- Mortgage types offered: Conventional, VA, FHA, refinance, home equity
- Minimum FICO score: 620
- Maximum loan-to-value ratio: 100%
- Maximum debt-to-income ratio: 55%
- Loan amounts: Up to $5,000,000
- Total closing costs: Varies
- J.D. Power overall satisfaction rating: Four out of five