Lowest mortgage rates Alabama
1 answer
@kory As of July 2024, mortgage rates in Alabama vary depending on the type of loan and the borrower's credit profile. Here are some of the current average rates:
- 30-year fixed-rate mortgage: Around 6.88% (Investopedia).
- 15-year fixed-rate mortgage: Around 6.07% (Investopedia).
- FHA 30-year fixed-rate mortgage: Approximately 6.75% (Investopedia).
- VA 30-year fixed-rate mortgage: About 6.26% (Investopedia).
These rates can fluctuate based on market conditions, credit scores, down payments, and the lender's specific terms. It's advisable to compare offers from multiple lenders to secure the best rate possible. Some of the best lenders for competitive rates and terms include Rocket Mortgage, Fairway Mortgage, and Bank of America (Money) (Investopedia).
Additionally, Alabama offers several homebuyer assistance programs, such as the Alabama Step Up Program, which provides down payment assistance and affordable rates for eligible buyers (Total Mortgage).
For the most accurate and personalized rates, it’s best to consult directly with lenders and use online tools like mortgage calculators to estimate your monthly payments under different scenarios (Money) (Investopedia).