Alabama Mortgage Rates

Check Current Mortgage Rates

ALABAMA CONFORMING 30 YEAR FIXED RATES

Today's Average: 3.96% What does this mean?

About Mortgage Rates in Alabama

Home buyers all over Alabama, from Birmingham to Mobile, are looking for the best fixed or adjustable rate mortgage. Increased competition among banks offers a wide variety of mortgage packages in Alabama’s market of over 2 million housing units. Buyers searching for the ideal mortgage deal must decide which features make the most sense for their situation: the lowest interest rate, lowest payment, lowest interest expenses, or lowest closing costs.

With access to Alabama’s best mortgage deals and tools, Mortgage 101 is confident in securing packages for all cases such as new home buyers, refinancing or a second mortgage. Mortgage 101 can help you. The online tools are free and can help you determine tax benefits, calculate mortgage costs and more.

The 5/5 & 5/1 Adjustable Rate Mortgage

This mortgage type offers a stable payment and interest rate for the first five years. In the sixth year the interest rates, and therefore the payments, are adjusted every five years for the 5/5 arm and every year for the 5/1 arm.
Fixed Rate Mortgage

Mortgage Refinancing in Alabama


In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.

Other Mortgage Terms

Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.

Annual Percentage Rate (APR) - The measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate it provides consumers with a good basis for comparing the cost of different loans.

Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.