Today’s AK Mortgage and Refinance Interest Rates

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Alaska home buying

According to ZillowAlaska’s average home value is slightly less than the US average home value of 356,026. Alaska has a home value of $332,157. The average home price in Alaska has increased 9.8% over the last year. 

Alaska’s historic mortgage rates

If you look at the average Alaska mortgage rate since 2010, you will see trends for 30-year fixed mortgages and 15-year fixed mortgages.

You might be able to compare today’s rates with historic Alaska mortgage rates to determine if you are getting a good deal by refinancing or getting a mortgage now.

Calculator for mortgage

Our Mortgage calculator freeThis chart shows how Alaska’s current rates affect your monthly payments.

Enter today’s rates, and the term lengths to find out how much house you can afford.

Alaska first-time homebuyer programs

The Alaska Housing Finance CorporationThere are many loan options available for first-time borrowers in the state:

• First Home Limited:The AHFC offers a low-to-moderate-earner mortgage with a discounted rate of interest for certain property types.
• First Home:This type of mortgage is identical to First Home Limited but there is no maximum income limit.
• My Home:A My Home loan may be available if the property you are buying is not eligible for a First Home Limited or First Home mortgage.
• Assistance with Closing Costs:To pay closing costs or to make a down payment, you can get a loan up to 4% off your mortgage amount.
• Federal Housing Administration mortgage: A down payment of 3.5% can be obtained with a credit score at least 580. You can also get a mortgage using this loan (also known as an FHA loan). 
• United States Department of Agriculture mortgage These loans, also known as USDA loans, are useful if you have a low to moderate income and want to purchase a house in a rural area or suburb.
• Veterans Affairs mortgage: These mortgages are also known as VA loans and are available to veterans or active-duty military personnel. They can offer lower interest rates than traditional mortgages. 

Refinance your Alaskan mortgage

Rates are at historic lows right now, so it could be worth it to switch your current mortgage for one with a lower rate — especially if the new rate would be significantly lower.

You don’t always have to Refinance with the same lenderYou used the same company that you used to obtain your initial mortgage. You might get a better deal from a different company. Compare rates from different lenders to find the one with the lowest interest rate. This will depend on your credit score, debt-to-income ratio and other factors. Low fees.

How to get low interest rates

These are some ways to get a great interest rate for your mortgage

• Reserve for a downpayment.A conventional loan may allow you to pay as little as 3% down. Your rate will likely drop if you have a higher down payment. You will likely be able to save more if rates stay low for a while.
• Credit score improvement.Many lenders require that you provide this information. Credit score minimum of 620You will need to be approved for a mortgage. Your rate will increase the more you have credit. You can improve your credit score by making sure you pay your bills on-time. You can also pay off debts or allow your credit to age.
• Lower your debt-to-income ratio.Your DTI is the monthly amount that you pay towards debts divided by your gross monthly earnings. Lenders want to see proof of a DTI less than 36%However, a lower DTI could result in a better rate. You can improve your DTI by paying down your debts or looking for opportunities to increase income.
• Choose from Federally backed Mortgage. If you’re eligible, you might consider a USDA Loan (for low-to-moderate income borrowers buying in a rural area), a VA loan (for military members and veterans), or an FHA loan (not designated for any particular group). These loans usually have lower interest rates than traditional mortgages. You don’t have to make a downpayment for USDA and VA loans.

It is possible to get the best interest rate by improving your financial situation and choosing a mortgage that suits your needs.

Rates for mortgage and refinance vary by state

Alabama
Alaska
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Delaware
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Indiana
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Ohio
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Texas
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Vermont
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Washington
Washington DC
West Virginia
Wisconsin
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