Alaska Mortgage Rates
Alaska was one of the states that experienced an increase in conforming loan limits. Effective 2017, the general loan limit for a one-unit property in Alaska is $636,150. In its high-cost areas, however, this could go up to $954,225. Does that mean that mortgage rates in Alaska are higher than national average rates?
Not necessarily, although the home’s location plays a role in mortgage rates. It’s imperative to shop and compare rates to get the best mortgage rate possible. Remember, a mortgage is a responsibility and it’s your duty to find the most cost-effective loan by looking at its rate and terms.
Whether you are in Juneau or Fairbanks, get localized mortgage rates here.Fixed or Adjustable Mortgage Rate?
Getting a mortgage rate can start with choosing between a fixed-rate and a variable-rate loan. Their main difference is fixed-rate mortgages will have the same rate throughout the life of the loan, thus the same monthly payments, except when property charges go up. Variable-rate loans have lower rates than fixed-rate products but they adjust periodically which makes them prone to rate fluctuations.
Other factors you have to consider would be the term of the loan, the down payment, and the fees associated with the loan.
Finding the Best Mortgage Rates in Alaska
Home values in Alaska have grown 1.2% and could further increase to 5.0% over a one-year period according to Zillow. The median home value in the state currently stands at $268,000. For those looking to refinance, this is a good time to borrow against home equity.
Even for those borrowing to buy a home, mortgage rates remain historically low. As of October 5, 2017, 30-year fixed-rate mortgages averaged 3.85%. Local rates in Anchorage may be higher or lower depending on lender overlays and credit scores.
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