Refinance rates in Alabama are currently more affordable than the national average. FRED’s economic data revealed that the national mortgage rates are 4.45% for a 15-year fixed-rate mortgage (FRM), 5.3% for a 30-year FRM and 4.19% for a 5/1 adjustable-rate mortgage (ARM). For the same loan types, current rates in Alabama are respectively 4.34%, 5.09% and 3.48%.
Please note that a “good” rate depends on different factors, including your credit score, income, loan amount, debts and terms. It’s normal for mortgage rates to change daily, meaning that this week’s rates can vary significantly from next week’s.
Be sure to compare rates between different lenders in Alabama. When you find a great deal, it’s best to act quickly to get a desirable rate for your needs.
