Updated: January 10, 2025
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The current mortgage refinance rate in Alaska for a 15-year fixed loan is 5.87%, while the 30-year fixed loan rate is 6.81%. In comparison, the national averages are 5.38% for a 15-year fixed loan and 6.45% for a 30-year fixed loan.
Our comprehensive guide provides you with the latest insights on refinancing your mortgage in Alaska. We cover everything from today’s rates to the best times to refinance, ensuring you have all the information needed to make informed decisions about your home loan.
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Alaska. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
The current 30-year refinance rate in Alaska is 6.81%. According to Experian, the average mortgage debt in Alaska was $254,651 as of September 2023. Refinancing your mortgage can help you manage this debt by potentially lowering your monthly payments and reducing the total interest paid over the life of the loan.
If your current mortgage rate is higher than 6.81%, refinancing could save you a significant amount of money. Below are the current refinance rates in Alaska to help you explore your options.
| 15-Year Fixed | 5.74% | 5.87% |
| 30-Year Fixed | 6.73% | 6.81% |
In the latest month, refinance rate trends in Alaska indicate varied movements for 15-year refinance rates and 30-year refinance rates. This suggests a mixed outlook for those considering refinancing, emphasizing the importance of staying informed about market conditions.
Data from 2024
Interest rates rise due to factors like US Federal Reserve policies, inflation and market demand. These dynamics also affect refinance rate trends in Alaska, impacting your financial landscape. Staying informed helps you understand these changes.
Refinancing your mortgage in Alaska can be a smart move to lower payments or access home equity. With unique market conditions, it's important to understand each step clearly. Explore how you can optimize your mortgage situation in the Last Frontier.
Credit scores impact the rates you qualify for, with higher scores leading to better rates. If your score is below the Alaska average of 722, improve it by paying bills on time. Check your credit report for errors.
Evaluate your current mortgage terms against current market rates of 6.81% for 30-year and 5.87% for 15-year fixed loans in Alaska. If these are lower, consider refinancing, especially if you plan to stay in your home long-term.
Prepare documents like income statements, tax returns and bank statements. Having these ready helps streamline the refinancing process. Your original mortgage lender will require these to assess your application.
Compare lenders to find favorable terms. Look for competitive interest rates, low fees and good customer service. These attributes help ensure you get the best deal on your refinancing.
Be aware of closing costs like appraisal fees and title insurance. According to the National Association of Realtors, these average $4,244 in Alaska. Knowing these helps you budget effectively.
Submit your application with the chosen lender, ensuring all documents are accurate. Organizing paperwork in advance can speed up the process and reduce stress.
Secure your rate with a mortgage rate lock to protect against market fluctuations. Timing this well can save you money over the loan term.
Review and sign closing documents to finalize the refinance. Double-check all terms and conditions to avoid surprises. Scheduling a closing date that suits your schedule can make the process smoother.
Begin payments based on the new loan terms. Setting up automatic payments can help ensure timely payments and improve your credit score.
Periodically assess your mortgage terms against market conditions. Staying informed about rate changes can indicate when refinancing might be advantageous again.
In Alaska, how soon you can refinance a mortgage depends on the type of loan. For conventional loans, you can usually refinance immediately, but a cash-out refinance typically requires a six-month seasoning period. On the other hand, USDA loans generally mandate a 12-month waiting period before refinancing.
Although you could refinance a mortgage within a year, it's usually not worth it unless there's a drastic reduction in interest rates due to the additional closing costs involved. With Alaska's refinance rate at 5.75% in October, you should also consider potential costs against any interest rate savings.
Refinancing your mortgage in Alaska can reduce your monthly payments with lower interest rates. However, watch out for closing costs that might offset these savings. Knowing when to refinance a mortgage in Alaska ensures you make a sound financial decision. These are scenarios where refinancing could be advantageous:
Refinancing when interest rates are lower can reduce monthly payments and total interest paid. To find the best rates, consult local lenders and credit unions, which often offer competitive rates. This strategy can lead to significant savings over the life of the loan.
Refinancing is beneficial when your home's value rises, increasing home equity. Enhancing curb appeal can boost value. With Alaska's average home value at $364,838, higher equity can lead to better loan terms.
A higher credit score can qualify you for better refinancing rates. Paying bills on time and reducing debt can improve your score. This can lower your interest rate and monthly payments, making refinancing a smart move.
Refinancing to a shorter term can save on interest and allow you to pay off your mortgage faster. Although monthly payments may increase, long-term savings and quicker debt elimination make it an attractive option for many homeowners.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can stabilize your payments. This change protects against rate hikes, providing predictable monthly expenses and long-term financial planning benefits.
Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score can impact the rates you qualify for in Alaska. For example, the current average refinance rate in Alaska for a 30-year fixed-rate loan with a loan-to-value ratio of 80% or lower equates to 6.89% for credit scores between 680 and 740, compared to 6.81% for scores above 740. Explore the table below to see more rates.
| 5.91% | 6.23% |
Loan type is another factor that can affect the rates you qualify for in Alaska. For example, the current average refinance rate in Alaska for a 30-year fixed-rate loan is 6.81%. The table below shows average APRs for different loan types in Alaska.
| 6.73% | 6.81% |
In an often complex financial landscape, it's natural for homeowners in Alaska to have questions. In this section, we address the commonly asked questions about today's refinance rates in Alaska. With clear information, you can better assess your options and make informed decisions.
Refinancing your mortgage can be beneficial if you want to lower your interest rate, reduce monthly payments or access home equity. Evaluate your financial goals and current market conditions to determine if refinancing aligns with your objectives.
To secure the best refinance rate, start by improving your credit score. Consider paying down your mortgage to reduce your loan balance and explore different lenders to find competitive offers.
The pros of refinancing include potentially lower interest rates, reduced monthly payments and the ability to change loan terms. However, cons may involve closing costs, extended loan periods and the risk of resetting your loan amortization schedule.
Refinancing costs typically include closing fees, application charges and potential prepayment penalties, which can range from 2% to 5% of the loan amount. Calculating these expenses is important to ensure that savings outweigh the costs.
In Alaska, the average refinance rates are 5.87% for a 15-year fixed loan and 6.81% for a 30-year fixed loan. Rates in Anchorage are likely to mirror these averages, but the rate you qualify for may depend on factors like your credit score and loan amount.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
