If you’re hoping to buy a home in Alaska, getting the best mortgage rate is a priority. There are a lot of factors which can affect your mortgage rate, from your down payment and your credit score to your level of monthly income and your present debt-to-income ratio.
You have a better chance of getting the best mortgage rate in Alaska by getting a reputable mortgage lender to preapprove you for a home loan. This means gathering all of your documents and checking your credit for errors before you apply.
Here’s a quick look at current Alaska mortgage rates:
| Loan Program | Mortgage Rate | APR* | 1 Day Change |
|---|---|---|---|
| Conventional 30 year fixed | 6.806% | 6.871% | Unchanged |
| Conventional 15 year fixed | 6.4% | 6.427% | +0.03% |
| VA 30 year fixed | 6.187% | 6.531% | +0.03% |
| VA 15 year fixed | 5.51% | 6.105% | Unchanged |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
Toying with the idea of buying a home in Alaska? Your dream home could be awaiting you somewhere within the borders of The Last Frontier. Here’s what you need to know:
Where do you want to live? There’s a lot of room: only around 700,000 people live in Alaska and half of those live in the city’s top five biggest cities:
How much home can you afford? Alaska ranks 31st in US homes for sale at average price, and 49th for homes over $1,000,000. Before you go house hunting, get preapproved so you know what your real budget is.
First-time home buyers in Alaska can obtain financial assistance through one or more of the many programs offered through the Alaska Housing Finance Authority (AHFA.)
For most of these programs, you’ll need a credit score of at least 620 to 640. If you take AHFC’s free homebuyer course, HomeChoice, you may also qualify for a $250 closing credit if you get an AHFC mortgage.
If you need to take advantage of favorable Alaska mortgage rates to refinance a home in Alaska, you have multiple choices:
Certain types of loans may qualify you to apply for a streamlined refinance. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.