Alaska Mortgage Rates January 2020
Alaska Mortgage Rates - Refinance Rates:
Search and compare mortgage rates and refinance rates in Alaska. Our rate table has a list of Alaska mortgage rates and mortgage refinance rates. You can also use our free mortgage calculator to calculate monthly mortgage payments. When you start your search for current mortgage rates in Alaska you need to first have an understanding of the types of mortgages available and their corresponding interest rates. Types of rates available in Alaska include conforming mortgage rates, super conforming rates, jumbo rates, adjustable rates, HELOC rates and home equity loan rates. There are variations of each type of mortgage available in Alaska listed below.
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Alaska Conforming Mortgage Rates
Conforming mortgage rates are rates on mortgages that meet the criteria set out by the Federal Housing Finance Agency. There are limits set for each county of Alaska. There are higher mortgage loan limits for designated high-cost areas, like on the coasts and in large cities.
Alaska mortgages that “conform” to the standards set out by the Federal Housing Finance Agency can be purchased by Freddie Mac and Fannie Mae. This process guarantees banks are able to resell Alaska mortgage loans that have been made. As a result, Alaska mortgage rates today are lower than jumbo interest rates in Alaska. Conforming mortgages and jumbo mortgages are available in terms of 40 years, 30 years, 25 years, 20 years, 15 years and 10 years.
Alaska Super Conforming Home Loan Rates
Super conforming mortgages in Alaska are mortgages that have higher mortgage loan amounts but still “conform” to the standards set by the Federal Housing Finance Agency. Super conforming mortgages are available for the higher cost housing areas like the coasts and in large cities.
Alaska Jumbo Loan Interest Rates
Alaska jumbo mortgage rates are rates for mortgage loans that have a dollar amount higher than conforming and super conforming loan amounts. Jumbo home loan rates in Alaska are usually 0.75 basis points higher than conforming mortgage rates in Alaska because there is no guarantee banks and credit unions can sell these mortgages after they make the loans.
Alaska Fixed Rate Mortgages
Fixed rate mortgages are the most common mortgage available in Alaska. The mortgage rate and the monthly payment stay the same for the entire life of the mortgage loan. This makes fixed rate mortgages the most stable and predictable for mortgagees.
Alaska Adjustable Interest Rates
Alaska adjustable mortgages have a fixed mortgage rate for a certain number of years and then the mortgage rate adjusts every year after the initial period. There are usually yearly caps and life time caps on how much the mortgage interest rate and fluctuate. Your monthly mortgage payment will be lower at first but can rise when mortgage rates rise. Adjustable mortgages are available in terms of 1 year, 3 years, 5 years, 7 years and 10 years.
Alaska Interest Only Home Mortgage Rates
Alaska interest only mortgages are mortgages that the borrower pays only the interest on the principal balance or a set period of time. After the initial period the mortgagee pays both interest and principal. Interest only (IO) mortgages were popular during the housing boom.
Alaska FHA Mortgage Mortgage Rates
Borrowers in Alaska must meet certain requirements established by FHA to qualify for a mortgage insured by the FHA. FHA mortgage interest rates in Alaska are usually lower than conforming mortgage interest rates because mortgage lenders bear less risk because FHA will pay the lender if a homeowner defaults on his or her mortgage loan.
Cities in Alaska
Denali National Park
Manley Hot Springs
Saint George Island
Saint Paul Island