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If you're buying a home in Alaska, you should aim to snag the best mortgage rate available. But lenders aren't going to just throw competitive offers at you for no reason; you'll need to have a strong credit score to qualify. You should also plan to shop mortgage lenders to open yourself up to more offers. Keep reading to find out today’s mortgage rates in Alaska.
For today, January 23rd, 2022, the current average mortgage rate in Alaska for a 30-year fixed-rate mortgage is 3.650%, the average rate for a 15-year fixed-rate mortgage is 3.125%, and the average rate for a 5/1 adjustable-rate mortgage (ARM) is 2.375%. Rates are quoted as annual percentage rate (APR) .
|Product||Interest Rate||Average Points/Credits|
|Fixed 30 Year||3.650%||0.847|
|Fixed 30 Year - FHA||3.568%||0.041|
|Fixed 30 Year - VA||3.303%||0.669|
|Fixed 30 Year||3.852%||1.174|
|Fixed 15 Year||2.938%||1.524|
|Fixed 30 Year - VA||3.332%||0.594|
Alaska's remoteness makes it easy to spread out and enjoy its open spaces. It also has a number of first-time homebuyer programs that could make owning property there more affordable. Plus, Alaska residents get roughly $2,000 each year per person just to live there. Interested? Here are a few low-cost places to scope out if you're in the market for a new home.
As Alaska's most populous city, Anchorage is a busy metro area with an active economy that centers on transportation, military and government jobs, and tourism. Anchorage is also home to a large number of parks, not to mention its famed zoo and wildlife conservation center. The median home value in Anchorage is $308,000, according to Niche, in line with the median home value statewide -- $300,073, according to Zillow. Meanwhile, the average property tax rate in Anchorage Municipality is 1.32% of a home's assessed value (as reported by tax-rates.org). The average property tax rate for Alaska, by comparison, is 1.04%.
Located just outside Fairbanks, College is known for its highly rated schools and its network of parks. Proximity to Fairbanks widens job opportunities. According to Niche, the median home value in College is $244,100, The average property tax rate in Fairbanks North Star Borough, where College is located, is 1.3% of a home's assessed value.
Located about 20 minutes from Fairbanks, Badger is a draw for families looking to take advantage of its highly ranked school system. Niche lists the median home value in Badger at $227,700. Badger, like College, is located in Fairbanks North Star Borough -- where property tax is 1.3% of a home's assessed value.
Located about an hour from Anchorage, Tanaina, full of coffee shops and parks, is a draw for young professionals and families alike. The median home value in Tanaina (as listed on Niche) is $247,600. Tanaina is located in Matanuska-Susitna Borough, where property tax is 1.15% of a home's assessed value.
Alaska's capital is a cultural hub whose economy centers largely on government jobs. Juneau is also popular for its coffee shops and parks that appeal to families and young professionals. The median home value in Juneau is $344,000 according to Niche, while the average property tax rate in Juneau City and Borough is 0.98% of a home's assessed value.
If your goal is to buy an affordable home in Alaska, you'll want to snag a great rate on your mortgage. Before you apply, it helps to boost your credit score and lower your debt-to-income ratio. Paying down some existing debt can aid both goals. The lower your mortgage rate, the easier it will be to manage the expense of owning a home in the long run.
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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