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Mortgage rates in Alaska

Alaska mortgage rates hover slightly below the national average.

Rates in the Land of the Midnight Sun average 4.451% for 30-year mortgages and should remain steady under 4% in the coming year.

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Compare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
Morty
(NMLS #1429243)
Morty
Conventional, Jumbo, Refinance
AL, AR, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, MD, ME, MI, MN, MS, MT, NC, NE, NJ, NM, OH, OK, OR, PA, SC, TN, VA, WA, WI, WV
660
Preapproval in minutes and closing in as little as 3 weeks with no origination fees.
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
620
Streamline your mortgage from quote to final payment — all from your computer or phone.
Better
(NMLS #330511)
Better
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
LendingTree
(NMLS #1136)
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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How much do Alaska rates vary by loan?

Average mortgage rates for a 30-year home loan in Alaska range from 4.354% to 4.631% in 2018, with an average of 4.451%. Many factors can impact your interest rate, with conventional loans generally with higher rates than USDA loans, but fewer qualification requirements.

2018 average rates in Alaska by loan type

Loan type15-year average rate30-year average rate
Conventional4.171%4.631%
FHA4.194%4.441%
VA3.951%4.354%
USDAN/A4.379%

Based on data from ffiec.cfpb.gov.

To help put this into perspective, let’s say you borrow $235,000, with a 30-year mortgage. A conventional loan with the average interest rate of 4.631% could get you monthly payments of $1,210, excluding taxes, fees and other charges specific to your mortgage. A USDA loan with the same amount with the average interest rate of 4.379% could cost $1,170 a month.

The monthly difference of $35 a month means a savings of $12,670 over the course of 30 years.

Which way are rates trending in Alaska?

Alaska rates should remain steady in 2020, similar to where they ended in 2019 at 3.86% for 30-year loans, according to the Alaska Housing Finance Corporation. Historically, its rates have either been equal to or slightly under the national average.

Nationwide housing agencies, including the Mortgage Bankers Association, Fannie Mae and Freddie Mac, expect national mortgage rates to remain steady in 2020. Alaska rates will likely react similarly.

Compare mortgage rates throughout Alaska

Interest rates in both metropolitan areas — Anchorage and Fairbanks — are closely aligned, with home values slightly higher in Anchorage.

We analyzed data from the Home Mortgage Disclosure Act to calculate what you might pay for a 30-year fixed-rate mortgage in Alaska. The estimated costs don’t include taxes and miscellaneous charges specific to your mortgage.

Metropolitan statistical areaAverage mortgage rateMedian loan amountEstimated monthly cost
Anchorage4.498%$275,000$1,390
Fairbanks4.509%$235,000$1,190

Based on data from ffiec.cfpb.gov

How to get the best mortgage rate in Alaska

Not every borrower qualifies for the lender’s advertised mortgage rate. A few steps to try to get the best rate possible:

  1. Compare loan products. The right loan with the right lender can help you get the financing you need. Compare the best loan terms for your homeownership goals.
  2. Work on your borrowing profile. Boosting your credit score and lowering your debt-to-income ratio makes you a more attractive borrower.
  3. Calculate closing costs. Closing costs are the fees you pay to secure your mortgage and transfer the property, which can vary significantly from lender to lender. Closing costs in Alaska typically run about 0.94% to 1.25% of the final purchase price.

Alaska closing costs

Historical mortgage interest rates in Alaska

Bottom line

Lenders in Alaska charge a range of mortgage rates for different borrowers and loan programs. Compare mortgages and lenders to find a program with the best rate for you.

Frequently asked questions

How can first-time homebuyers get lower mortgage rates in Alaska?

The Alaska Housing Finance Corporation (AHFC), offers state programs to help first-time homebuyers get lower mortgage rates and offer closing cost assistance. For example, the Tax-Exempt First-Time Homebuyer Program offers a reduced interest rate, but has income limits and purchase amount limits. For more information, visit AHFC’s website.

What is HomeChoice?

HomeChoice is a free six-hour class that the Alaska Housing Finance Corporation offers to help prospective homebuyers prepare for homeownership and learn about local and federal programs.

Where can I find an Alaska Housing-Approved lender?

On the Alaska Housing Finance Corporation’s website, click the tab Buy a Home. Click See All in the box titled Find a Lender. You’ll see a list of featured lenders that closed the most Alaska Housing loans in the past year. Click Approved Lenders on the menu on the left-hand side to view all approved lenders.

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