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Alaska Mortgage Rates

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Alaska Mortgage Rates

Comparing Alaska Mortgage Rates with National Rates

In order to help you see how Alaska mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Alaska

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Alaska

In order to qualify for the best mortgage rates in Alaska it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for Alaska

Alaska is the forty eighth most populous US state. According to the US census, as of 2016, there is an estimated population of about 0.74 million residents, which represents 0.2% of the US population.

According to Wikipedia: "The oil and gas industry dominates the Alaskan economy, with more than 80% of the state's revenues derived from petroleum extraction. Alaska's main export product (excluding oil and natural gas) is seafood, primarily salmon, cod, Pollock and crab. Employment is primarily in government and industries such as natural resource extraction, shipping, and transportation. Military bases are a significant component of the economy in the Fairbanks North Star, Anchorage and Kodiak Island boroughs, as well as Kodiak. Federal subsidies are also an important part of the economy, allowing the state to keep taxes low. Its industrial outputs are crude petroleum, natural gas, coal, gold, precious metals, zinc and other mining, seafood processing, timber and wood products. There is also a growing service and tourism sector. Tourists have contributed to the economy by supporting local lodging."

According to the Glassman-ACS report for 2015, Alaska had the 5th least number of people below the poverty level in 2015, with 10.3% percent of people below poverty level, compared to 14.7% nationally. Alaska’s median household economy in 2015 was the fourth highest at approximately $73,355, which was much higher than the national average of $55,775. Unemployent was higher at 7.9% versus 6.3% nationally.

Based on 2015 HMDA data, Based on 2015 HMDA data, Alaska compared to National loan program distribution, had a much higher percentage of purchase loans (61% vs 51% national) and lower share of refinance loans (37% vs 46% nationally). Conventional loans were much lower than national averages (52% vs 69% nationally). The FHA loan share was similar (20% vs 20% nationally). VA loans were much more popular accounting for 25% of Alaska loans vs 10% nationally. .

Here are some outside resources that can help you understand the Alaska mortgage environment:

  1. FHA loan amounts in Alaska: (note:set the table to Alaska). There are 29 counties in the state of Alaska. Although Alaska has super high conforming limits, none of the counties had were at the Highest loan limit, currently at $636,150. 38% were at the Standard loan limit, currently at $275,665. The remaining 62% were between those limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Alaska and your county or check out the FHFA conforming limit map. The FHFA has higher base limits than the FHA, currently at $424,100. All of the counties are within this limit. None were at the higher Super Conforming limits.
  3. Alaska First Home Buyer Programs: The Alaska Housing Commission (AHFC) aims to provide Alaskans access to safe, quality, affordable housing. The AHFC offers a variety of home purchase mortgages as well as downpayment and closing cost programs. Their programs have property, income and credit requirements.
  4. Homebuyer Education Programs: Many programs require a homebuyer education class. For more information check out the Hud’s website

Mortgage Trends and Statistics for Alaska

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between Alaska and the US:

  • Mortgage Rates for Conventional Loans in Alaska
  • Mortgage Fees for Conventional Loans in Alaska
  • Loan Amount for Conventional Loans in Alaska

 

Mortgage Rates for Conventional Loans in Alaska vs USA

 

Mortgage Fees for Conventional Loans in Alaska

 

Purchase Price for Conventional Loans in Alaska vs USA

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