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Provided by HSH

Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. More Info. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.

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

20 Comments

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  • 35x35
    Aug, 2014
    Brad
    These rates are very helpful. I would recommend locking in long duration (30 year fixed rates) loans if you plan to live in your home for an extended period of time.
    1 Votes

  • GM
    May, 2013
    Grant
    Are rates rising, and should I lock in a rate in the current low mortgage rate environment?
    2 Votes

    • BA
      May, 2013
      Bill
      Mortgage rates constantly fluctuate. I recommend shopping around for a mortgage that fits your budget and has the right mix of interest rate and fees. Locking your rate is a great idea if you know the time frame that you will close the loan. Most loan offers have a 30-day lock period. If you pass the time of the lock, you may need to pay additional fees.
      3 Votes

  • NR
    Sep, 2012
    Natalia
    Cars and houses are quite expensive and not everybody is able to buy it. However, loans are created to support different people in such kind of situations.
    2 Votes

  • MC
    Jan, 2012
    Mark
    Playa Del Rey, CA
    Are mortgage rates on HARP loans higher than on conventional loans? What about the fees? Thanks!
    0 Votes

    • BA
      Jan, 2012
      Bill
      Mortgage rates and fees for HARP loans, will be similar to rates on other conventional loans. However, due to the fact that HARP loans are offered by fewer lenders, you can expect a premium on the price. Many people are restricted to going to their original lender/servicer, due to a high DTI. If that is the case the room for negotiating is low. I recommend that you shop around for the best rate. The automated underwriting systems for new lenders will be available in March 2012.
      2 Votes

  • KH
    Nov, 2011
    kelly
    Palm Bay, FL
    I went through a divorce in 2005 and found out that my name was not on anything we were paying on. So even though we owned 2 homes and paid on time always, my FICO credit score right now is 530. I know this is really bad. I am in the position now to be able to put at least $20,000 down on a home listed at $87900. Do you think anyone will give me a loan with this awful credit score. I do have a steady income and very low bills. No credit cards or other debt. only utilities and rent right now. Even with my down payment is it going to be implossible to find someone to approve me for a mortgage loan?
    0 Votes

    • BA
      Nov, 2011
      Bill
      I doubt you will qualify for a reasonable loan when you have, essentially, no credit history. Focus your energy on building your credit history.
      0 Votes

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