Interest Rate
4.748%
APR*
4.834%
Average home price
$300.889

If you’re hoping to buy a home in Alaska, getting the best mortgage rate is a priority. There are a lot of factors which can affect your mortgage rate, from your down payment and your credit score to your level of monthly income and your present debt-to-income ratio.

You have a better chance of getting the best mortgage rate in Alaska by getting a reputable mortgage lender to preapprove you for a home loan. This means gathering all of your documents and checking your credit for errors before you apply.

Here’s a quick look at current Alaska mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 4.748% 4.834% -0.11%
Conventional 15 year fixed 4.188% 4.314% +0.06%
Conventional 5 year ARM 4.469% 3.782% -0.08%
FHA 30 year fixed 3.955% 4.712% -0.14%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Alaska

Toying with the idea of buying a home in Alaska? Your dream home could be awaiting you somewhere within the borders of The Last Frontier. Here’s what you need to know:

Where do you want to live? There’s a lot of room: only around 700,000 people live in Alaska and half of those live in the city’s top five biggest cities:

  • Anchorage
  • Juneau (state capital)
  • Fairbanks
  • Badger
  • Wasilla

How much home can you afford? Alaska ranks 31st in US homes for sale at average price, and 49th for homes over $1,000,000. Before you go house hunting, get preapproved so you know what your real budget is.

First-time Homebuyers

First-time home buyers in Alaska can obtain financial assistance through one or more of the many programs offered through the Alaska Housing Finance Authority (AHFA.)

  • First Home and First Home Limited plans (these are designed to provide first-time buyers with access to reduced-rate mortgages)
  • Interest Rate Reduction for Low-Income Borrowers (this option can be leveraged to reduce interest rates on loans)
  • Manufactured Home Program (applies only to mobile homes that haven’t been attached to a permanent foundation)
  • Closing Cost Assistance Program (can help defray closing costs)
  • AHELP Program (provides down-payment assistance through a secondary financing option

For most of these programs, you’ll need a credit score of at least 620 to 640. If you take AHFC’s free homebuyer course, HomeChoice, you may also qualify for a $250 closing credit if you get an AHFC mortgage.

Refinancing in Alaska

If you need to take advantage of favorable Alaska mortgage rates to refinance a home in Alaska, you have multiple choices:

  • Refinance to lower your lower interest rate
  • Refinance to lengthen your loan term
  • Refinance to take equity out in the form of cash
  • Refinance without a requirement for private mortgage insurance (PMI)

Certain types of loans may qualify you to apply for a streamlined refinance. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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