Refinance rates in AlaskaCurrent 30-year fixed mortgage refinance rates are averaging: 7.38%
The current average rate for a 15-year fixed mortgage refinance is: 7.02%
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast for 2024?The 2024 mortgage interest rates forecast is for rates to remain between 6% and 7% for most of the year. This leaves room for some cautious optimism, especially for Alaskans who’d put their dreams of homeownership on hold in 2023 due to inflation and rising interest rates. The Federal Reserve has given strong signs that both inflation and rates are moving in the right direction, and that rate hikes aren’t likely in the near future.
Getting the best mortgage rate is actually pretty simple. You just need to manipulate the factors determining mortgage rates that are within your control. Here are a few steps you can take today:
Read more about our picks for the best mortgage lenders.
When should I lock in my mortgage rate?Once you’ve applied for a mortgage and received approval, it’s important to request that the lender give you a mortgage rate lock. This holds the interest rate you were quoted, so it won’t increase before you make it to closing.
First Home Limited, offered by the Alaska Housing Finance Corporation (AHFC), is available to first-time homebuyers and qualified veterans, as well as people purchasing in targeted areas. The program provides low-interest-rate loans, which means more buying power for qualified Alaskans.
Who qualifies?Borrowers must:
Be a first-time homebuyer or qualified military service member, or purchase in a targeted area
Purchase a home priced at or below the program’s acquisition cost limits, which vary by county and home type
Earn income within the program’s limits, which are different for targeted areas and non-targeted areas
Who qualifies as a first-time homebuyer? People who have never owned a home
People who haven’t owned real estate in the last three years
Who is a qualified military service member?Borrowers who:
First-time homebuyers who earn too much to qualify for the First Home Limited program can still access a low-interest-rate home loan through this version of the program, which has no income limits. It also comes without any acquisition cost limits, which is helpful for borrowers who need a more expensive home or live in high-cost areas.
Who qualifies?Borrowers must:
Be a first-time homebuyer
Designed specifically for low-income Alaskans, this program helps borrowers get into affordable mortgages by subsidizing their interest rates. The program can reduce your interest rate by 0.5% to 1% for the first $180,000 of your loan amount, depending on your family’s income level. Any funds above $180,000 will receive a different interest rate.
Who qualifies?Borrowers must:
Not have owned a primary residence in the last three years and not own any property within 50 miles of the home purchased through the program
Earn within the program’s income limits
Take a homebuyer education class
→ Alaska conventional loans. Conventional loans are a standard choice for borrowers with good credit scores and at least 3% in down payment funds. These loans have somewhat strict minimum requirements, however, so they’re not within reach for everyone.
→ Alaska FHA loans. FHA loan requirements are a little more accessible, and allow you to qualify with a credit score as low as 500 if you make a 10% down payment. If your score is even stronger — at least a 580 — you can put down as little as 3.5%.
→ Alaska VA loans. VA loan requirements give military borrowers low rates and benefits that aren’t available to civilians. VA borrowers with full entitlement can purchase or refinance without making a down payment or paying for mortgage insurance.
→ Alaska streamline refinances come in two forms: FHA streamline refinance loans and VA interest rate reduction refinance loans (IRRRLs). They’re only for borrowers with an existing FHA or VA loan who want to refinance into a new loan of the same type. They’re called “streamline” because they come with less paperwork and take less time than other refinance types.
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