Explore interest ratesBETA

Our data comes from actual lenders and is updated every day. Credit score, loan type, home price, and down payment amount all affect the interest rate you can get. Interest is only one of the many costs you will pay when getting a mortgage. While shopping, ask about points, mortgage insurance, and closing costs. Make a final decision only after comparing lenders’ Loan Estimates which include all the costs.

Illustration of interest rate chart

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600 850

Credit score has a big impact on the rate you’ll receive. Learn more

$
%
$
$380,000

Learn about loan term, rate type, and loan type

In Alabama, most lenders in our data are offering rates at or below .

Data table

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Loan Rates
number of corresponding rates
Interest rates for your situation

These rates are current as of .

Explore what a lower interest rate means for your wallet

vs.

Interest is only one of many costs associated with getting a mortgage. Learn more

Interest costs over the first 5 years

$150,000
$150,000

Over the first 5 years, an interest rate of 1% costs $0 more than an interest rate of 1%.

Interest costs over 30 years

$150,000
$150,000

Over 30 years, an interest rate of 1% costs $0 more than an interest rate of 1%.

Interest is only one of many costs associated with getting a mortgage. Learn more

Next steps: How to get the best interest rate on your mortgage

When you’re ready to get serious about buying, the best thing you can do to get a better interest rate on your mortgage is shop around. But if you don’t plan to buy for a few months, there are more things you can do to ensure you get a great rate on your mortgage.

  1. Shop around.

    Get quotes from three or more lenders so you can see how they compare. Rates often change from when you first talk to a lender and when you submit your mortgage application, so don’t make a final decision before comparing official Loan Estimates.

  2. Consider all your options.

    Make sure you’re getting the kind of loan that makes the most sense for you. If more than one kind of loan might make sense, ask lenders to give you quotes for each kind so you can compare. Once you’ve chosen a kind of loan, compare prices by getting quotes for the same kind of loan.

  3. Negotiate.

    Getting quotes from multiple lenders puts you in a better bargaining position. If you prefer one lender, but another lender offers you a better rate, show the first lender the lower quote and ask them if they can match it.

  1. Watch your spending.

    Don’t take out a car loan, make large purchases on your credit cards, or apply for new credit cards in the months before you plan to buy a house. Doing so can lower your credit score, and increase the interest rate lenders are likely to charge you on your mortgage.

    Learn more about credit scores

  2. Improve your credit scores.

    If you don’t plan to buy for at least six months, you may be able to improve your credit scores and get a better interest rate. Pay your bills on time, every time. If you have credit card debt, pay it down. But don’t close unused cards unless they carry an annual fee.

    Learn about improving your credit scores

  3. Save for a larger down payment.

    If your down payment is less than 20 percent, you’ll typically get a higher interest rate and have to pay for mortgage insurance. Save enough for a 20 percent down payment and you’ll usually pay less. Even going from a five percent down payment to a 10 percent down payment can save you money.

    Learn more about down payments

Check your credit report. If you haven’t checked your credit report recently, do so now. If you find errors, get them corrected before you apply for a mortgage.

About this tool

The CFPB is a federal government agency. We are providing this tool for free, with no profit motive, to help you make more informed mortgage decisions.

Our data is provided by real lenders and is updated every business day in the evening. The lenders in our data include a mix of large banks, regional banks, and credit unions.

The data is provided by Informa Research Services, Inc., Calabasas, CA. www.informars.com. Informa collects the data directly from lenders and every effort is made to collect the most accurate data possible, but they cannot guarantee the data’s accuracy.

How do we improve this tool?

We're always looking to make our tools and resources better for you. Tell us how!

Email us at owning-a-home@cfpb.gov