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Mortgage Prices

A strong economy and new jobs attracting more people to the Tennessee Valley are contributing to a booming real estate market.

Posted: Sep 10, 2019 7:13 PM
Updated: Sep 10, 2019 7:13 PM

Speech to Text for Mortgage Prices

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a strong economy and new jobs attracting more people to the tennessee valley are contributing to a booming real estate market. despite high demand for homes now in alabama, our state is among the best to get a good mortgage. alabama comes in fifth on the list of states with the lowest mortgage payments and lifetime interest. we're behind west virginia, oklahoma, arkansas and mississippi. the states topping the list typically have more spread- out populations, less demand for urban housing and lower costs-of-living.. waay 31's greg privett explains how favorable mortgages affect prospective home buyers. house buyers may shop for their dream homes. but, busting their budgets could turn into a nightmare. <<12-25-30 > "it was a very, very large factor." angela jacks and her husband knew they couldn't sink too much of their monthly income into their mortgage payment. <12-26-38 > "we didn't want to be house poor. we definitely had a monthly mortgage that we had to meet. <agent 11-37-23 > "the big concern right now is if you do find the right house, someone not outbidding you on that house." lately, sellers are all smiles because homes are in high demand, often selling higher than list price because of competing offers. <11-37-05 > "if they're priced right. they're not staying on the market a week, two weeks at the most." real estate agent caitlin fite says, right now, simply finding a house may be a top priority. but, paying for it is still king. <11-38-24 > "it is a big concern. most want a certain number on their house payment and they don't want to go about that." <standup > "that number five ranking for low mortgage payments isn't all alabama has to brag about. the ranking considers more than monthly payments. it also takes into account lifetime interest of your home loan." <11-39-25 > "yes, we had rather be number five because that helps us realtors out a lot." fite says alabama's relatively low average lifetime interest of nearly 72- thousand dollars is important. but, for home buyers, it takes a backseat to monthly payments. <11-38-36 > "that number is a very big concern for them." numbers crunched from the federal reserve and real estate site zillow put alabama's average monthly house payment at 493 dollars. that's with 20 percent down and a 30 year loan. <nats > and it all depends on how much house you buy and where it is. even this roomy upscale home on decatur's appaloosa lane would have about a 12- hundred dollar payment. that's hundreds cheaper than the states with relatively high average payments. <11-39-12 > "they are really just concerned about that 'what is my payment?' number. at the end of the day, that's what everyone's more concerned about." <12-26-38 > "we have several children. we would like to be able to put a roof over their head and food on the table and still be able to do some extracurriculars." angela jacks says she and her husband looked less at curb appeal . and more at payment appeal. <12-25-54 > "always look upfront for the bottom line. don't be afraid to get a house with a lower mortgage that you have to fix up maybe, a little bit." greg privett, waay 31 news.> at the other end of the spectrum, the places with the highest monthly mortgage payments are hawaii, district of columbia, california, massachusetts and washington state. those monthly payments range from about 23-hundred down to
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