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Beyond Your Dreams, Within Your Reach

Home Mortgage Rates in Alaska

The median national average for owner-occupied homes is $144,200. The average in Alaska is $119,600, making Alaska's home prices 7.1% below average at the end of 2009. Fortunately, this shouldn't be too worrying since price averages fluctuate.

Alaska Real Estate

Metropolitan Areas

AK Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 133 Anchorage 402,557 380,821 21,736 5.71%
2 381 Fairbanks 100,605 97,581 3,024 3.10%
3 794 Juneau 32,468 31,275 1,193 3.81%
4 930 Ketchikan 13,746 13,477 269 2.00%

Most Popular & Fastest Growing City: Anchorage

Anchorage is Alaska's most popular and fastest growing city-borough. Slightly less than 280,000 residents were estimated to live there in 2008, more than 40 percent of the state's total population. The National Civic League has named Anchorage the All-America City four times, in 1956, 1965, 1984/85, and 2002.

Alaskan tourists often choose Anchorage as the initial stop on their vacation because of the large population and convenient location. Tourists can head south to the Kenai Peninsula, a popular fishing location, or north to other heavily toured locations such as Fairbanks and Denali National Park.

Moose.

Why Anchorage?

Anchorage has grown 2% since 2008 and 12% since 2000, but why? Most likely because Alaska's oil, gas and mining sectors continue to employ. The health and education services in Anchorage have also seen steady growth, even in the recession.

Cities with available jobs are attractive to people looking to move, which explains not only Anchorage's growth, but the next two cities as well.

Anchorage Skyline at Night.

Second Most Popular City: Fairbanks

The largest city in the interior region of Alaska is Fairbanks. Fairbanks is home to the oldest college in the state, the University of Alaska Fairbanks. More than 300,000 people tour Fairbanks each summer. Mining is a significant part of their economy, with the gold mine of Fort Knox producing 1,200 ounces per day and providing jobs to tens of thousands of people.

Third Most Popular City: Juneau

Juneau is the capital of Alaska and the third most populated city. The primary employer in Juneau is government. This includes the state and federal government, municipal government (harbors, the local hospital and airport, and the school district), and the University of Alaska Southeast. Offices in state government and indirect economic impact of those offices compose roughly one quarter of Juneau's economy.

Alaska Census Data

According to the United States census an estimated 741,894 people live in the state of Alaska. The state has 663,268 mi² of area, which gave it a population density of 1.12 per mi². Here is a list of cities & municipalities with more than 500 residents, with their estimated population as of June 2016 & the 2010 United States Census.

Rank Geography Borough / Census Area Class Incorporated 2016 Pop 2010 Pop Change % △ Land mi² Density
1 Anchorage Anchorage Unified Home Rule 1975 298,192 291,826 6,366 2.18% 1,704.68 174.93
2 Fairbanks  Fairbanks North Star Home Rule 1903 32,751 31,535 1,216 3.86% 31.69 1,033.48
3 Juneau  Juneau Unified Home Rule 1970 32,468 31,275 1,193 3.81% 2,701.93 12.02
4 Sitka  Sitka Unified Home Rule 1971 8,830 8,881 -51 -0.57% 2,870.34 3.08
5 Ketchikan  Ketchikan Gateway Home Rule 1900 8,208 8,050 158 1.96% 4.35 1,886.90
6 Wasilla  Matanuska-Susitna First Class 1974 9,748 7,831 1,917 24.48% 12.38 787.40
7 Kenai  Kenai Peninsula Home Rule 1960 7,745 7,100 645 9.08% 28.59 270.90
8 Kodiak  Kodiak Island Home Rule 1940 6,191 6,130 61 1.00% 3.49 1,773.93
9 Bethel  Bethel (CA) Second Class 1957 6,378 6,080 298 4.90% 43.18 147.71
10 Palmer  Matanuska-Susitna Home Rule 1951 7,000 5,937 1,063 17.90% 5.15 1,359.22
11 Homer  Kenai Peninsula First Class 1964 5,631 5,003 628 12.55% 13.83 407.16
12 Unalaska  Aleutians West (CA) First Class 1942 4,437 4,376 61 1.39% 111.78 39.69
13 Barrow  North Slope First Class 1959 4,335 4,212 123 2.92% 18.84 230.10
14 Soldotna  Kenai Peninsula First Class 1967 4,617 4,163 454 10.91% 6.90 669.13
15 Valdez  Valdez-Cordova (CA) Home Rule 1901 3,862 3,976 -114 -2.87% 216.24 17.86
16 Nome  Nome (CA) First Class 1901 3,797 3,598 199 5.53% 12.63 300.63
17 Kotzebue  Northwest Arctic Second Class 1958 3,245 3,201 44 1.37% 26.92 120.54
18 Seward  Kenai Peninsula Home Rule 1912 2,787 2,693 94 3.49% 14.11 197.52
19 Wrangell  Wrangell Unified Home Rule 2008 2,411 2,369 42 1.77% 2,541.48 0.95
20 Dillingham  Dillingham (CA) First Class 1963 2,364 2,329 35 1.50% 33.57 70.42
21 Cordova  Valdez-Cordova (CA) Home Rule 1909 2,205 2,239 -34 -1.52% 59.97 36.77
22 North Pole  Fairbanks North Star Home Rule 1953 2,232 2,117 115 5.43% 4.17 535.25
23 Houston  Matanuska-Susitna Second Class 1966 2,290 1,912 378 19.77% 22.40 102.23
24 Craig  Prince of Wales-Hyder (CA) First Class 1922 1,231 1,201 30 2.50% 7.20 170.97
25 Hooper Bay  Kusilvak (CA) Second Class 1966 1,180 1,093 87 7.96% 8.22 143.55
26 Akutan  Aleutians East Second Class 1979 1,036 1,027 9 0.88% 13.83 74.91
27 Sand Point Aleutians East First Class 1966 1,044 976 68 6.97% 126.8 8.23
28 Delta Junction Southeast Fairbanks (CA) Second Class 1960 934 958 -24 -2.51% 57 16.39
29 Chevak Kusilvak (CA) Second Class 1967 1,049 938 111 11.83% 947.5 1.11
30 King Cove Aleutians East First Class 1947 989 938 51 5.44% 36.5 27.10
31 Selawik Northwest Arctic Second Class 1977 849 829 20 2.41% 282.9 3.00
32 Togiak Dillingham (CA) Second Class 1969 855 817 38 4.65% 18.4 46.47
33 Mountain Village Kusilvak (CA) Second Class 1967 851 813 38 4.67% 179.1 4.75
34 Emmonak Kusilvak (CA) Second Class 1964 804 762 42 5.51% 99.3 8.10
35 Hoonah Hoonah-Angoon (CA) First Class 1946 745 760 -15 -1.97% 126.5 5.89
36 Klawock Prince of Wales-Hyder (CA) First Class 1929 796 755 41 5.43% 980.5 0.81
37 Kwethluk Bethel (CA) Second Class 1975 753 721 32 4.44% 71.7 10.50
38 Unalakleet Nome (CA) Second Class 1974 708 688 20 2.91% 189.5 3.74
39 Gambell Nome (CA) Second Class 1963 701 681 20 2.94% 62.5 11.22
40 Alakanuk Kusilvak (CA) Second Class 1969 750 677 73 10.78% 22.9 32.75
41 Point Hope North Slope Second Class 1966 692 674 18 2.67% 139.8 4.95
42 Savoonga Nome (CA) Second Class 1969 705 671 34 5.07% 110 6.41
43 Quinhagak Bethel (CA) Second Class 1975 699 669 30 4.48% 153.1 4.57
44 Noorvik Northwest Arctic Second Class 1964 686 668 18 2.69% 710.6 0.97
45 Toksook Bay Bethel (CA) Second Class 1972 657 590 67 11.36% 18.1 36.30
46 Fort Yukon Yukon-Koyukuk (CA) Second Class 1959 554 583 -29 -4.97% 80.4 6.89
47 Kotlik Kusilvak (CA) Second Class 1970 620 577 43 7.45% 152.6 4.06
48 Pilot Station Kusilvak (CA) Second Class 1969 607 568 39 6.87% 336.1 1.81
49 Shishmaref Nome (CA) Second Class 1969 614 563 51 9.06% 253.6 2.42
50 Kake Petersburg (CA) First Class 1952 563 557 6 1.08% 62.2 9.05
51 Wainwright North Slope Second Class 1962 573 556 17 3.06% 17.94 31.94
52 Stebbins Nome (CA) Second Class 1969 572 556 16 2.88% 36.37 15.73
53 New Stuyahok Dillingham (CA) Second Class 1972 516 510 6 1.18% 15.7 32.87
54 St. Mary's Kusilvak (CA) First Class 1967 550 507 43 8.48% 11.4 48.25
55 Aniak Bethel (CA) Second Class 1972 543 501 42 8.38% 78 6.96
56 Nunapitchuk Bethel (CA) Second Class 1969 526 496 30 6.05% 66.5 7.91
57 Saint Paul Aleutians West (CA) Second Class 1971 519 479 40 8.35% 11.9 43.61
58 Scammon Bay Kusilvak (CA) Second Class 1967 519 474 45 9.49% 764.5 0.68

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Types of Alaska Mortgage

The mortgages rates in Alaska are slightly below the national average, though that can change quite quickly.

Fixed-Rate Mortgages

A fixed-rate mortgage (FRM) may appeal to Alaskan borrowers who don't want to deal with potentially rising payments and interest rates. Since these things don't change on a fixed-rate mortgage, the borrowers are able to plan and budget long-term. If market interest rates decline significantly, refinancing might be a desirable option. Most fixed-rate mortgages are paid off in 30 years, but 20, 40 and other term lengths are available.

As of 2017 Alaska has a conforming loan limit of $636,150.

Alaska Housing Finance Corporation (AHFC) Programs

  • (Tax Exempt) AHFC First Time Home-Buyer: The AHFC offers a lower interest rate to first time homebuyers. Eligibility requires that the borrower has not owned a home in the past three years.
  • (Taxable) First Time Home-Buyer: The AHFC offers a reduced interest rate to borrowers without the acquisition cost limits, income limits or recapture provisions of the tax-exempt program.
  • (VMP) AHFC Veterans Mortgage Program: Eligible veterans can acquire financing at lower interest rates. Eligibility requires that the veteran was not discharged from active duty service more than 25 years prior to the application date.
  • AHFC Rural Owner-Occupied Loan Program: This program offers financing to construct, purchase or renovate owner-occupied homes in small communities.

Alaska Foreclosure Process

Alaskan lenders are allowed to foreclose on mortgages and deeds of trust in default using a non-judicial or judicial foreclosure process. The length of the process varies depending on the method used, but it's typically 3 months.

Judicial Foreclosure

In this type of foreclosure, the lender files a lawsuit to acquire a court order to foreclose. After the court declares a foreclosure, the home will be auctioned to the highest bidder. This method of foreclosure has become more popular since the late 1980s, when lenders discovered that they frequently foreclosed on property worth much less than the amount owed.

Non-Judicial Foreclosure

This type of foreclosure is used when a “power of sale” clause exists in the deed of trust or mortgage. A “power of sale” clause means the borrow pre-authorized the property sale to pay off the loan balance if they default. This gives the lender or their representative, sometimes referred to as a trustee, the power to sell the property.

If the mortgage or deed of trust specifies a time, place and terms of the sale, that procedure must be followed unless it doesn't meet the minimum protection laws in Alaska. The foreclosure is carried out as follows:

The representative/trustee must record a notice of default in the recording district no less than 30 days after the default and no less than 3 months before the sale.

The notice of default must state the borrower’s name, describe the property, the borrower’s default, total amount the borrower owes, the book and page the deed is recorded, and the representative/trustee's wish to sell. Additionally, it must state the place, time and date of the sale.

Within 10 days, the representative/trustee must mail a copy of the very same notice of default by certified mail to the last known address of the borrower, in addition to anyone whose claim or lien on the property in question appears on the record or is known to either the trustee or any occupant. It is acceptable for the trustee to have the notice of default delivered personally.

The borrower can immediately stop the sale at any time by paying the sum equal to the missed payments plus attorney's fees. The lender cannot require the borrower to pay off the entire loan, only the attorney's fees and missed payments. If the lender has recorded a notice of default twice before, the lender is free to refuse the borrower's money and proceed with the sale.

The sale of the property must be a public auction held at the front door of the courthouse of the superior court in the judicial district the property is located. The representative/trustee must sell to the highest and best bidder. The lender is free to bid at the auction.

The representative/trustee can postpone the sale of any portion of the property by writing a signed request to the conductor of the sale, complete with a stated date and hour. It must be publicly announced that the sale has been postponed, and take place at the original location.