North Carolina Mortgage and Refinance Rates
On Saturday, December 02, 2023, the national average 30-year fixed mortgage APR is 7.59%. The national average 30-year fixed refinance APR is 7.71%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
On Saturday, December 02, 2023, the national average 30-year fixed mortgage APR is 7.59%. The national average 30-year fixed refinance APR is 7.71%, according to Bankrate's latest survey of the nation's largest mortgage lenders.
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North Carolina Mortgage and Refinance Rates
Current mortgage rates in North Carolina
As of Saturday, December 2, 2023, current interest rates in North Carolina are 7.63% for a 30-year fixed mortgage and 6.85% for a 15-year fixed mortgage.
Today’s higher mortgage rate environment continues to make housing affordability a challenge for North Carolina homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future.
Refinance rates in North Carolina
While mortgage refinance rates are much higher than the lows of 2020 and 2021, North Carolina borrowers who saw their home equity rise during the pandemic might still be interested in refinancing as a way to tap those funds. Check out Bankrate’s guide to cash-out refinancing to learn more.
North Carolina mortgage rate trends
As of September 2023, mortgage rates nationally and in North Carolina were at their highest levels since 2000, according to Bankrate’s national survey of lenders.
National mortgage rates by loan type
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.57% | 7.59% |
| 15-Year Fixed Rate | 6.84% | 6.87% |
| 5-1 ARM | 6.79% | 7.98% |
| 30-Year Fixed Rate FHA | 6.55% | 7.46% |
| 30-Year Fixed Rate VA | 6.68% | 6.78% |
| 30-Year Fixed Rate Jumbo | 7.63% | 7.65% |
Rates as of Saturday, December 02, 2023 at 6:30 AM
Mortgage statistics for North Carolina
North Carolina’s housing markets and home values vary widely, from the metro areas of Charlotte and Raleigh-Durham to the coastal vibe of the Outer Banks to the mountainous region around Asheville. Here are some statistics about mortgages and the housing market in The Tar Heel State:
- Average home value (as of Sept. 2023): $321,707 (Zillow)
- Homeownership rate (as of Dec. 2022): 65.9% (U.S. Census Bureau)
- Average mortgage loan size in 2022: $305,700 (Home Mortgage Disclosure Act)
Mortgage options in North Carolina
Known for its warm weather and diverse economy, North Carolina is attracting new residents at a dizzying pace. If you’re looking to get a mortgage in North Carolina, there are several options:
- North Carolina conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
- North Carolina FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
- North Carolina VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent.
First-time homebuyer programs in North Carolina
The North Carolina Housing Finance Agency (NCHFA) helps connect first-time homebuyers to low-interest mortgages and no-interest down payment assistance loans, including:
- NC Home Advantage Mortgage: A fixed-rate mortgage for borrowers with a credit score of at least 640 and an income of no more than $134,000; can be used for single-family homes or duplexes, or condos or townhomes; can be coupled with forgivable down payment assistance up to $15,000
- NC Home Advantage Tax Credit: A mortgage credit certificate (MCC) that allows borrowers to claim a federal tax credit for 30 percent of the mortgage interest every year, up to $2,000
How to find the best mortgage rate in North Carolina for you
- Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
- Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
- Step 3: Know your mortgage options - There are a few different types of mortgages.
- Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
- Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.
Learn more about how to get a mortgage.
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
5.0
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Homefinity
NMLS: 2289
|
State License: 4965
5.0
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Additional North Carolina mortgage resources
- North Carolina loan limits by county: Learn the conforming loan limit for your city or town.
- North Carolina mortgage lenders: Explore mortgage lenders in your state.
- North Carolina housing market overview: Know what to expect as a homebuyer or seller in North Carolina.
- How to buy a house in North Carolina: Understand the process of buying a home in your state.