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Your mortgage rate in North Carolina will depend on a wide variety of factors, including your credit score, the size of your down payment, your debt-to-income ratio, and your current level of income. If you’re planning to buy a home in North Carolina, a few simple steps can help ensure you are getting the most favorable mortgage rate possible.
Help yourself get the best mortgage rate in North Carolina by checking your credit before you apply for a home loan, making sure all of your documentation is in order, and getting preapproved by a professional mortgage lender.
Here’s a quick look at current North Carolina mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||4.783%||4.861%||-0.01%|
|Conventional 20 year fixed||4.545%||4.644%||-0.14%|
|Conventional 15 year fixed||3.957%||4.093%||-0.04%|
|Conventional 10 year fixed||3.685%||3.853%||-0.02%|
|Conventional 7 year ARM||4.741%||4.385%||-0.31%|
|Conventional 5 year ARM||4.383%||4.089%||+0.35%|
|FHA 15 year fixed||3.312%||4.338%||-0.62%|
|FHA 30 year fixed||3.946%||4.732%||+0.01%|
|FHA 5 year ARM||3.601%||4.83%||Unchanged|
|VA 30 year fixed||4.217%||4.503%||+0.05%|
|VA 15 year fixed||3.927%||4.475%||Unchanged|
There’s no time like the present to buy your dream home in the Old North State. Here are a few things you should know before moving to North Carolina:
North Carolina is called home by a total population of more than 9.7 million, around one in five of whom live in the state’s six biggest cities.
Next, find out how much home you can afford. North Carolina ranks 27th in US homes for sale at average price, and 12th for homes over $1,000,000. Getting preapproved can help you know what your budget is before you go house hunting.
There are several first-time homebuyer loan programs through the North Carolina Housing Finance Agency (NCHFA):
NC Home Advantage Mortgages offers a fixed-rate mortgage that include up to 5% of assistance toward the down payment (3% for a conventional loan). This assistance is packaged as a no-interest second mortgage that doesn’t need to be repaid unless you sell your home or pay off or refinance your first mortgage within the first 15 years of your loan term.
NCHFA NC 1st Home Advantage Down Payment also offers $8,000 in down payment assistance specifically to first-time homebuyers, veterans and those buying in special targeted markets through the NC 1st Home Advantage Down Payment program. This assistance comes in the form of a zero-percent second mortgage completely forgiven after 15 years.
Here are the requirements to qualify:
If you’re interested in refinancing your North Carolina home to take advantage of better North Carolina mortgage rates, you can do any of the following:
You might find it advantageous to qualify for a streamlined refinance, available if you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.