Interest Rate
4.783%
APR*
4.861%
Average home price
$202.215

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

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in North Carolina

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.

  • Charlotte
  • Raleigh (state capital)
  • Greensboro
  • Durham
  • Winston-Salem
  • Fayetteville

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.

First-time Homebuyers

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:

  • Your annual income is not over $92,000.
  • Your credit score is 640 or higher.
  • Your debt-to-income (DTI) ratio is no more than 43%

Refinancing in North Carolina

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:

  • Refinance for a lower rate on your interest
  • Refinance for a loan term lasting more years
  • Refinance to cash-out your accumulated equity
  • Refinance to remove a private mortgage insurance (PMI) requirement

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.

GUIDES

Buying a Home?

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.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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