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Jeff Ostrowski Jeff Ostrowski
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Suzanne De Vita Suzanne De Vita
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Suzanne De Vita Suzanne De VitaEdited by
On Thursday, March 21, 2024, the national average 30-year fixed mortgage APR is 7.01%. The national average 30-year fixed refinance APR is 7.02%, according... to Bankrate's latest survey of the nation's largest mortgage lenders.
On this page
- Current mortgage rates in North Carolina
- Mortgage statistics for North Carolina
- Mortgage options in North Carolina
- First-time homebuyer programs in North Carolina
- How to find the best mortgage rate in North Carolina
- Compare mortgage lenders side by side
- Additional North Carolina mortgage resources
How to compare mortgage offers
Comparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:
- Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.
- Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.
- Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons — and maximizing your savings potential.
The Bankrate Promise
Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.
On This Page
On This Page
- Current mortgage rates in North Carolina
- Mortgage statistics for North Carolina
- Mortgage options in North Carolina
- First-time homebuyer programs in North Carolina
- How to find the best mortgage rate in North Carolina
- Compare mortgage lenders side by side
- Additional North Carolina mortgage resources
Current mortgage rates in North Carolina
As of Thursday, March 21, 2024, current interest rates in North Carolina are 7.13% for a 30-year fixed mortgage and 6.25% for a 15-year fixed mortgage.
The median home sale price in the state was up 9.4 percent year-over-year as of January 2024, according to NC Realtors, the state’s Realtor group. Those gains, plus today’s higher mortgage rate environment, continue to make housing affordability a challenge.
Refinance rates in North Carolina
While mortgage refinance rates have more than doubled since the pandemic, many North Carolina homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.
Learn more: Why and how to do a cash-out refinance
North Carolina mortgage rate trends
While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in North Carolina.
Learn more: Latest mortgage rate forecast
National mortgage rates by loan type
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.96% | 7.01% |
| 15-Year Fixed Rate | 6.49% | 6.56% |
| 5-1 ARM | 6.51% | 7.87% |
| 30-Year Fixed Rate FHA | 6.77% | 6.82% |
| 30-Year Fixed Rate VA | 7.08% | 7.12% |
| 30-Year Fixed Rate Jumbo | 7.06% | 7.12% |
Rates as of Thursday, March 21, 2024 at 6:30 AM
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.97% | 7.02% |
| 15-Year Fixed Rate | 6.49% | 6.56% |
| 5-1 ARM | 6.30% | 7.71% |
| 30-Year Fixed Rate FHA | 6.86% | 6.90% |
| 30-Year Fixed Rate VA | 7.73% | 7.76% |
| 30-Year Fixed Rate Jumbo | 7.01% | 7.06% |
Rates as of Thursday, March 21, 2024 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:
- Median home sales price, Jan. 2024: $306,705
- Housing inventory, Jan. 2024: 13.9% higher YoY
- Homeownership rate, Q4 2023: 65.8%
Sources: NC Realtors, U.S. Census Bureau
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.
Learn more: Types of home loans
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 and down payment assistance: 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.
Learn more: North Carolina first-time homebuyer programs
How to find the best mortgage rate in North Carolina
- 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: 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
3.6
Rating: 3.6 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.98 stars out of 5
5.0
562reviews
Read full lender review
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.94 stars out of 5
4.9
1062reviews
Read full lender review
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.
- Homeowners insurance in North Carolina: Compare policies from a variety of providers.
