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North Carolina Mortgage Rates

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Use SmartAsset's mortgage comparison tool to compare mortgage rates from the top banks and find the one that best suits your needs.

Overview of North Carolina Mortgages

From scenic coastlines to the Great Smoky Mountains and everywhere in between, North Carolina offers a number of beautifully diverse places to call home. Historically, North Carolina mortgage rates are lower than the national average rates. The state counties’ conforming loan and FHA limits are mostly standard, though there are exceptions throughout the state.

Today's Mortgage Rates in North Carolina

Product Today Last Week Change
30 year fixed 4.73% 4.75% -0.02
15 year fixed 4.23% 4.28% -0.06
5/1 ARM 4.38% 4.29% +0.09
30 yr fixed mtg refi 4.73% 4.73% -0.00
15 yr fixed mtg refi 4.23% 4.27% -0.04
7/1 ARM refi 4.48% 4.41% +0.07
15 yr jumbo fixed mtg refi 4.30% 4.21% +0.09

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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North Carolina Mortgage Rates Quick Facts
  • Median Home Value: $172,800 (Zillow)
  • Loan Funding Rate: 59.6% (CFPB)
  • Average Mortgage Rate: 4.00% (Freddie Mac)
  • Homeownership Rate: 65.6% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,243 (U.S. Census Bureau)

Historical Mortgage Rates in North Carolina

North Carolina’s landscape is as unique as its cities. The state’s borders stretch from the Appalachian Mountains to the Atlantic Ocean coastline, encompassing Raleigh’s N.C. State University, Durham’s Duke University, Chapel Hill’s University of North Carolina and Charlotte’s Discovery Place and NASCAR Hall of Fame. It is also one of the nation’s top 10 most populous states, currently coming in at ninth.

As for the mortgage market, North Carolinian buyers can expect mortgage rates that are at or below the national average.

North Carolina Historic Mortgage Rates

YearNorth Carolina RateU.S. Rate
198215.0114.73
198312.6112.26
198412.3411.99
198511.0911.17
19869.979.79
19879.208.95
19889.338.98
19899.989.81
19909.759.74
19919.119.07
19927.857.83
19936.986.93
19947.677.31
19957.677.69
19967.447.58
19977.427.52
19986.876.97
19997.117.14
20007.887.86
20016.876.94
20026.436.44
20035.725.67
20045.765.68
20055.935.85
20066.496.54
20076.326.42
20085.996.06
20094.965.05
20104.744.81
20114.494.56
20123.613.65
20133.803.84
20144.144.13
20153.903.88
20163.733.73

North Carolina Mortgages Overview

Tar Heel State home prices are cheaper overall than the rest of the nation, with the median home sold price of $187,000. This is below the nation’s median of $228,000, according to Zillow.

The conforming limits for North Carolina counties are mostly the standard $453,100 with a handful of exceptions reaching $458,850, $483,000 and $625,500. There is more variation among the counties’ FHA loan limits, which range from $294,515 to $679,650.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Alamance$453,100$294,515
Alexander$453,100$294,515
Alleghany$453,100$294,515
Anson$453,100$294,515
Ashe$453,100$294,515
Avery$453,100$294,515
Beaufort$453,100$294,515
Bertie$453,100$294,515
Bladen$453,100$294,515
Brunswick$453,100$294,515
Buncombe$453,100$294,515
Burke$453,100$294,515
Cabarrus$453,100$294,515
Caldwell$453,100$294,515
Camden$625,500$679,650
Carteret$453,100$294,515
Caswell$453,100$294,515
Catawba$453,100$294,515
Chatham$453,100$379,500
Cherokee$453,100$294,515
Chowan$453,100$294,515
Clay$453,100$294,515
Cleveland$453,100$294,515
Columbus$453,100$294,515
Craven$453,100$294,515
Cumberland$453,100$294,515
Currituck$458,850$458,850
Dare$453,100$391,000
Davidson$453,100$294,515
Davie$453,100$294,515
Duplin$453,100$294,515
Durham$453,100$379,500
Edgecombe$453,100$294,515
Forsyth$453,100$294,515
Franklin$453,100$318,550
Gaston$453,100$294,515
Gates$458,850$458,850
Graham$453,100$294,515
Granville$453,100$294,515
Greene$453,100$294,515
Guilford$453,100$294,515
Halifax$453,100$294,515
Harnett$453,100$294,515
Haywood$453,100$294,515
Henderson$453,100$294,515
Hertford$453,100$294,515
Hoke$453,100$294,515
Hyde$483,000$483,000
Iredell$453,100$294,515
Jackson$453,100$294,515
Johnston$453,100$300,150
Jones$453,100$294,515
Lee$453,100$294,515
Lenoir$453,100$294,515
Lincoln$453,100$294,515
Mcdowell$453,100$294,515
Macon$453,100$294,515
Madison$453,100$294,515
Martin$453,100$294,515
Mecklenburg$453,100$280,600
Mitchell$453,100$294,515
Montgomery$453,100$294,515
Moore$453,100$294,515
Nash$453,100$294,515
New Hanover$453,100$294,515
Northampton$453,100$294,515
Onslow$453,100$294,515
Orange$453,100$379,500
Pamlico$453,100$294,515
Pasquotank$625,500$679,650
Pender$453,100$294,515
Perquimans$625,500$636,150
Person$453,100$379,500
Pitt$453,100$294,515
Polk$453,100$294,515
Randolph$453,100$294,515
Richmond$453,100$294,515
Robeson$453,100$294,515
Rockingham$453,100$294,515
Rowan$453,100$294,515
Rutherford$453,100$294,515
Sampson$453,100$294,515
Scotland$453,100$294,515
Stanly$453,100$294,515
Stokes$453,100$294,515
Surry$453,100$294,515
Swain$453,100$294,515
Transylvania$453,100$294,515
Tyrrell$453,100$391,000
Union$453,100$294,515
Vance$453,100$294,515
Wake$453,100$318,550
Warren$453,100$294,515
Washington$453,100$294,515
Watauga$453,100$294,515
Wayne$453,100$294,515
Wilkes$453,100$294,515
Wilson$453,100$294,515
Yadkin$453,100$294,515
Yancey$453,100$294,515

Lenders in North Carolina typically do not have to go to court to foreclose on a home when the owner has fallen behind on payments. Homebuyers in the state will likely get a deed of trust which allows lenders to bypass a judicial foreclosure and instead initiate a power of sale foreclosure by simply hiring a third party to auction the home. While you are probably not planning to buy a home with the intention of going into foreclosure in the future, it is best to be aware of where you stand and what you can expect if your circumstances were to change for the worse.

North Carolina state law requires home sellers to provide buyers with a disclosure form listing details on the property. This list should include information on the plumbing, electrical, water supply source, environmental conditions like asbestos and any homeowners’ association fees and services. The purpose of these disclosures is to protect buyers, but a home inspection is always a smart idea to protect the integrity of the sale. A quality home inspection gives you the peace of mind of knowing your home isn’t harboring any secrets that could cost you thousands down the line.

30-Year Fixed Mortgage Rates in North Carolina

If you are buying a home in North Carolina, the first home loan option you need to be aware of is a 30-year fixed-rate mortgage. Buyers have 30 years to pay off this loan unless they make prepayments or decide to refinance. It is a very reliable option because the interest rate remains the same for the duration of the loan which makes it easier to budget for monthly payments. You can also get a 15-year fixed-rate mortgage which will allow you to pay off your debt quicker and you will pay less interest but your monthly payments will be higher.

The average North Carolina mortgage rate for fixed-rate 30-year mortgages is 4.22%.

North Carolina Jumbo Loan Rates

North Carolina county conforming loan limits are generally at $453,100 with some variability throughout the state. Three counties – Camden, Pasquotank and Perquimans – have limits as high as $625,500. You can expect higher real estate prices in these areas. If you need to take out a home loan in North Carolina that exceeds the conforming loan limit in that particular county, you will be taking on what is considered a jumbo loan. Conforming loans can be re-sold on the secondary mortgage market and they qualify for normal interest rates. Jumbo loans are riskier for lenders because more money is at stake, as such they come with higher interest rates.

The average jumbo loan rate in North Carolina is 4.60%.

North Carolina ARM Loan Rates

An adjustable-rate mortgage (ARM) typically offers a lower initial interest rate than a fixed-rate mortgage. That rate is available for one, three, five, seven or 10 years (for a 30 year overall loan). When that initial period ends the rate can increase or decrease once per year. The rate usually increases.

One plus of an adjustable-rate mortgage is that the interest rate can’t suddenly jump to a level that is extremely high. The interest rate is capped at a certain amount, specified in the loan’s terms, protecting you from that scenario. Before deciding on an ARM, though, you should weigh the potential maximum interest rate carefully to see if it’s one that you can afford to pay or not.

The average rate for an ARM in North Carolina is 3.13%.

North Carolina Mortgage Resources

Certain North Carolinian homebuyers have a couple options when it comes to funding a home purchase.

The North Carolina Housing Finance Agency offers mortgages that come with down payment assistance for up to 5% of the loan amount. First-time and move-up homebuyers can both apply for that program, which is called the NC Home Advantage Mortgage™. The NC Housing Finance Agency also provides eligible first-time buyers and military veterans with Mortgage Credit Certificates for up to $2,000 in tax savings per year.

Available Resources

Resource Problem or Issue Who Qualifies Website
North Carolina Housing Finance Agency Down payment assistance and Mortgage Credit Certificate. First-time homebuyers, move-up homebuyers and military veterans. http://www.nchfa.com/home-buyers
USDA Rural Development - Single family loans Offers payment assistance to increase an applicant’s repayment ability. Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs. http://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs
Home Affordable Refinance Program Refinancing. Single family homes and condos that fit within lending loan limits. http://www.harp.gov/

If you live in a rural area of the state, you may be eligible for a loan or grant from the United States Department of Agriculture Rural Development. The USDA has programs across with the nations which target rural communities, with the goal of helping residents obtain affordable housing. It is worth seeing if you qualify for the USDA rural development offers.

North Carolina Mortgage Taxes

North Carolina, like most states, charges real estate transfer taxes. That tax is $1/$500 or 0.2%. Certain areas may also increase that tax up to 0.4%. In North Carolina, the seller typically pays this fee.

Another perk of being a homeowner is that you can deduct the mortgage interest that you pay throughout the year from your taxable income when you are filing your federal income taxes. This deduction also applies for North Carolina state income taxes, as the state’s rules are similar to the federal guidelines for itemized deductions.

North Carolina Mortgage Refinance

North Carolina homeowners who want to refinance should keep in mind that they are not obligated to work with the lender who issued their original mortgage. They should feel free to compare rates from different lenders.

The state’s Home Affordable Refinance Program is another resource. Qualifying participants will have access to interest and principal payment reductions and low closing costs. The North Carolina HARP accepts single family homes and condos.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2016 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset