Loading
Tap on the profile icon to edit
your financial details.

North Carolina Mortgage Rates

Your Details Done

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 stick are mostly standard, though there are exceptions throughout the state.

Today's Mortgage Rates in North Carolina

Product Today Last Week Change

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
Details
Add your details
Purchase or Refinance
Select Purchase or Refinance
Do this later
Dismiss
Add your details
Location
Location
Enter your location Do this later
Dismiss
Add your details
Target Home Price
Target Home Value
Enter target home value
Do this later
Dismiss
Add your details
Down Payment
Down Payment
Enter down payment
$0
Do this later
Dismiss
Add your details
Current Home Value
Current Home Value
Enter current home value
Do this later
Dismiss
Add your details
Current Mortgage Balance
Current Mortgage Balance
Enter current mortgage balance
Do this later
Dismiss
Add your details
Credit Score
Credit Rating
Select Your Credit Rating Do this later
Dismiss
Update your information here.
OK
Filter Results
FHA/VA Loans
Filter Results
Loan Type
Property Type
Points
15 yr Fixed... 30 yr Fixed... 3/1 ARM... 5/1 ARM... 7/1 ARM...
Property Type Single Family Condo Multi Unit
Points 0 points 1 or less 2 or less 3 or less 4 or less
FHA/VA Loans
Loan Type




Property Type


Points





Loan Type
APR
Payment
Get your real, customized rate in minutes
Get started today with Quicken Loans.
Advertisement
$0 Down VA Loan for Veterans
Find out if you qualify for this powerful homebuying benefit. Get a quote today!
No mortgages found. Please change your search criteria and try again.
Searching for Mortgages...
Mortgage rate quotes displayed on LendingTree LoanExplorer℠, including loan pricing data, rates and fees, are provided by third party data providers including, but not limited to, Mortech®, a registered trademark of Zillow®, LoanXEngine, a product of Mortgage Builder Software, Inc., and LoanTek, Inc.
Disclosure
Source: Bankrate.com
Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
How helpful was this page in answering your question?
not helpful
very helpful
​If you could change one thing about ​this page what would it be?​
Thank you for your answer! Your feedback is very important to us.
We are working hard to improve our product and could use your help!
We pay $30 for 30 minutes on the phone to hear your thoughts on what we can do better.
Please enter your email if you'd like to be contacted to help.

Please enter your name
Photo Credit: ©iStock.com/Kenneth Wiedemann
North Carolina Mortgage Rates Quick Facts
  • Average Home Value: $152,700 (zillow.com)
  • Loan Funding Rate: 59.6%
  • Average Mortgage Rate: 4%
  • Homeownership Rate: 65.2% (St. Louis Fed)
  • Average Annual Mortgage Payment: $6,999

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.

North Carolinian buyers can expect mortgage rates that are below the national average. Current 2016 mortgage rates are following that historical trend.

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

North Carolina Mortgages Overview

Tar Heel State home prices are cheaper overall than the rest of the nation, with the average home price of $197,025. This is below the nation’s average of $236,450, according to Zillow.

North Carolina Mortgage Rates

Single-Family Homes
Percentage of Homes87.70%
Average Property Value$138,330.69
Condominiums
Percentage of Homes4.50%
Average Property Value$134,441.69
PUD Homes
Percentage of Homes4.40%
Average Property Value$134,777.18
Townhomes
Percentage of Homes3.40%
Average Property Value$96,811.98

The conforming limits for North Carolina counties are mostly the standard $417,000, 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 $271,050 to $625,500.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Alamance$417,000$271,050
Alexander$417,000$271,050
Alleghany$417,000$271,050
Anson$417,000$271,050
Ashe$417,000$271,050
Avery$417,000$271,050
Beaufort$417,000$271,050
Bertie$417,000$271,050
Bladen$417,000$271,050
Brunswick$417,000$271,050
Buncombe$417,000$271,050
Burke$417,000$271,050
Cabarrus$417,000$280,600
Caldwell$417,000$271,050
Camden$625,500$625,500
Carteret$417,000$271,050
Caswell$417,000$271,050
Catawba$417,000$271,050
Chatham$417,000$350,750
Cherokee$417,000$271,050
Chowan$417,000$271,050
Clay$417,000$271,050
Cleveland$417,000$271,050
Columbus$417,000$271,050
Craven$417,000$271,050
Cumberland$417,000$271,050
Currituck$458,850$458,850
Dare$417,000$391,000
Davidson$417,000$271,050
Davie$417,000$271,050
Duplin$417,000$271,050
Durham$417,000$350,750
Edgecombe$417,000$271,050
Forsyth$417,000$271,050
Franklin$417,000$287,500
Gaston$417,000$280,600
Gates$458,850$458,850
Graham$417,000$271,050
Granville$417,000$271,050
Greene$417,000$271,050
Guilford$417,000$271,050
Halifax$417,000$271,050
Harnett$417,000$271,050
Haywood$417,000$271,050
Henderson$417,000$271,050
Hertford$417,000$271,050
Hoke$417,000$271,050
Hyde$483,000$483,000
Iredell$417,000$280,600
Jackson$417,000$271,050
Johnston$417,000$287,500
Jones$417,000$271,050
Lee$417,000$271,050
Lenoir$417,000$271,050
Lincoln$417,000$280,600
McDowell$417,000$271,050
Macon$417,000$271,050
Madison$417,000$271,050
Martin$417,000$271,050
Mecklenburg$417,000$280,600
Mitchell$417,000$271,050
Montgomery$417,000$271,050
Moore$417,000$271,050
Nash$417,000$271,050
New Hanover$417,000$271,050
Northampton$417,000$271,050
Onslow$417,000$271,050
Orange$417,000$350,750
Pamlico$417,000$271,050
Pasquotank$625,500$625,500
Pender$417,000$271,050
Perquimans$625,500$625,500
Person$417,000$271,050
Pitt$417,000$271,050
Polk$417,000$271,050
Randolph$417,000$271,050
Richmond$417,000$271,050
Robeson$417,000$271,050
Rockingham$417,000$271,050
Rowan$417,000$271,050
Rutherford$417,000$271,050
Sampson$417,000$271,050
Scotland$417,000$271,050
Stanly$417,000$271,050
Stokes$417,000$271,050
Surry$417,000$271,050
Swain$417,000$271,050
Transylvania$417,000$271,050
Tyrrell$417,000$271,050
Union$417,000$271,050
Vance$417,000$271,050
Wake$417,000$271,050
Warren$417,000$271,050
Washington$417,000$271,050
Watauga$417,000$271,050
Wayne$417,000$271,050
Wilkes$417,000$271,050
Wilson$417,000$271,050
Yadkin$417,000$271,050
Yancey$417,000$271,050

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, unless you are planning to pay cash, 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 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 4.19%.

North Carolina Jumbo Loan Rates

North Carolina county conforming loan limits are generally at $417,000 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 4.21%.

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 somewhere between one and 10 years, and when that period ends the rate can increase or decrease, but it will usually go up.

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 specific level in the loan’s terms, which protects 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 2.67%.

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

ResourceProblem or IssueWho QualifiesWebsite
North Carolina Housing Finance AgencyDown 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 loansOffers 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 ProgramRefinancing.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.

You are probably already aware 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 2015 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset