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North Carolina Mortgage Rates

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Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders 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 right in line with national average rates. The state's county-level conforming loan and FHA limits are mostly standard, though there are some exceptions.

Today's Mortgage Rates in North Carolina

Product Today Last Week Change
30 year fixed 3.97% 3.83% +0.14
15 year fixed 3.25% 3.34% -0.09
5/1 ARM 3.00% 3.00% 0.00
30 yr fixed mtg refi 3.88% 3.79% +0.08
15 yr fixed mtg refi 3.25% 3.34% -0.09
7/1 ARM refi 3.63% 3.63% 0.00
15 yr jumbo fixed mtg refi 3.26% 3.63% -0.36

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Historical Mortgage Rates in North Carolina

Photo Credit: ©iStock.com/Kenneth Wiedemann

North Carolina Mortgage Rates Quick Facts

  • Median Home Value: $161,000 (U.S. Census Bureau)
  • Loan Funding Rate: 51.74% (CFPB)
  • Average Mortgage Rate: 4.58% (FHFA)
  • Homeownership Rate: 65.2% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,290 (U.S. Census Bureau)

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.

As for the mortgage market here, North Carolinian buyers can expect mortgage rates that are even with national averages.

A financial advisor in North Carolina can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

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
20174.024.03
20184.584.56

North Carolina Mortgages Overview

Tar Heel State home prices are cheaper overall than the rest of the nation, with the median home sale price of $205,300. This is below the nation’s median of $237,000, according to Zillow data.

The conforming limits for North Carolina counties are mostly the standard $510,400, with a handful of others that sit at $625,500. There is more variation among the counties’ FHA loan limits, which range from $331,760 to $765,600.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Alamance$510,400$331,760
Alexander$510,400$331,760
Alleghany$510,400$331,760
Anson$510,400$331,760
Ashe$510,400$331,760
Avery$510,400$331,760
Beaufort$510,400$331,760
Bertie$510,400$331,760
Bladen$510,400$331,760
Brunswick$510,400$331,760
Buncombe$510,400$331,760
Burke$510,400$331,760
Cabarrus$510,400$331,760
Caldwell$510,400$331,760
Camden$625,500$458,850
Carteret$510,400$331,760
Caswell$510,400$331,760
Catawba$510,400$331,760
Chatham$510,400$414,000
Cherokee$510,400$331,760
Chowan$510,400$331,760
Clay$510,400$331,760
Cleveland$510,400$331,760
Columbus$510,400$331,760
Craven$510,400$331,760
Cumberland$510,400$331,760
Currituck$510,400$458,850
Dare$510,400$391,000
Davidson$510,400$331,760
Davie$510,400$331,760
Duplin$510,400$331,760
Durham$510,400$414,000
Edgecombe$510,400$331,760
Forsyth$510,400$331,760
Franklin$510,400$353,050
Gaston$510,400$331,760
Gates$510,400$458,850
Graham$510,400$331,760
Granville$510,400$414,000
Greene$510,400$331,760
Guilford$510,400$331,760
Halifax$510,400$331,760
Harnett$510,400$331,760
Haywood$510,400$331,760
Henderson$510,400$331,760
Hertford$510,400$331,760
Hoke$510,400$331,760
Hyde$510,400$483,000
Iredell$510,400$331,760
Jackson$510,400$331,760
Johnston$510,400$353,050
Jones$510,400$331,760
Lee$510,400$331,760
Lenoir$510,400$331,760
Lincoln$510,400$331,760
Mcdowell$510,400$331,760
Macon$510,400$331,760
Madison$510,400$331,760
Martin$510,400$331,760
Mecklenburg$510,400$331,760
Mitchell$510,400$331,760
Montgomery$510,400$331,760
Moore$510,400$331,760
Nash$510,400$331,760
New Hanover$510,400$331,760
Northampton$510,400$331,760
Onslow$510,400$331,760
Orange$510,400$414,000
Pamlico$510,400$331,760
Pasquotank$625,500$765,600
Pender$510,400$331,760
Perquimans$625,500$765,600
Person$510,400$414,000
Pitt$510,400$331,760
Polk$510,400$331,760
Randolph$510,400$331,760
Richmond$510,400$331,760
Robeson$510,400$331,760
Rockingham$510,400$331,760
Rowan$510,400$331,760
Rutherford$510,400$331,760
Sampson$510,400$331,760
Scotland$510,400$331,760
Stanly$510,400$331,760
Stokes$510,400$331,760
Surry$510,400$331,760
Swain$510,400$331,760
Transylvania$510,400$331,760
Tyrrell$510,400$331,760
Union$510,400$331,760
Vance$510,400$331,760
Wake$510,400$353,050
Warren$510,400$331,760
Washington$510,400$331,760
Watauga$510,400$331,760
Wayne$510,400$331,760
Wilkes$510,400$331,760
Wilson$510,400$331,760
Yadkin$510,400$331,760
Yancey$510,400$331,760

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 rate for a fixed 30-year mortgage is 3.80%.

North Carolina Jumbo Loan Rates

North Carolina county conforming loan limits are generally at $510,400 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 4.11%.

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 4.01%.

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 Qualifies
North Carolina Housing Finance AgencyDown payment assistance and Mortgage Credit Certificate.First-time homebuyers, move-up homebuyers and military veterans.
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.

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 per $500, or 0.20%. 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.

Homeowners in North Carolina used to have the Home Affordable Refinance Program (HARP) to help them refinance. However, it has now been retired, with the High Loan-to-Value Refinance Option from Fannie Mae taking over.

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 2017 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset