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North Carolina Mortgage Rates

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North Carolina Mortgage Rates

Comparing North Carolina Mortgage Rates with National Rates

In order to help you see how North Carolina mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in North Carolina

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in North Carolina

In order to qualify for the best mortgage rates in North Carolina it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for North Carolina

North Carolina is the ninth most populous US state. According to the US census, as of 2017, there is an estimated population of over 10.1 million residents, which represents 3.1% of the US population. The city of Charlotte, North Carolina is a major banking center in the United States, housing two of the four major banks.

Here are some outside resources that can help you understand the North Carolina mortgage environment:

  1. FHA loan amounts in North Carolina: (note:set the table to North Carolina) There are 100 counties in the state of North Carolina of which 3% of the single family units meet the Highest loan limit, currently at $636,150. 78% of the counties are at the Standard loan limit, currently at $275,665. The remaining 19% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for North Carolina and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, there are 94% of the counties that fit this category. None of the counties have the Highest Loan limit of $636,150. The remaining 6% are between those two limits.
  3. North Carolina First Home Buyer Programs: The North Carolina Housing Finance Agency has a number of loan programs including, down payment assistance programs and a Mortgage Credit Certificate tax Credit Program. According to their website: "Our products include the NC Home Advantage Mortgage™, which offers down payment assistance up to 5% of the loan amount. And if you are a first-time home buyer or a military veteran, you may be able to boost your savings with a Mortgage Credit Certificate that can save you up to $2,000 on your income taxes every year!".
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for North Carolina

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages 

Check out some differences between North Carolina and the US:

  • Mortgage Rates  in North Carolina
  • Mortgage Fees in Three MSAs in North Carolina
  • Loan Amount in North Carolina for Three MSAs

 

Mortgage Rates for Conventional Loans in North Carolina vs USA

 

Mortgage Fees for Conventional Loans  North Carolina vs USA

Purchase Pricer Conventional Loans in North Carolina vs USA

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