Today's 30-year fixed mortgage rate in North Carolina is 6.7%, below the national average of 7.15%. Homebuyers can explore programs like the NC Home Advantage Mortgage and the NC 1st Home Advantage Down Payment to reduce mortgage costs.
Mortgage
Today's Mortgage Rates in North Carolina (November 2024)
Updated: November 21, 2024
Advertising & Editorial Disclosure
MoneyGeek used publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for North Carolina. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated in November 2024.
Current Mortgage Rates in North Carolina
In November 2024, the current mortgage rate in North Carolina for a 30-year fixed-rate mortgage averages 6.7%, up from 5.85% the previous month. For a $250,000 loan with a 20% down payment, this rate increase could add about $43,827 to your total interest cost over the life of your loan, excluding property taxes or HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve policies. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current mortgage rates in North Carolina helps you budget for a future home purchase.
Who Needs to Know Current Mortgage Rates in North Carolina?
Understanding today's mortgage interest rates in North Carolina is advantageous for first-time homebuyers and seasoned investors navigating the housing market:
First-time homebuyers
First-time homebuyers in North Carolina can use current mortgage rates to compare offers and spot competitive rates.
Homeowners with mortgages
If current rates are lower than what they pay, North Carolina homeowners can consider a mortgage refinance.
In North Carolina, mortgage rates for new home purchases and refinancing show slight differences. The average APR for a 30-year fixed mortgage is 6.7% for new home purchases and 6.71% for refinancing.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in North Carolina by Loan Type
A 30-year fixed-rate mortgage usually has a higher rate than a 15-year loan due to the extended time frame, which increases the risk for lenders.
Selecting the right mortgage types in North Carolina can influence your rate. Use a mortgage calculator to estimate monthly payments and better understand how your rate impacts them, helping you plan your budget.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 5.90% | 6.09% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
An interest rate reflects the yearly cost to borrow money on a mortgage. The average interest rate for a 30-year fixed-rate mortgage in North Carolina is 6.63%.
An APR (annual percentage rate) captures the interest rate, lender fees and mortgage points included in your loan. North Carolina's average APR for a 30-year fixed-rate mortgage is 6.7%, giving you a more comprehensive view of yearly loan costs.
Current Mortgage Rates in North Carolina by Credit Score
With a credit score of 740 or higher and a 5% to 20% down payment, the average APR for a 30-year fixed mortgage in North Carolina is 7.26%. A credit score under 680 bumps the average APR to 7.48%.
Your credit score affects the mortgage rates you may qualify for. Check the table below for the possible rates based on your credit score and down payment amount:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:740 or higher
Down Payment:
Down Payment:5% to 20%
| 10-year Fixed | 6.10% |
| 15-year Fixed | 6.15% |
| 20-year Fixed | 7.37% |
| 30-year Fixed | 7.26% |
| 5-year ARM | 7.81% |
| 7-year ARM | 8.02% |
Mortgage Types in North Carolina
In November 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in North Carolina, at 6.27%. Knowing your options can help you make a wise choice when looking for a mortgage. The table below provides an overview of mortgage types in North Carolina.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in North Carolina |
|---|---|---|---|
Conventional loans | Conventional loans aren't guaranteed or insured by government agencies and are the most common. | Credit score and down payment size impact rates. | 6.7% |
FHA loans | FHA loans are insured by the Federal Housing Administration and allow lower down payments. | Government backing impacts rates, allowing for more lenient lending standards. | 6.7% |
VA loans | VA loans are backed by the Department of Veterans Affairs, exclusive to military members. | Rates are lower due to the backing of the Department of Veterans Affairs. | 6.27% |
USDA loans | USDA loans are for rural homebuyers and backed by the United States Department of Agriculture. | Rates are more favorable due to government incentives to develop rural areas. | currently unavailable |
Jumbo loans | Jumbo loans exceed the loan limits set by the Federal Housing Finance Agency and aren't covered by conventional lenders. | Rates may be higher due to the increased risk lenders take on with larger loan amounts. | 6.7% |
MORTGAGE RATE STRUCTURES IN NORTH CAROLINA
Mortgage rates are either fixed or adjustable.
- Fixed mortgage rates don't change, leading to stable monthly mortgage payments.
- Adjustable mortgage rates often start lower than fixed rates, allowing possible payment reductions when rates drop.
As of November 2024, the average APR in North Carolina for a 30-year fixed-rate loan is 5.85%, and for a seven-year adjustable-rate mortgage, it's 7.17%.
Mortgage Lenders in North Carolina
LoanDepot, Rocket Mortgage and Lower are solid options for securing a mortgage in North Carolina because of their state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. Another lender could be a fit for your situation.
Mortgage rates in North Carolina can vary widely among lenders, each setting its own rates and loan terms. You can find the most favorable deal by comparing offers from various lenders.
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
LoanDepot offers online and in-person services and various mortgage options, including fixed-rate and adjustable-rate loans. The minimum credit score for an FHA loan is 580. Conventional loans require a 5% down payment, while FHA loans start at 3.5% (or 10% for credit scores under 580). VA and USDA loans offer no down payment options.
Phone and email support is available Monday through Friday, 10 a.m. to 9 p.m. ET. LoanDepot also supports affordable housing with programs like Loss Mitigation Assistance.
Pros
- Interactive mortgage calculator available
- Online prequalification option
- A+ BBB-accredited company
Cons
- Limited mortgage product options
- Weekend customer support unavailable
- Rocket
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours
Rocket Mortgage offers various loans, including FHA and conventional options. FHA loans require a minimum credit score of 580, while conventional loans need a score of 620. Down payments start at 3.5% for FHA loans and 3% for conventional loans, making homeownership more accessible for first-time buyers.
Customer service is available via phone or chat Monday through Friday, 8:30 a.m. to 9:00 p.m. ET, and Saturday from 9:00 a.m. to 4:00 p.m. ET. The lender also offers programs like HomeReady, HomePossible and ONE+ to assist with down payments and support buyers in achieving homeownership.
Pros
- Online prequalification available
- Homebuyer programs through partnership
- 2% down payment coverage on certain terms
Cons
- No physical branches
- No USDA loans
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower offers mortgage products exclusively online, including conventional and FHA loans, both requiring a minimum credit score of 580. Down payment details aren't disclosed upfront, so borrowers must inquire directly.
Customer service is available via phone and text Monday through Friday, 9 a.m. to 5 p.m. ET. Lower also supports homeowners with its Buy Before You Sell program and is a top HELOC lender in many states.
Pros
- Online prequalification available
- Buy Before You Sell program
- Extensive FAQ section
Cons
- No exclusive mortgage products
- Loan advisor call necessary
- No in-person support
Mortgage Programs in North Carolina
Owning a home goes beyond monthly payments — be ready for the hidden costs of homeownership that can impact your budget. You can find support through the North Carolina Housing Finance Agency, which provides mortgage programs to assist you.
Program | Description |
|---|---|
Aids first-time and move-up buyers with a fixed-rate mortgage and up to 3% down payment assistance. Qualifying veterans or first-timers can receive an additional $15,000, with repayment forgiven after 15 years. The tax credit may provide up to $2,000 in annual savings. Requirements include a 640 credit score, income under $134,000 and occupancy within 60 days. | |
Helps first-time buyers and veterans with up to $15,000 for a down payment. The loan is interest-free and forgiven after 15 years. You need a 640 credit score to qualify and occupy the home within 60 days. The program supports various home types. | |
Provides a Mortgage Credit Certificate to first-time buyers and veterans, saving up to $2,000 annually on federal taxes. To qualify, you must secure it with your mortgage, move in within 60 days and have your loan approved. It can increase your take-home pay, making mortgage payments more manageable. |
FAQ: Mortgage Rates in North Carolina
Understanding today's mortgage rates can help you make informed homebuying decisions. We address common questions about securing a mortgage in North Carolina.
What are the current mortgage rates in North Carolina?
Current average APRs in North Carolina vary by loan type, credit history and down payment size. As of November 2024, a seven-year adjustable-rate mortgage (ARM) has an average APR of 7.32%, and a 30-year fixed rate for conforming loans is typically 6.7%.
How do mortgage rates in North Carolina compare to national rates?
As of November 2024, the average APR in North Carolina for a 30-year fixed-rate mortgage is 6.7%, compared to 7.15% nationally. For a five-year ARM, the state average APR is 7.41%, while nationally, it's 7.97%.
How does my credit score impact the mortgage rates I get in North Carolina?
Your credit score significantly influences the rates you receive. A higher credit score can help secure lower mortgage rates, as it indicates to lenders that you're a lower-risk borrower.
Are there any special mortgage programs in North Carolina to help homebuyers?
North Carolina offers mortgage programs to assist homebuyers, such as the NC Home Advantage Mortgage, the NC 1st Home Advantage Down Payment program and the NC Home Advantage Tax Credit.
How can I get the best possible mortgage rate in North Carolina?
To get the best possible mortgage rate in North Carolina, consider a larger down payment, maintain a strong credit history and compare offers from multiple lenders.
What are today's mortgage refinance rates in North Carolina?
Today's refinance rates in North Carolina as of November 2024 are 6.71% for a 30-year fixed and 5.86% for a 15-year fixed rate loan.
How do I calculate my mortgage payments?
To calculate your mortgage costs, use a mortgage calculator for North Carolina. This tool lets you input various loan details to estimate your monthly payments.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- North Carolina Housing Finance Agency. "NC 1st Home Advantage Down Payment." Accessed November 11, 2024.
- North Carolina Housing Finance Agency. "NC Home Advantage Mortgage." Accessed November 11, 2024.
- North Carolina Housing Finance Agency. "NC Home Advantage Tax Credit." Accessed November 11, 2024.