Today's Mortgage Rates in North Carolina (October 2024)
Updated: October 16, 2024
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Today's 30-year mortgage rate in North Carolina for a fixed mortgage hovers at 5.85%. The national average rate for the same type of mortgage is 6.40%. Those considering buying a home in North Carolina can explore state-specific programs, such as the NC Home Advantage Mortgage and the NC 1st Home Advantage Down Payment, to potentially reduce the costs associated with a mortgage.
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 on October 2024.
In October 2024, the current mortgage rate in North Carolina for a 30-year fixed-rate mortgage averages 5.9%, down from 6.0% the previous month. If you took out a $250,000 loan with a 20% down payment, this dip could mean savings of around $8,120 in total interest over the life of your loan, not accounting for property taxes or HOA fees.
Rates often change over time. Our line chart demonstrates rate trends over recent months, providing a visual guide to rate changes.
Understanding the current mortgage rate in North Carolina helps you budget for a future home purchase. Rates update regularly due to market dynamics and Federal Reserve actions, affecting your monthly payments.
Understanding today's mortgage interest rates in North Carolina is advantageous for both 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, homeowners in North Carolina can consider a mortgage refinance.
Current mortgage rates in North Carolina can differ for new home purchases and refinancing existing loans. For instance, the average APR for a 30-year fixed mortgage if you're buying a home is currently 5.85%, whereas for refinancing, the rate is 5.91%. This shows a distinct difference in the financial impact for new buyers compared to those looking to refinance.
A 30-year fixed-rate mortgage typically offers a higher rate than a 15-year one. Lenders charge more for the extended time frame because it increases the chances of rate fluctuation and non-payment. Selecting the right mortgage loan type can shape the rate you get in North Carolina.
To see rates that match your financial needs, consider exploring mortgage loan types in North Carolina. Use a mortgage calculator to estimate your monthly payments and to understand how your rate affects them. This tool can help you plan your budget effectively, giving you a clearer picture of your potential home loan expenses.
| 4.98% | 5.13% |
An interest rate reflects the yearly cost to borrow money on a mortgage. If you're looking at a 30-year fixed-rate mortgage in North Carolina, the average mortgage interest rate is 5.78%.
APR, or 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 5.85%, giving you a more comprehensive view of yearly loan costs.
If you're in North Carolina with a credit score of 740 or higher and make a 5% to 20% down payment, the average APR for a 30-year fixed mortgage is 6.56%. A credit score under 680 bumps the average APR to 7.07%.
Your credit score affects the mortgage rates you may qualify for in North Carolina. We've put together an interactive table to show you the possible rates based on your credit score and down payment amount:
| 10-year Fixed | 4.87% |
| 15-year Fixed | 5.17% |
| 20-year Fixed | 5.95% |
| 30-year Fixed | 6.21% |
| 5-year ARM | 7.33% |
| 7-year ARM | 7.30% |
In October 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in North Carolina. Knowing your options can aid in making a wise choice when you're in the market for a mortgage. The table below provides an overview of mortgage loan types available in North Carolina.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in North Carolina |
|---|---|---|---|
Conventional Loans | A conventional loan in North Carolina is a mortgage not insured by the government. | Conventional loans offer competitive rates based on credit scores and down payment amounts. | 5.85% |
FHA Loans | FHA loans in North Carolina are insured by the Federal Housing Administration. | FHA loans typically feature lower rates for buyers with lower credit scores or smaller down payments. | 7.63% |
VA Loans | VA loans in North Carolina are backed by the Department of Veterans Affairs for eligible service members. | VA loans tend to have lower interest rates due to government backing lowering lender risk. | 5.61% |
USDA Loans | USDA loans in North Carolina are geared towards rural homebuyers and backed by the USDA. | USDA loans often offer below-market rates for qualified rural and suburban homebuyers. | currently unavailable |
Jumbo Loans | Jumbo loans in North Carolina are for loan amounts exceeding conforming loan limits. | Jumbo loans might carry higher rates due to the larger amount borrowed and increased lender risk. | 6.11% |
Mortgage rates in North Carolina include fixed and adjustable options.
As of October 2024, the average APR in North Carolina for a 30-year fixed-rate loan is 5.85%, and for a seven-year ARM, it's 7.17%.
LoanDepot, Lower and Rocket are solid options for securing a mortgage in North Carolina. We chose these lenders because of their state availability, Better Business Bureau accreditation and homeowner assistance programs. Keep in mind there are additional lenders that could be a fit for your situation.
The mortgage rate you'll find in North Carolina can vary widely among lenders as each sets its own rates and loan terms. You can find the most favorable deal for your mortgage by comparing offers from various mortgage lenders.
LoanDepot is a strong choice for borrowers in North Carolina, serving both online and in-person needs. It offers a range of mortgage options, including fixed-rate and adjustable-rate loans. For an FHA loan, applicants need a minimum credit score of 580. You can contact customer service from Monday to Friday from 10 a.m. to 9 p.m. ET across phone and email support channels.
Affordable housing support is part of its service, with programs like Loss Mitigation Assistance for homeowners in need. A conventional loan requires a 5% minimum down payment. FHA loans might be more accessible, with the down payment dipping as low as 3.5% unless the credit score falls below 580, in which case it goes up to 10%. VA and USDA loans are also available with no down payment, broadening options for various buyers.
Pros
Cons
Rocket offers various loans in North Carolina, including FHA and conventional options. The FHA loan is a bit more flexible, requiring a minimum credit score of 580, while the conventional loan requires a score of 620. As for down payments, an FHA loan needs at least 3.5%, whereas a conventional loan can be obtained with a down payment as low as 3%, making homeownership accessible for many first-time buyers.
Rocket provides customer service Monday to Friday from 8:30 a.m. to 9:00 p.m. ET and on Saturday from 9:00 a.m. to 4:00 p.m. ET. Support is reachable by phone or chat, offering convenience and quick responses to inquiries. It also offers programs like HomeReady and HomePossible, designed to make the path to homeownership smoother. Rocket takes pride in its ONE+ program, which provides an innovative way to help buyers with down payments.
Pros
Cons
Lower offers mortgage products exclusively online. Its products include conventional and FHA loans, two of the most popular mortgage types. Both options require a minimum credit score of 580, making them accessible to a wider audience. Lower doesn't disclose the minimum down payment upfront, meaning potential borrowers will need to interact directly for this detail.
Lower provides customer service from Monday through Friday, 9 a.m. to 5 p.m. ET, through both phone and text channels, ensuring borrowers can receive assistance during traditional business hours. Lower also supports homeowners with its unique Buy Before You Sell program. According to MoneyGeek's analysis, it stands out as the top HELOC lender for most states, indicating its strong position in the competitive lending landscape.
Pros
Cons
Owning a home goes beyond monthly payments — be ready for the hidden costs of homeownership that can impact your budget. In North Carolina, you can find support through the North Carolina Housing Finance Agency, which provides mortgage programs to assist you.
Program | Description |
|---|---|
NC Home Advantage Mortgage | The NC Home Advantage Mortgage helps first-time and move-up buyers. Get a fixed-rate mortgage with up to 3% down payment help. Qualifying vets or first-timers may get an additional $15,000. After 15 years, repayments are forgiven. The tax credit could yield up to $2,000 in yearly savings. Requirements include a 640 credit score, income under $134,000 and occupancy within 60 days. |
NC 1st Home Advantage Down Payment | The NC 1st Home Advantage Down Payment is targeted at first-time buyers and vets. Secure up to $15,000 for your down payment, interest-free, forgiven after year 15. You must have a 640 credit score and occupy the house within 60 days. It supports various home types, boosting the path to owning a home. |
NC Home Advantage Tax Credit | The NC Home Advantage Tax Credit works for first-time purchasers and vets. Obtain a Mortgage Credit Certificate to save $2,000 on federal taxes every year. You must secure it with your mortgage, move in within 60 days and have your loan approved. It can adjust your take-home pay, facilitating mortgage payments. |
Understanding today's mortgage rates in North Carolina can help you make informed decisions about buying a home. We address the commonly asked questions borrowers have about securing a mortgage in North Carolina.
Current average APRs in North Carolina are influenced by several variables, such as loan type. For instance, as of October 2024, a 30-year fixed conforming loan has an average APR of 5.85%, and a seven-year ARM jumbo loan posts an average APR of 7.03%. Other factors also play a role in determining these rates.
As of October 2024, North Carolina's current average APRs for a 30-year fixed mortgage and a five-year adjustable rate are 5.85% and 7.23%, respectively. Comparatively, the national averages stand at 6.40% for a 30-year fixed and 7.92% for a five-year ARM during the same period.
Your credit score significantly determines the mortgage rates you qualify for. Low mortgage rates are usually offered to borrowers with higher credit scores in North Carolina.
Yes, there are several mortgage programs in North Carolina, such as NC Home Advantage Mortgage, NC 1st Home Advantage Down Payment and NC Home Advantage Tax Credit, designed to assist homebuyers.
To secure the best mortgage rate in North Carolina, consider putting in a larger down payment, maintaining a high credit score and shopping around with multiple lenders for competitive rate offers.
As of October 2024, the average refinance rates in North Carolina for a 30-year fixed and a 15-year fixed-rate loan are 5.91% and 5.24%, respectively. Find more information at today's refinance rates in North Carolina.
You can calculate your mortgage payments using a mortgage calculator for North Carolina, which will provide you with an estimate based on loan amount, interest rate and other factors.
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.
