Today's Mortgage Rates in North Carolina

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Updated: July 16, 2024

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Today's 30-year mortgage rate in North Carolina for a fixed mortgage hovers at 6.95%. The national average rate for the same type of mortgage sits at 6.90%. For those considering buying a home in North Carolina, state-specific programs like the NC Home Advantage Mortgage and the NC 1st Home Advantage Down Payment can be explored to potentially reduce the costs associated with a mortgage.

We'll help you navigate today's 30-year mortgage rate in North Carolina by outlining how rates differ by loan type and credit score. You'll receive insights into the variety of mortgage structures and lenders operating within the state, complemented by detailed guidance on mortgage programs that are unique to North Carolina.

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).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in North Carolina

In July 2024, the current mortgage rate in North Carolina for a 30-year fixed-rate mortgage averages at 6.95%, up from 6.70% the previous month — an increase of 25 basis points. If you took out a $250,000 loan with a 20% down payment, this hike could mean an additional $12,002 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.

Current Mortgage Rates in North Carolina (Jan to May

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.

Who Needs to Know Current Mortgage Rates in North Carolina?

Understanding today's mortgage interest rates in North Carolina is advantageous for both first-time homebuyers and seasoned investors navigating the housing market:

    coupleG icon

    First-time homebuyers

    First-time homebuyers in North Carolina can use current mortgage rates to compare offers and spot competitive rates.

    homeowner icon

    Homeowners with mortgages

    Homeowners in North Carolina can consider a mortgage refinance if current rates are lower than what they currently pay.

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 6.95% — whereas for refinancing, the rate sits at 8.13%. This shows a distinct difference in the financial impact for new buyers compared to those looking to refinance.

Current Mortgage Rates in North Carolina by Loan Type

A 30-year fixed-rate mortgage typically offers a higher rate than a 15-year fixed-rate mortgage. Lenders charge more for the extended timeframe 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.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.72%APR5.90%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

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 6.88%.

APR, or Annual Percentage Rate, captures not just the interest rate but also lender fees and mortgage points included in your loan. North Carolina's average APR for a 30-year fixed-rate mortgage is pegged at 6.95%, giving you a more comprehensive view of yearly loan costs.

Current Mortgage Rates in North Carolina by Credit Score

If you're in North Carolina with a sterling credit score of 740 or higher and put down 5% to 20%, you'll see the average APR for a 30-year fixed mortgage at 7.47%. A lower credit score under 680 bumps the average APR to 7.87%.

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:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR5.66%
15-year FixedAPR6.31%
20-year FixedAPR6.91%
30-year FixedAPR7.05%
5-year ARMAPR7.84%
7-year ARMAPR7.63%

Mortgage Types in North Carolina

In July 2024, 30-Year Fixed Rate VA loans have the lowest average APR for 30-year fixed rate mortgages in North Carolina at 6.46%. Knowing your options can aid in making a wise choice when you're in the market for a mortgage. Look at the table below for an overview of mortgage loan types available in North Carolina:

Mortgage Option
Definition
Impact on Rates
Current 30-Year APRs in North Carolina

Conventional Loans

Conventional loans in North Carolina are not insured by government entities.

Your credit score and down payment size can influence your rate on a conventional loan.

6.95%

FHA Loans

FHA loans in North Carolina are backed by the Federal Housing Administration.

FHA loans typically offer lower rates for borrowers with less-than-perfect credit.

7.05%

VA Loans

VA loans in North Carolina are backed by the Department of Veterans Affairs.

VA loans often have competitive rates due to government backing, reducing lender risk.

6.46%

USDA Loans

USDA loans in North Carolina are backed by the US Department of Agriculture.

USDA loans offer low rates for eligible rural and suburban homebuyers with low income.

currently unavailable

Jumbo Loans

Jumbo loans in North Carolina exceed conforming loan limits set by the FHFA.

Jumbo loans may have higher rates due to the larger loan amounts and increased risk.

7.01%

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MORTGAGE RATE STRUCTURES IN NORTH CAROLINA

Mortgage rates in North Carolina include fixed and adjustable options.

  • Fixed mortgage rates lock you into a rate that doesn'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 July 2024, for a 30-year fixed rate loan, the average APR in North Carolina is 6.95% and for a 7-year ARM, it's 7.51%.

Mortgage Lenders in North Carolina

Loan Depot, Lower and Rocket stand out as solid options for securing a mortgage in North Carolina. We chose these lenders for 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. By comparing offers from various mortgage lenders, including the aforementioned companies, you can find the most favorable deal for your mortgage.


  • Loan Depot
    • 3Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 10 am to 9 pm ETCustomer Service Hours

    Loan Depot is a 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. Looking at the financials, 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

    • Interactive mortgage calculator available
    • Online prequalification option
    • A+ BBB-accredited company

    Cons

    • Limited mortgage product options
    • Weekend customer support unavailable
    Loan Depot

  • 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 is a mortgage lender that offers a variety of loans in North Carolina. Available loans include 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% down 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 offers an innovative way to help buyers with down payments.

    Pros

    • Online prequalification available
    • Homebuyer programs through partnership
    • 2% downpayment coverage on certain terms

    Cons

    • No physical branches available to potential home buyers
    • Does not offer USDA loans
    Rocket

  • 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. Its products include conventional and FHA loans, which are 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. It stands out as the top HELOC lender for most states, according to MoneyGeek's analysis, indicating its strong position in the competitive lending landscape.

    Pros

    • Online prequalification available
    • Buy Before You Sell program offered
    • Extensive FAQ section available

    Cons

    • No exclusive mortgage products
    • Loan advisor call necessary
    • No in-person support
    Lower.com

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. 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 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 a variety of 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.

FAQ: Mortgage Rates in North Carolina

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.

What are the current mortgage rates in North Carolina?
How do mortgage rates in North Carolina compare to national rates?
How does my credit score impact the mortgage rates I get in North Carolina?
Are there any special mortgage programs in North Carolina to help homebuyers?
How can I get the best possible mortgage rate in North Carolina?
What are today's mortgage refinance rates in North Carolina?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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