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Mortgage rates in North Carolina
Rates historically align with the national average.
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Mortgage rates during the coronavirus
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
In 2018, the average 30-year conventional mortgage saw rates as high as 4.7% in places like Asheville and Charlotte, North Carolina. In 2020, rates in North Carolina are expected to hold around 4% in 2020.
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How much do North Carolina rates vary?
In 2018, North Carolina’s 30-year fixed-rate mortgages ranged from 4.576% for VA loans to 4.862% for FHA, with Conventional and USDA falling somewhere in the middle. But these government-backed options aren’t for everyone. Though they offer breaks on down payments and interest rates, they often come with strict qualifications for you or your property.
2018 average rates in North Carolina by loan type
| Loan type | 15-year average rate | 30-year average rate |
|---|---|---|
| Conventional | 4.260% | 4.705% |
| FHA | 4.250% | 4.862% |
| VA | 3.919% | 4.576% |
| USDA | Not available | 4.633% |
Rates based on data from ffiec.cfpb.gov.
Suppose you’re a veteran that qualifies for a 30-year VA loan for $235,000. With a fixed-rate of 4.576%, your mortgage payments could be around $1,200 every month, not considering taxes and fees. A conventional loan for the same loan amount and term with a higher rate at 4.705% might have cost you $1,220 monthly.
Though the monthly difference might only be $20, it could mean savings $6,530 in interest over the life of the loan.
Which way are rates trending in North Carolina?
Average mortgage rates in the Tar Heel state are likely to stick at the 4% level in 2020.
Rates in North Carolina generally correspond with the national average, straying an average of 0.008% within the last five years. Bankrate chief financial analyst Greg McBride predicts national mortgage rates will hover around 4%, with North Carolina rates following suit.
Compare mortgage rates throughout North Carolina
We dug into the numbers from the Home Mortgage Disclosure Act to project what the average 30-year fixed-rate mortgage might cost you in different metropolitan regions in North Carolina. These estimates exclude taxes and fees associated with your specific loan.
| Metropolitan statistical area (MSA) | Average mortgage rate | Median loan amount | Estimated monthly cost |
|---|---|---|---|
| Asheville | 4.703% | $215,000 | $1,120 |
| Burlington | 4.803% | $175,000 | $920 |
| Charlotte MSA (Anson, Cabarrus, Gaston, Iredell, Lincoln Mecklenburg, Rowan, Union Counties) | 4.719% | $225,000 | $1,170 |
| Durham-Chapel Hill | 4.643% | $235,000 | $1,210 |
| Fayetteville | 4.691% | $165,000 | $850 |
| Goldsboro | 4.681% | $165,000 | $850 |
| Greensboro-High Point | 4.794% | $165,000 | $870 |
| Greenville | 4.749% | $155,000 | $810 |
| Hickory-Lenoir-Morganton | 4.787% | $145,000 | $760 |
| Jacksonville | 4.655% | $165,000 | $850 |
| Myrtle Beach MSA (Brunswick County) | 4.669% | $195,000 | $1,010 |
| New Bern | 4.691% | $155,000 | $800 |
| Raleigh-Cary | 4.651% | $245,000 | $1,260 |
| Rocky Mount | 4.823% | $145,000 | $760 |
| Newport News MSA (Camden, Currituck, Gates Counties) | 4.678% | $265,000 | $1,370 |
| Wilmington | 4.646% | $225,000 | $1,160 |
| Winston-Salem | 4.783% | $155,000 | $810 |
Rates and prices based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in North Carolina
Follow these steps so you can qualify for a better rate on your next mortgage:
- Compare loan products. Lenders typically offer a variety of loan programs, each with specific criteria and rates. Thoroughly research each program to see what rates and products you qualify for.
- Boost your credit. Strong credit profiles tend to receive the best rates from lenders. Before applying for a loan, take the time to pay off outstanding debts and improve your credit score. This increases your chances of qualifying for a better rate.
- Plan for closing costs. Lenders in North Carolina usually charge between 0.79% and 1.18% of the total purchase price of a home in closing costs. Some lenders exchange lower rates for higher closing costs. Consider your closing costs and interest rate together when choosing your lender.
Historical mortgage interest rates in North Carolina
Bottom line
Average mortgage rates in North Carolina almost always follow the national average. This trend is expected to continue through 2020. Compare lenders and mortgages to find the right lender for your borrowing needs.
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