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Mortgage rates in North Carolina

Rates historically align with the national average.

Updated

Fact checked

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.

Compare mortgage lenders in North Carolina

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.

Compare more mortgage lenders

Name Product Loan products offered State availability Min. credit score
Better.com
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
620
Online preapproval in minutes and no origination fees with this direct lender.
Axos Bank
Conventional, Jumbo, FHA, VA, Home Equity/HELOC, Refinance
Available in all states
620
Purchase, refinance, and home equity options available with lender fees as low as $0 (restrictions apply).
LoanDepot
Conventional, Jumbo, FHA, VA, Home Equity, Refinance
Available in all states
620
Access a wide range of mortgage and home equity options in person or online with this direct lender.
LendingTree
Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance
Available in all states
620
Connect with vetted home loan lenders quickly through this online marketplace.
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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.

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:

  1. 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.
  2. 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.
  3. 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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