North Carolina Mortgage and Refinance Rates | Bankrate (2023)

Advertiser Disclosure

The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear, except where prohibited by law for our mortgage, home equity and other home lending products. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies.

Written by

Zach Wichter

Zach Wichter

On Sunday, August 27, 2023, the national average 30-year fixed mortgage APR is 7.63%. The national average 30-year fixed refinance APR is 7.85%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

On Sunday, August 27, 2023, the national average 30-year fixed mortgage APR is 7.63%. The national average 30-year fixed refinance APR is 7.85%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

  • Current mortgage rates in North Carolina
  • How to find the best mortgage rate in North Carolina for you
  • Mortgage options in North Carolina
  • First-time homebuyer programs in North Carolina
  • Additional North Carolina mortgage resources

Why choose Bankrate

Save over $2,300/year when you use Bankrate

Find mortgage rates 0.80% below the national average

Get connected with trusted lenders in under 2 minutes

The Bankrate Promise

Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.

Data points are accurate as of July 14th, 2023. Calculations are based on the comparison of Bankrate’s top offers on 30-year fixed purchase rates vs. the national average 30-year fixed purchase rate, assuming a $340,000 loan amount. The national average is calculated by averaging interest rate information provided by 100-plus lenders nationwide.

Current mortgage rates in North Carolina

As of Sunday, August 27, 2023, current interest rates in North Carolina are 7.62% for a 30-year fixed mortgage and 6.85% for a 15-year fixed mortgage.

While mortgage rates have leveled off some since jumping in 2022, today’s higher rate environment still makes housing affordability a challenge for North Carolina homebuyers, and refinances less desirable for homeowners. While mortgage rates are difficult to predict, many housing economists expect them to remain well above their historical lows for the foreseeable future.

Refinance rates in North Carolina

North Carolina borrowers who saw their home equity rise during the pandemic might be interested in refinancing their mortgage as a way to tap those funds. Check out Bankrate’s guide to cash-out refinancing to learn more.

How to find the best mortgage rate in North Carolina for you

When shopping for a mortgage, compare at least three loan offers — research shows this exercise can save you thousands of dollars over the life of a loan.

Bankrate can help you find the best mortgage deal. Here are some basic steps to securing a loan on favorable terms:

Step 1: Strengthen your credit score

Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your standing if needed. This means pulling your credit score and credit reports. You’re entitled to a free credit report from each of the three main reporting bureaus (Experian, Equifax and TransUnion), which you can get through

Step 2: Determine your budget

To find the right mortgage, you’ll need a good handle on how much house you can afford. That’s because a lender could qualify you for more mortgage than you need, or one that would max out your budget and leave no room for unexpected expenses.

Step 3: Know your mortgage options

There are a few different types of mortgages. Many lenders offer conventional loans that require as little as 3 percent down. FHA loans also have a low down payment threshold, while VA loans (for veterans) and USDA loans (for borrowers in rural areas) have no down payment requirement. If you’re in the market for a jumbo loan, check North Carolina’s county-by-county loan limits.

Step 4: Compare rates and terms from several lenders

Don’t settle on the first lender you talk to — rate-shop with at least three different banks or mortgage companies. You can look to your bank or other banks, credit unions, online lenders and local independents to ensure you’re getting the best deal on rates, fees and terms.

Step 5: Get preapproved for a mortgage

As you comparison-shop, keep in mind that getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Mortgage options in North Carolina

Known for its warm weather and diverse economy, North Carolina is attracting new residents at a dizzying pace. If you’re looking to get a mortgage in North Carolina, there are several options:

  • North Carolina conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
  • North Carolina FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
  • North Carolina VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which starts at 2.15 percent for homebuyers.

First-time homebuyer programs in North Carolina

The North Carolina Housing Finance Agency (NCHFA) offers options to help first-time homebuyers find low-interest mortgages and no-interest down payment assistance loans.

NC Home Advantage Mortgage

With anNC Home Advantage Mortgage, offered through the NCHFA, borrowers can get a fixed-rate mortgage coupled with down payment assistance up to $15,000. To qualify:

  • Your annual income must be $126,000 or less.
  • Your credit score must be 640 or higher.
  • You must be a legal resident of the U.S. and buying a home in North Carolina.
  • You must occupy the home as your primary residence within 60 days of closing.
  • You are applying for a qualifying mortgage through a participating lender.

The NC Home Advantage Mortgage is available for single-family homes, condos, duplexes and townhouses, as well as new manufactured homes if your credit score is 660 or higher.

NC 1st Home Advantage Down Payment

For NC Home Advantage Mortgage borrowers, the NCHFA also offers the1st Home Advantage Down Payment program, which is specifically for first-time homebuyers (defined as those who haven’t owned a home in the past three years) and military veterans.

Through this program, borrowers can get up to $15,000 to assist with the down payment in the form of a deferred, zero-percent second mortgage. The second mortgage is forgiven in 20 percent increments between years 11 and 15 of the loan term, and completely forgiven at the end of year 15.

NC Home Advantage Tax Credit

TheNC Home Advantage Tax Creditallows first-time homebuyers and military veterans to claim a federal tax credit for the interest on their mortgage through a Mortgage Credit Certificate (MCC). The credit is equal to 30 percent of the interest paid yearly for an existing home, or 50 percent of the interest paid yearly for a new-construction home. Borrowers can claim credits up to $2,000 per year through the program.

To claim this credit, borrowers must apply for the MCC through the NCHFA before buying their home.

Additional North Carolina mortgage resources

  • North Carolina first-time homebuyer resources
  • North Carolina loan limits by county
  • North Carolina mortgage lenders
  • North Carolina housing market overview
  • How to buy a house in North Carolina


Top Articles
Latest Posts
Article information

Author: Nathanael Baumbach

Last Updated: 26/07/2023

Views: 6242

Rating: 4.4 / 5 (75 voted)

Reviews: 82% of readers found this page helpful

Author information

Name: Nathanael Baumbach

Birthday: 1998-12-02

Address: Apt. 829 751 Glover View, West Orlando, IN 22436

Phone: +901025288581

Job: Internal IT Coordinator

Hobby: Gunsmithing, Motor sports, Flying, Skiing, Hooping, Lego building, Ice skating

Introduction: My name is Nathanael Baumbach, I am a fantastic, nice, victorious, brave, healthy, cute, glorious person who loves writing and wants to share my knowledge and understanding with you.