North Carolina Mortgage and Refinance Rates

Written by

Jeff Ostrowski

Principal writer, Home Lending Ribbon Expertise

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he spent more than 20 years writing about real estate, business, the economy and politics.

Edited by

Laurie Richards

Editor, Home Lending 5 years of experience Laurie Richards is a mortgage editor on Bankrate’s Home Lending team.

Edited by

Laurie Richards

Editor, Home Lending 5 years of experience Laurie Richards is a mortgage editor on Bankrate’s Home Lending team.

On Sunday, September 08, 2024, the national average 30-year fixed mortgage APR is 6.41%. The national average 30-year fixed refinance APR is 6.41%, according . to Bankrate's latest survey of the nation's largest mortgage lenders. Read more

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How to compare mortgage offers

How to compare mortgage offers

Comparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:

  1. Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.
  2. Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.
  3. Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons — and maximizing your savings potential.
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Current mortgage rates in North Carolina

As of Sunday, September 8, 2024, current interest rates in North Carolina are 6.40% for a 30-year fixed mortgage and 5.71% for a 15-year fixed mortgage.

The median home sale price in the state was up 1.6 percent year-over-year as of July 2024, according to NC Realtors, the state’s Realtor group. Buying activity, while down from June, is about in line with the market a year ago, at a slight 0.3 percent decline. Available inventory of homes, on the other hand, has risen nearly 23 percent year-over-year.

As the back half of 2024 approaches, buyers in the state are seeing some promising signs: Available inventory is climbing while 30-year mortgage rates are dropping.

Refinance rates in North Carolina

Refinance rates are beginning to ease from post-pandemic highs. If you bought your home within the last year and locked in a mortgage rate between 7 and 8 percent, refinancing might make sense in the near future. The number of refinanced loans jumped by more than 5 percent in June 2024 versus the year prior, according to ATTOM Data Solutions.

If you’ve owned your property for a long time in the Tar Heel State, you likely have more equity thanks to the recent runup in housing valuations. If you’re looking to accomplish other goals, such as remodeling that home, you may be able to use a cash-out refinance to put that equity to good use.

Learn more: Why and how to do a cash-out refinance

North Carolina mortgage rate trends

Mortgage rates are difficult to predict, but most economic experts believe the Federal Reserve will begin cutting rates this fall. If that happens, mortgage rates will drop. However, that can also create a challenge if you’re trying to buy: If other buyers are excited about lower rates, you may wind up dealing with some steep competition to purchase a home in North Carolina.

Speaking of competition, it’s already fairly hot in some parts of the state. In Charlotte, for example, Redfin data from July 2024 shows that the typical home receives three offers, while Raleigh homes typically receive two offers and sell in just 19 days.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type