North Carolina is one of the fastest-growing states in the country ― rapid urbanization in the past thirty years has transformed it into the ninth wealthiest state (with a $400.2 billion gross state product in 2008). North Carolina boasts a largely diverse economy and geography. There are 100 counties and three major “Metropolitan Combined Statistical Areas,” each with populations of over 1.5 million.
North Carolina recognizes 8 Native American tribes and is home to the largest population of Native Americans east of the Mississippi River. It has a wide range of elevations, from sea level on the Atlantic coast to coastal plains and the Appalachian Mountains. North Carolina is also one of the most military-friendly states and the location of Fort Bragg, “Home of the Airborne and Special Operations Forces.” Homebuyers and homeowners in the Old North State should be aware of current housing market conditions and stay informed about North Carolina mortgage rates.
North Carolina mortgage rates, similar to national mortgage rates, have been steadily declining since the economic recession that began several years ago. Potential homebuyers may discover that North Carolina mortgage rates are the lowest they’ve been in quite some time. In addition, current homeowners may be able to benefit from low North Carolina mortgage rates by refinancing their home mortgage loans.
Your North Carolina mortgage rate will be shaped by a number of factors ― including your income, debt obligations, credit history, and employment status. North Carolina mortgage rates may be fixed or adjustable, depending on the type of loan you obtain. Also note that your loan may come with other expenses, such as mortgage application fees and closing costs.
The drop in North Carolina mortgage rates has encouraged many homeowners to contemplate mortgage refinancing. To qualify for a refinance, the lender will require proof of your income, credit score, debts, and home equity. If your loan is greater than 80% of the home’s value (determined by a property appraisal), you may need to pay for mortgage insurance.
Low North Carolina mortgage rates have inspired many homeowners to refinance. However, you need to be sure that this is the right strategy for you. It is generally recommended that you refinance only if the North Carolina mortgage rate being offered is at least 1% lower than your current mortgage rate. Otherwise, considering the mortgage lender fees and closing costs, a refinance may not be worth it.
The chart below provides North Carolina mortgage rates for refinancing a home loan. It’s advised that you shop around and compare programs from different lenders to find what works best for you. Remember that North Carolina mortgage rates are always changing, so it’s in your best interest to do the proper research and stay informed.