Compare mortgage rates and fees for leading lenders in Chapel Hill, NC. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Chapel Hill.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Chapel Hill. Plus, shopping lenders is free and there is no obligation.
July 16, 2020
The current average rate for a 30 year fixed rate mortgage in Chapel Hill is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Chapel Hill. Understand how much you need to earn to afford a home in Chapel Hill, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Chapel Hill fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Chapel Hill is right for you.
The median home value for Chapel Hill, NC (Orange County) is $331,780
Based on current mortgage rates and a 10% down payment, you need to make $59,712 per year to buy the median priced home in Chapel Hill
With this income, you could qualify for a $298,602 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Chapel Hill is $1,383
The median household income for Chapel Hill, NC (Orange County) is $69,102
Based on this income, you can afford a home valued at approximately $383,956
The home price you can afford to buy based on household income in Chapel Hill is 116% of the median home value which means housing prices are average. Chapel Hill (Orange County) ranks 94 out of 100 counties in North Carolina and 2,884 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Chapel Hill, NC is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Chapel Hill (Orange County) below.
Conforming loan limits for Chapel Hill, NC
FHA loan limits for Chapel Hill, NC
VA loan limits for Chapel Hill, NC