Compare mortgage rates and fees for leading lenders in Durham, 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 Durham.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Durham. Plus, shopping lenders is free and there is no obligation.
October 14, 2019
The current average rate for a 30 year fixed rate mortgage in Durham 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%
The median home value for Durham, NC is $254,010
The median household income for Durham, NC is $58,117
Based on current mortgage rates and a 10% down payment, you need to make $47,127 per year to buy the median priced home in Durham
The home price you can afford to buy based on household income in Durham is 123% of the median home value which means housing prices are average
Durham ranks 90 out of 100 counties in North Carolina and 2,844 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Durham, NC is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Durham below.
Conforming loan limits for Durham, NC
FHA loan limits for Durham, NC
VA loan limits for Durham, NC
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index