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Compare mortgage rates in Wilmington, North Carolina.
Key Points
• Mortgage rates in North Carolina are influenced by economic factors and the creditworthiness of the borrower.
• Fixed-rate mortgages offer predictability, while adjustable-rate mortgages often have lower introductory rates, but can adjust over time.
• FHA and VA loans are attractive to homebuyers looking for low down payment options and flexible credit requirements.
• Taking a homebuyer education class can help you qualify for government-sponsored loans as a first-time buyer.
Introduction to Wilmington Mortgage Interest Rates
When it comes to understanding mortgage rates in Wilmington, North Carolina, and across the state, the more you know, the better off you’ll be — especially if you are buying your first home. This guide will walk you through the typical factors that determine these rates and suggest steps you can take to secure the most favorable rate possible. Your first step? It’s important to understand what influences the mortgage rate a lender will offer you in Wilmington.
Where Mortgage Rates Come From
The interest rate you’re offered for your home loan is influenced by a number of economic factors, with the bond market being a major indicator. The 10-year U.S. Treasury Note is of particular importance, but it isn’t the only statistic to keep an eye on. When the housing market cools, lenders may lower rates to entice buyers. Inflation and unemployment rates also play a role. When inflation is on the rise, lenders might increase rates to offset the declining value of money. A strong job market can also push rates higher. Understanding these key factors can be extremely helpful as you try to lock in the best possible mortgage rates in North Carolina.
Factors that are unique to each borrower, such as your credit score, down payment amount, and debt-to-income (DTI) ratio are also significant determinants of your rate. For a conventional mortgage (one that is not government-sponsored), you’ll typically need a credit score of 620 or higher. In general, mortgage lenders like to see a DTI ratio of no more than 36%, though that is not always the maximum. The type of mortgage loan you opt for also contributes (more on that below).
How Interest Rates Affect Home Affordability
Even a fraction of a percentage point change in the mortgage rate you are able to secure can make a world of difference when you’re ready to buy. Let’s look at how interest rate and loan term affect monthly payment amount and total interest paid for a borrower who needs a $300,000 loan, not an unusual sum in Wilmington.
| Interest Rate | Loan Term | Monthly Payment | Total Interest |
|---|---|---|---|
| 6.00% | 30-year | $1,799 | $347,515 |
| 6.00% | 15-year | $2,532 | $155,683 |
| 7.00% | 30-year | $1,996 | $418,527 |
| 7.00% | 15-year | $2,697 | $185,367 |
Wilmington Mortgage Rate Trends
Historical U.S. Mortgage Rates
While mortgage rates have increased in recent years due to various economic factors, they are still lower than the historic highs seen in the 1980s. Borrowers today might be wondering what happened to the remarkably low rates we saw in 2021, but as you can see from the graphic spanning more than 50 years, rates don’t drop below 4.00% very often. A look at how North Carolina’s average rate compares to the national average shows that rates tend to be a tad below the national average here (the Federal Housing Finance Agency stopped tracking this in 2018).
| Year | Kentucky Rate | U.S. Rate |
|---|---|---|
| 2000 | 7.88 | 8.14 |
| 2001 | 6.87 | 7.03 |
| 2002 | 6.43 | 6.62 |
| 2003 | 5.72 | 5.83 |
| 2004 | 5.76 | 5.95 |
| 2005 | 5.93 | 6.00 |
| 2006 | 6.49 | 6.60 |
| 2007 | 6.32 | 6.44 |
| 2008 | 5.99 | 6.09 |
| 2009 | 4.96 | 5.06 |
| 2010 | 4.74 | 4.84 |
| 2011 | 4.49 | 4.66 |
| 2012 | 3.61 | 3.74 |
| 2013 | 3.80 | 3.92 |
| 2014 | 4.14 | 4.24 |
| 2015 | 3.90 | 3.91 |
| 2016 | 3.73 | 3.72 |
| 2017 | 4.02 | 4.03 |
| 2018 | 4.58 | 4.57 |
Types of Mortgages Available in Wilmington
Borrowers have a variety of mortgage options to consider, with different qualifications, pros and cons. By carefully considering the options, you can find the best mortgage rates in Wilmington for your financial situation and homeownership goals.
Fixed-Rate Mortgage
Fixed-rate mortgages are a classic choice, and for good reason. They offer a steady, unchanging interest rate for the entire loan term, meaning your monthly payments remain consistent. You’ll find these mortgages available in terms of 10, 15, 20, 30, or even 40 years, so you can choose a schedule that suits you. If you’re someone who values a clear financial plan, this could be the perfect fit for you.
Adjustable-Rate Mortgage (ARM)
ARMs usually start with a lower rate than fixed-rate loans, and after that initial period, the rate can adjust — up or down — based on the market. An ARM can be a smart move if you’re not going to stay in your home for the long haul — perhaps you’re planning to sell or refinance before the initial fixed-rate period ends. But if you don’t move, be aware that your monthly payments could go up.
FHA Loan
Supported by the Federal Housing Administration, FHA loans are known for their relaxed eligibility criteria, making them a popular choice. With a minimum down payment of just 3.5% for credit scores of 580 or higher, these loans are within reach for many buyers. And borrowers with FICO® credit scores ranging from 500 to 579 can qualify too — they are just required to put 10% down.
VA Loan
VA loans are a fantastic option for those who have served or are currently serving our country. They’re available to eligible military members, reservists, National Guard members, and surviving spouses. One of the most significant benefits of VA loans is that they don’t require a down payment. Moreover, these loans often come with lower interest rates and no private mortgage insurance (PMI) requirement.
Jumbo Loans
In most areas of the U.S., and throughout North Carolina, conventional mortgage loans have a 2025 cap of $806,500 for a single-family home. A jumbo loan is designed for borrowers who need a loan that exceeds this limit. These loans often come with higher interest rates and have more strict qualification criteria, such as a higher credit score and a larger down payment amount. The Wilmington area has some pricey homes, not unusual for a town near the coast. Jumbo loans may come in handy for these purchasers.
Should You Wait for Interest Rates to Drop?
The question of whether to wait for mortgage rates to dip is a common one, especially for first-time homebuyers. According to Fannie Mae, the average mortgage rate is expected to end 2025 at around 6.30%, with minor fluctuations anticipated in 2026. As you think about waiting, it’s important to consider how urgently you need to move and whether the market is heating up or cooling. The sooner you buy, if it feels right to do so, the sooner you begin to build equity. And should rates unexpectedly take a nosedive, you can always consider a mortgage refinance.
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Cost of Living in Wilmington
With a cost of living that is very close to the national average, Wilmington isn’t among the most affordable places in the U.S., but it isn’t wildly expensive either (see how it stacks up against other Tar Heel State cities below).
If you’re in the market for a place to call your own, you’re looking at a median sale price in the Wilmington market of $413,000. As of February 2025, prices are up slightly in this market, which Redfin describes as “moderately competitive.” Housing and food costs are above the national average in Wilmington. As you explore mortgage rates in Wilmington, remember to consider the whole picture for a solid financial future.
| City | Cost of Living |
|---|---|
| Asheville | 102.7 |
| Chapel Hill | 104.5 |
| Raleigh | 97.2 |
| Salisbury | 91.2 |
| Wilmington | 99.0 |
| Winston-Salem | 93.4 |
Get Your Best Possible Rate in Wilmington
To land the most favorable mortgage rates in Wilmington, your credit score is key. Aiming for a lower interest rate? Focus on paying your bills on time and avoid opening up new lines of credit. Try to chip away at monthly debts to reduce your DTI ratio. Going through the mortgage preapproval process can help you set a budget, learn how much a lender thinks you can borrow, and help speed the home-buying process once you want to make an offer.
Helpful Tools & Calculators
Our mortgage payment calculator can help you understand the impact of different mortgage rates in Wilmington, North Carolina, on your monthly payments. By considering the total loan amount, interest rate, and loan term length, you can get a clearer picture of what your financial commitment will be. Here are several helpful calculators for homebuyers.
Run the numbers on your home loan.
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Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
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Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
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Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
How to Evaluate Loan Offers in Wilmington
Even a fraction of a percentage point change in interest can add up to significant savings over the loan’s lifetime. That’s why it’s so important to compare the interest rates and fees from different lenders. Look at the annual percentage rate (APR) on each loan offer too, as it takes into account fees, closing costs, and mortgage points. And here’s a tip: If you’re worried about rates going up, many lenders will let you pay a fee to lock in your rate for up to 90 days.
Recommended: The Cost of Living in the U.S.
Wilmington Mortgage Resources
The State of North Carolina is your ally in the homebuying journey, offering a variety of programs for homebuyers who have limited resources, as well as those who qualify as a homebuyer. The NC Housing Finance Agency (NCHFA) offers several programs, including the NC Home Advantage Mortgage, which has a 30-year fixed rate and up to 3% down payment assistance.
The NC 1st Home Advantage down payment assistance program offers eligible homebuyers up to $15,000 for down payments as a 0% deferred second mortgage. Explore these programs as well as local programs in the Wilmington area, such as Habitat for Humanity, by searching for “homebuyer assistance program Wilmington.”
Closing Costs in Wilmington
If you’re buying a home in Wilmington, North Carolina, you can expect to pay between 2% and 5% of your loan amount in closing costs. For the median home sale price in Wilmington of $413,000, that would equal between $8,260 and $20,650. Several factors can affect the amount you’ll pay, including the size of your loan and the location of the property. Make sure costs are included in the calculations you do to compare different loan mortgage offers in Wilmington.
The Takeaway
The mortgage market in Wilmington, North Carolina is ripe with opportunity. Staying in the know about current mortgage rates in Wilmington, and the assistance programs available, is key to making the right financial moves and achieving your dream of homeownership. Whether you’re a newcomer to the home-buying scene or a seasoned homeowner looking to refinance, taking time to consider all costs involved in the different loan options you are considering can help you find the perfect mortgage solution for your unique needs.
Looking for an affordable option for a home mortgage loan? SoFi can help: We offer low down payments (as little as 3% - 5%*) with our competitive and flexible home mortgage loans. Plus, applying is extra convenient: It's online, with access to one-on-one help.
FAQ
Will mortgage rates drop in Wilmington, North Carolina?
In general, mortgage rates are expected to end the year at an average of around 6.30%. Mortgage rates in Wilmington respond to a host of economic factors such as inflation and Federal Reserve policies. Keeping an eye on these trends will help you make the best decisions when it comes to financing your home.
Will Wilmington, North Carolina home prices ever go down?
The median sale price of a home in Wilmington has dropped since late 2024 and may continue to do so if homes continue to sell below their asking price or buyers sit the market out due to larger economic trends. The market is always in flux, and broader economic changes constantly influence supply and demand.
How do you lock in a good mortgage rate?
To secure the best mortgage rates in Wilmington, North Carolina, you’ll want to take care of your credit score, reduce your monthly debts to the extent possible, and make as large a down payment as you can comfortably afford. Seek a mortgage quote from multiple lenders and carefully compare all offers, including annual percentage rate. Once you choose the loan that feels right for you, contact the lender about locking in that rate. Most lenders will allow you to do so for about 90 days.
How do mortgage interest rates operate?
Mortgage interest is what you pay to borrow money from a lender to buy a home. It’s usually expressed as a percentage of the loan amount. But not everyone gets the same interest rate on a loan. Your credit score, down payment, and loan type can all influence the interest rate you may qualify for. And some loans have fixed interest rates, while others have adjustable rates that can flex up (or down) based on market conditions.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Checking Your Rates: To check the rates and terms you may qualify for, SoFi conducts a soft credit pull that will not affect your credit score. However, if you choose a product and continue your application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.SOHL-Q225-088
More home loan resources.
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First-Time Homebuyer Guide
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First-Time Homebuyer Programs and Loans
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Mortgage Preapproval Process
