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New Hampshire Mortgage and Refinance Rates
Current mortgage rates in New Hampshire
As of Tuesday, December 24, 2024, current mortgage interest rates are 6.88% for a 30-year fixed mortgage and 6.38% for a 15-year fixed mortgage. Refinance rates in New Hampshire are slightly higher than purchase rates. These rates aren’t ideal for a rate-and-term refinance, but if you want to turn your home equity into cash, a cash-out refinance could be an option. You can use Bankrate’s mortgage refinance calculator to run the numbers.
New Hampshire mortgage rate trends
Mortgage rates have increased in recent years in New Hampshire, mirroring rate trends nationally. The average national rate for a 30-year fixed-rate mortgage was just under 7 percent as of mid-December 2024, according to Bankrate’s survey of lenders. This higher-rate environment has made it more difficult for some to afford a home in New Hampshire.
National mortgage rates by loan type
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 7.00% | 7.05% |
| 15-Year Fixed Rate | 6.27% | 6.35% |
| 5-1 ARM | 6.76% | 7.26% |
| 30-Year Fixed Rate FHA | 7.20% | 7.24% |
| 30-Year Fixed Rate VA | 7.04% | 7.07% |
| 30-Year Fixed Rate Jumbo | 7.02% | 7.08% |
Rates as of Tuesday, December 24, 2024 at 6:30 AM
Mortgage statistics for New Hampshire
The Granite State is known for its forests, mountains and variable climate. It’s the fifth-smallest state by area and the 10th-least populous as of 2024. Here are some stats on mortgages and the housing market in New Hampshire:
Mortgage options in New Hampshire
When it comes to mortgages in New Hampshire, options include:
- New Hampshire conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
- New Hampshire FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
- New Hampshire VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent.
First-time homebuyer programs in New Hampshire
The New Hampshire Housing Finance Authority (“New Hampshire Housing”) assists first-time homebuyers with obtaining a less-expensive mortgage and down payment and closing costs assistance. Here’s an overview of programs you might be eligible for:
- Home First, Home Flex and Home Preferred Plus programs: New Hampshire Housing can help connect you to lenders that offer one or more of these mortgage programs that come with as much as $15,000 in down payment and closing cost assistance. Not all borrowers will qualify, however: Each program has its own income limits based on household size and location. You’ll also need to complete a homebuyer class.
- 1st Generation Homebuyer program: This New Hampshire Housing program gives first-generation buyers (generally defined as those whose parents or legal guardians haven’t owned a home in the buyer’s lifetime) the chance for up to $10,000 in homebuying help.
- Purchase Rehab mortgage program: If that first home you’re eyeing happens to be a fixer-upper, New Hampshire Housing’s Purchase Rehab program allows you to borrow as much as $75,000 (on top of the mortgage to buy the home) to assist with repairs and upgrades. It’s an FHA-backed product, so you’ll need to be able to put down at least 3.5 percent. There is also an income limit of $167,800.
- Homebuyer Tax Credit: New Hampshire Housing can also help you obtain a mortgage credit certificate (MCC) that allows you to claim a federal tax credit for a portion of your mortgage interest paid each year, up to a maximum of $2,000.
Additional New Hampshire mortgage resources
- New Hampshire loan limits by county: Learn the conforming loan limit for your city or town.
- New Hampshire mortgage lenders: Explore mortgage lenders in your state.
- Buying a house in New Hampshire: Get set up for a successful house hunt with this guide.
How to find the best mortgage rate in New Hampshire for you
- Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
- Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
- Step 3: Know your mortgage options - There are a few different types of mortgages, including low-down payment options.
- Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies. Consider starting with our picks for best mortgage lenders.
- Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.