New Hampshire Mortgage and Refinance Rates

Current mortgage rates in New Hampshire

As of Wednesday, December 4, 2024, current mortgage interest rates are 6.88% for a 30-year fixed mortgage and 6.19% for a 15-year fixed mortgage. Refinance rates in New Hampshite 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 New Hampshire, mirroring rate trends nationally. The average national rate for a 30-year fixed-rate mortgage was around 3.2 percent in January 2022, and has since grown to 8 percent as of October 2023, 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

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 2022, according to Census data. Here are some stats on mortgages and the housing market in New Hampshire:

• Average home value (as of Oct. 2023): $449,799 (Zillow)
• Homeownership rate (as of Dec. 2022): 74.6% (U.S. Census Bureau)
• Average mortgage loan size in 2022: $369,960 (Home Mortgage Disclosure Act)

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 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 2.15 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 $10,000 in down payment and closing cost assistance. The assistance will be forgiven so long as you stay in the home for at least five years. 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 $35,000 (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 $169,900.
• 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.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
• Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more about how to get a mortgage.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita