New Hampshire Mortgage and Refinance Rates

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Point of Interest

New Hampshire mortgage interest rates consistently follow the same fluctuations as the national mortgage rates. While the mortgage rates in New Hampshire are slightly higher than the national average, there are many opportunities to call this state home and find housing in this corner of New England.

Current mortgage rates in New Hampshire are slightly higher versus the national average among the most popular mortgage terms. While the rates may be higher, New Hampshire mortgage rates are experiencing the same trend as the national rates with slight decreases from the week prior. Compared to other rates in the Northeast, mortgage rates in New Hampshire are right there in the average.

Getting a mortgage in New Hampshire

The Granite State may be known for its mountainous views and natural wonders, but it’s also home to over 1.3 million residents and is steadily growing in population. Like its other neighbors in the Northeast, it will cost you more to live in New Hampshire than it would in some other parts of the country. There are several factors to consider if you’re purchasing a home in New Hampshire, though — not just mortgage interest rates.

New Hampshire doesn’t have a personal income tax or sales tax, but the property taxes are quite high compared to the rest of the country. Despite the higher property taxes, New Hampshire still commands a high rate of homeownership that is well above the national average.

  1. Median home price: $252,800
  2. Average 30-year fixed rate: 3.72%
  3. Median monthly mortgage cost: $1,917
  4. Homeownership rate: 71.0%

New Hampshire mortgage rate trends

Mortgage rate trends in New Hampshire mirror the trends in many other parts of the country and have fluctuated quite a bit in the last five years. The volatility in the market has led to many great opportunities to lock in lower interest rates for both mortgages and refinances.

The country has seen a significant impact recently in personal finances and mortgage rates due to the coronavirus, and New Hampshire has certainly felt the fluctuations too. Mortgage rates in New Hampshire fell again the week of May 25th from the week prior. This follows the same pattern as the national average. The national average was down 6 basis points prior to the week before, making the trends in New Hampshire similar to the national average.

New Hampshire current mortgage rates

Current mortgage rates in New Hampshire are slightly above the national average in most cases.

In May 2020, the average 30-year fixed-rate mortgage in New Hampshire had an interest rate of 3.72%. The average 30-year refinance rate was slightly higher at 3.80%. 

For those looking for a 15-year fixed-rate mortgage, the average is currently about 3.15%. The 5/1 adjusted rate mortgage (ARM) is holding steady at 3.31%. If you need a jumbo loan, the average interest rate in New Hampshire is 3.97% currently.

Overall, the current mortgage rates in New Hampshire are slightly decreasing each week. When you compare the rates versus the week prior, all are lower. The same can be seen with national mortgage rates, where rates have seen a decrease over the last two months.

Most and least expensive places to live in New Hampshire

New Hampshire may be small in size, but it continues to attract homebuyers to the state — especially those who are looking for affordable alternatives to pricier big cities in the Northeast. As with any other state, New Hampshire has areas that are more expensive than the national average and cities that cost less than the national average. 

5 most expensive

  1. Rockingham County — The median home value in Rockingham is $375,424 and this has steadily risen over the last five years
  2. Merrimack County — In Merrimack, the median home value is $330,568, but this has also climbed in the last year.
  3. Hillsborough County — The median home value in Hillsborough is $315,309, making it a more expensive place to call home.
  4. Carroll County — The median home value is $282,730, with fluctuating values over the last year.
  5. Strafford County — This county has a median home value of $282,720 and is experiencing a sharp rise in home values.

5 least expensive

  1. Belknap County — The median home value in Belknap is $277,534 and that number continues to increase each year.
  2. Grafton County — The median home value in Grafton County is $228,559 and continues to climb in value each year.
  3. Cheshire County — The median home value in Cheshire County is $215,663 and like others, has seen a major increase in value over the last few years.
  4. Sullivan County — The median home value is $203,725 and has steadily risen the last several years.
  5. Coos County — The most affordable county in New Hampshire, Coos County, has a median home value of $129,387.

New Hampshire state mortgage resources and intricacies

As you go through your home buying or refinancing journey in New Hampshire, you should be aware of the mortgage resources and other options available to you. The first resource any homebuyer needs is a mortgage calculator. This will help you keep track of your expected payments as the mortgage rates in New Hampshire fluctuate. While the interest rate is certainly one of the most important aspects of a mortgage, there are multiple ways to save on your mortgage that goes beyond the interest rate.

The New Hampshire Housing Authority is another resource for homebuyers. The Housing Authority has a variety of resources for first-time homebuyers and anyone else going through the home buying process in New Hampshire. There are programs in place to help residents with everything from securing mortgages and home repairs to tax credit information.

New Hampshire is a “deed of trust” state. This is legally different from a mortgage, but mostly as it relates to the foreclosure process. Other than that, you likely wouldn’t notice a difference in the way your mortgage is executed each month. In New Hampshire, property taxes are issued by the municipality based on the location of the property. Again, you will not pay a personal income tax or sales tax as a resident.

The final word

New Hampshire is a more expensive place to live than many places in the country — this state has both higher property taxes and higher housing costs. Still, with a competitive interest rate on your mortgage or refinance, living in New Hampshire is within reach for many potential homebuyers.

Sara Coleman

Contributing Writer

Sara Coleman is a personal finance freelance writer based in Charlotte, NC. A Journalism Major who studied at the University of Georgia, she enjoys creating approachable content. She’s written for sites such as WorkingMother, BetterYouMag, and SmartMoneyMamas. She loves spending time with her husband and 3 kids, and has a healthy obsession with coffee.