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Compare Current Mortgage Rates in New Hampshire

New Hampshire mortgage rates vary by lender, loan program, and borrower creditworthiness. Start preparing early to get the best rate possible.

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    If you’re in the market for a house and plan to get a mortgage loan, you need to know the typical mortgage rates in New Hampshire. After all, your rate directly affects your monthly mortgage payment amount. It also determines how much your home truly costs.

    Mortgage rates vary based on several factors, including your credit score, down payment amount, and the home purchase price. Economic factors, like inflation and the local housing market, can also affect your rate.

    Here’s what you need to know about New Hampshire mortgage rates, how they’re determined, and how to get the lowest rate possible.

    WEEKLY TRENDS AND INSIGHTS

    How are mortgage rates determined in New Hampshire?

    Although every mortgage lender is different, they typically set their rates based on certain criteria. In New Hampshire, these are the main economic factors that affect mortgage interest rates:

    • Rate of inflation: Inflation is the cost increase of everyday goods and services. In times of higher inflation, the cost of living rises — and so do mortgage interest rates.
    • Federal funds rate: The Federal Reserve doesn’t directly determine mortgage rates, but it does set the federal funds rate, which can impact interest rates across the board. A higher federal funds rate usually means a higher mortgage rate.
    • Local housing market: The housing market can also determine mortgage rates. Areas with more homes and fewer buyers — more supply and less demand — often have lower rates. But the inverse is also true.

    New Hampshire mortgage rates aren’t only determined by economic conditions. Lenders also consider the following factors when setting your rate:

    • Borrower’s credit score: Your credit score ranges from 300 to 850. Lenders typically offer the best rates to borrowers with good credit — 670 — or better.
    • Down payment amount: Certain lenders and home loan programs have minimum down payment requirements. With a larger down payment, you could get a lower interest rate.
    • Loan amount: You can typically get a better rate on a smaller home loan. More expensive properties that require more financing may have higher rates.
    • Home loan program: New Hampshire has many types of home loans, including conventional, jumbo, USDA, FHA, and VA loans. Mortgage rates may vary based on the loan program.
    • Repayment term: Home loans usually come with 10- to 30-year repayment terms. Shorter terms usually mean lower interest rates.
    • Interest rate type: You can get either an adjustable-rate mortgage (ARM) or a fixed-rate mortgage. ARMs sometimes have a lower initial interest rate that may increase after a certain period. This isn’t always the case, though, so read the loan terms carefully.
    • Property location: Mortgage rates in New Hampshire tend to be higher in areas with more buyers or higher real estate costs. Expect higher rates in places where the average home listing price is around $1 million — like New Castle, Newington, and Rye.

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    Does New Hampshire have a first-time homebuyer program?

    Like many other states, New Hampshire has its share of first-time homebuyer programs. If you qualify, you could receive help with down payment or closing costs. You might even receive lower interest rates.

    These are the main first-time buyer programs in the state, as well as the basic qualifications:

    • Home First, Home First Plus, and Home Flex: These programs offer competitive interest rates and between $5,000 and $10,000 in cash down payment assistance. You don’t have to repay this money if you live in the home for at least five years. You’ll need to be a qualified veteran or a first-time buyer, meaning you can’t have owned property in the past three years. Income limits range from $121,400 to $169,900, depending on location. Purchase price limits range from $480,000 to $915,000.
    • 1st Generation Homebuyer: This program is geared toward first-time buyers whose parents or legal guardians haven’t owned property in their lifetime. Eligible individuals could receive up to $10,000 toward their home purchase.
    • Homebuyer tax credit: New Hampshire offers an annual mortgage credit certificate that you can use to claim a tax credit. The maximum credit amount is $2,000 for the life of the loan. Requirements vary by lender and home loan type.

    Even if you’re not a first-time buyer, you could still receive assistance through one of these New Hampshire programs:

    • Home Preferred reduced mortgage insurance options: This program offers discounted mortgage insurance and a down payment as low as 3%. It can even be used on manufactured homes located in resident-owned communities. To qualify, your income must not exceed 80% of the area median income.
    • Purchase Rehab: You can borrow up to $35,000 to use for repairs and upgrades to your home. The maximum income to qualify is $169,900. This government-insured program can be combined with other down payment assistance programs.

    For most of these programs, you’ll need to go through an approved New Hampshire lender. You’ll also need to use the home as your primary residence. In some cases, you must complete a homebuyer education class as well.

    COMPARE

    National mortgage rates by loan term

    Mortgage rates drop or rise daily, reacting to changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in mortgage rates.

    ProductInterest rateAPR

    Last updated on Jun 17, 2024. These rates are based on the assumptions shown here. Actual rates may vary.

    How do I get the best mortgage rate in New Hampshire?

    You might not be able to control all aspects of your New Hampshire mortgage rate, but there are still things you can do to get the best rate possible. Here are some tips to get you started:

    • Determine your budget: Use an online mortgage calculator to calculate your homebuying budget. Be sure to consider the monthly payment amount and the total cost of the mortgage.
    • Start saving up: Unless you qualify for a loan with no money down, you’ll need a down payment. The more you can save for down payment and closing costs, the lower your interest rate — and monthly payment — will be.
    • Work on your credit score: Check your credit score. If you don’t already have good credit, now’s the time to start building it. Make on-time payments, pay off your other debts, and increase your income. Review your credit reports for any errors and dispute them.
    • Shop around and compare: New Hampshire lenders offer different interest rates, so compare several lenders. Don’t choose the first mortgage lender you find since it might not offer the best rates or terms.
    • Compare loan programs: Consider different financing options, like conventional, FHA, and VA loans. See which ones you qualify for and which ones offer the best rates.
    • Consider interest rate types: Fixed-rate loans may come with a higher interest rate than ARMs. However, this rate will never change, meaning you’ll always know what you have to pay. ARMs, meanwhile, may have a lower starting rate that increases over time.
    • Get pre-approved for financing: If you aren’t sure what you qualify for, pre-approval can help. It can also give you a better idea of what interest rate you get. Keep in mind that not all lenders will disclose this information during this process.
    • Consider a rate lock: If you qualify for a low interest rate, a mortgage rate lock could be a good idea. It lets you keep your current rate for a set amount of time — even if rates in your area change.
    • Buy discount points: By spending more money upfront, you could lower your overall mortgage interest rate.
    • Refinance your loan: After you get a mortgage, you can refinance it for a potentially lower interest rate or monthly payment amount.

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    What type of mortgage can I get in New Hampshire?

    If you’re thinking about getting a mortgage in New Hampshire, here are the most common options:

    Conventional

    • Typical eligibility: 620 minimum credit score, 3% minimum down payment, 45% maximum DTI.
    • Common characteristics: 15- to 30-year terms, fixed or variable rate, loan amounts range from $766,550 to $1,149,825, PMI required if less than 20% down.

    Jumbo

    • Typical eligibility: 43% maximum DTI, higher credit score, or down payment requirements than most loans.
    • Common characteristics: 15- to 30-year terms, fixed or variable rate, higher loan limits.

    FHA

    • Typical eligibility: 3.5% minimum down payment (depending on credit), 500 minimum credit score, $498,257 to $1,724,725 loan limits (depending on location), mortgage insurance typically required.
    • Common characteristics: 15- to 30-year terms, fixed or variable rate, meant for first-time buyers, regulated by the FHA.

    USDA

    • Typical eligibility: No minimum credit score, no minimum down payment, the property must be located in a “rural” area, and income limits may apply.
    • Common characteristics: 30-year term, fixed rate only, geared toward first-time buyers or those with limited savings, offered through the United States Department of Agriculture.

    VA

    • Typical eligibility: No minimum down payment, credit score requirements vary, no PMI, must meet military service eligibility requirements.
    • Common characteristics: 15- to 30-year terms, fixed or variable rate, lower closing costs, backed by Veterans Affairs.

    FINANCIAL EDUCATION

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