New Hampshire Mortgage Interest Rates
Roche Realty Group is an independent, family-owned real estate company in New Hampshire. We proudly serve central New Hampshire, the entire Lakes Region, and areas up to the White Mountains.
Below, we provide information about mortgage rates, mortgage options, first-time home buyer programs, and guidance on buying a home in New Hampshire.
Current Mortgage Rates and Trends in New Hampshire
As of July 2024, the interest rate for a 30-year fixed mortgage in New Hampshire is 7.13%, with 15-year fixed mortgages averaging 6.56%. Although these rates have increased from previous years, prospective buyers can secure favorable terms.
Current rates in New Hampshire are currently slightly lower than the national rates:
- 30-Year Fixed: 6.92% annual percentage rate
- 15-Year Fixed: 6.41% annual percentage rate
- 5-1 ARM: 6.51% annual percentage rate
That said, NH mortgage rates have followed the national trend upward. In January 2022, the average interest rate for a 30-year mixed mortgage was around 3.2%, reflecting a significant increase in a relatively short period.
Mortgage Options in New Hampshire
New Hampshire offers a variety of options catering to different needs.
Conventional mortgage products:
- Minimum credit score of 620 and a debt-to-income ratio of less than 45%
- Typically, a 20% down payment
- Private mortgage insurance is required for down payments under 20%
FHA loans:
- Ideal for first-time homebuyers or those with lower credit scores, with a minimum score of 580
- Down payments of at least 3.5%
VA loans:
- Exclusively for veterans and active-duty military members
- No down payment and no PMI required, but funding fees between 1.25% and 2.15%
USDA loans:
- Geared toward rural property buyers
- No down payment required
First-Time Homebuyer Programs
New Hampshire has several options for first-time homebuyers:
- Home first and home flex programs: Up to $10,000 in assistance for down payments and closing costs — with income limits based on location and household size
- 1st generation homebuyer program: Up to $10,000 for buyers whose parents or guardians have never owned a home
- Homebuyer tax credit: Allows for a federal tax credit on a portion of mortgage interest paid, capped at $2,000 annually
Steps to Buying a House in New Hampshire
Buying a home in New Hampshire is a significant investment. Here’s a detailed roadmap to guide you through the process:
- Assess your financial readiness. Borrowers should consider income, expenses and savings to establish a realistic price range to make sure they can afford monthly mortgage payments. A strong credit score improves loan terms with lenders. Aim for 740 or above for optimal rates. While not always required, a down payment can lower monthly payments. Explore down payment assistance programs.
- Choose your location and home type. Consider factors such as school districts (if you have school-age children), proximity to amenities, and desired lifestyle. Understand property values, crime rates, and community offerings. Decide between single-family homes, condos, townhouses, or other options based on needs and budget.
- Find a real estate agent. A knowledgeable agent familiar with the New Hampshire market has insider knowledge and connections to help you secure the best deal and find your dream property. Assess their experience, communication style, and understanding of your needs. Agents can provide expert insights into neighborhoods, pricing trends, and negotiation strategies.
At Roche Realty, we offer advanced tools to streamline your property search.
- Custom gallery search: Browse through a curated selection of properties based on your preferences. Our gallery search feature lets you view high-quality images and detailed descriptions of homes that meet your criteria.
- Custom map search: Our interactive map search tool helps you find homes based on location. Just specify your desired area, and the map will highlight available properties, making it easy to find homes in your preferred neighborhoods.
Why Choose Roche Realty?
Roche Realty is a trusted partner for homebuyers in New Hampshire. Here’s why you should choose us:
- Local expertise: Incorporated in 1992, Roche Realty Group is one of the top independent real estate companies in New Hampshire for all-time sales. With over 10,000 real estate transactions throughout the state, our expertise in the Lakes Region is unmatched.
- Complete Home-Buying Support: We provide comprehensive assistance throughout your home-buying process to ensure a smooth and stress-free experience. Our services encompass everything from property searches with expert market analysis and negotiation, to crafting competitive offers, and offering guidance after home inspections and during closing procedures.
- Community focus: Our strong ties with local communities mean we don’t just help you find a house — we help you find a home that exceeds your and your loved ones’ expectations. The Lakes Region is our exclusive focus. As such, we’re proud to help people find properties where they can get immersed in the region’s immense beauty.
- Client-centered approach: We prioritize integrity and client satisfaction. We personalize services based on the unique needs of each client to make the home-buying experience as smooth and efficient as possible.
With a team of over 30 professional Realtors ®, we service the entire Lakes Region, central New Hampshire, and areas extending to the White Mountains.
Ready to begin your homeownership journey in New Hampshire? Contact Roche Realty today at (603) 279-7046 and let us help you secure your dream home with the best possible mortgage rates.
