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New Hampshire Mortgage Rates

New Hampshire Mortgage Rates
Betsalel Cohen
By Betsalel Cohen
2017-10-31T04:21:40

Comparing New Hampshire Mortgage Rates with National Rates

In order to help you see how New Hampshire mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.

Shopping for Best Mortgage Rates in New Hampshire

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in New Hampshire

In order to qualify for the best mortgage rates in New Hampshire it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

Mortgage Resources for New Hampshire

New Hampshire is the forty first most populous US state. According to the US census, as of 2016, there is an estimated population of over 1.3 million residents, which represents 0.4% of the US population.

According to Wikipedia “Its agricultural outputs are dairy products, nursery stock, cattle, apples and eggs. Its industrial outputs are machinery, electric equipment, rubber and plastic products and tourism.”

According to the Glassman-ACS report for 2015, New Hampshire had the lowest poverty level, with 8.2% percent of people below the poverty level in 2015, compared to 14.7% nationally. New Hampshire’s median household economy in 2015 was approximately $70,030 considerably higher than the national average of $55,775.

According to the Bureau of Labor Statistics unemployment rate in New Hampshire, as of September 2017, was only 2.7% versus 4.2% nationally.

Based on 2015 HMDA data, New Hampshire compared to National loan program distribution, had a similar percentage of purchase loans (52% vs 51% national) and refinance loans (45% vs 46% nationally). Conventional loans were close to national averages (70% vs 69% nationally) as were FHA loans (19% vs 20% nationally), and VA loans (8% vs 10% nationally).

Here are some outside resources that can help you understand the New Hampshire mortgage environment:

  1. FHA loan amounts in New Hampshire: (note:set the table to New Hampshire). There are 10 counties in the state of New Hampshire. Currently none of the single family units meet the Highest loan limit, currently at $636,150. The majority, 70% are at the Standard loan limit, currently at $275,665. The remaining 30% are between those limits
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for New Hampshire and your county or check out the FHFA conforming limit map. he FHFA has higher base limits than the FHA, currently at $424,100 all of the counties are within this limit. Currently none of the single family units meet the Highest loan limit, currently at $636,150. Most, 80%, of the counties meet the standard limits. The remaining 30% are between those limits.
  3. New Hampshire Mortgage Programs: The New Hampshire Housing and Finance Association's (NHHFA) mission is to "New Hampshire Housing's mission is to promote, finance and support affordable housing and related services for the people of New Hampshire." The NHHFA offers a number of mortgage programs including: a Home Flex Plus program with a 3% down payment assistance available with FHA, VA and USDA RD loans, a Home Preferred mortgage that provides a 97% LTV conventional mortgage with a discounted mortgage insurance, a Home Start Homebuyer Tax Credit program, a Home Preferred No Mortgage Insurance with a conventional loan, and a Home Preferred Manufactured Housing program. They publish New Hampshire mortgage rates on their website.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs.

Mortgage Trends and Statistics for New Hampshire

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.

Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages

Check out some differences between New Hampshire and the US:

  • Mortgage Rates for Conventional Loans in New Hampshire
  • Mortgage Fees for Conventional Loans in New Hampshire
  • Loan Amount for Conventional Loans in New Hampshire

Mortgage Rates for Conventional Loans in New Hampshire vs USA

Mortgage Fees for Conventional Loans in New Hampshire

Purchase Price for Conventional Loans in New Hampshire vs USA