Durham FHA Loan Rates, Closing Costs & Stats
DURHAM-CHAPEL HILL, NC
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Durham's 142 lenders originated 1,004 FHA loans during 2022. The total origination value was $274,840,000, with an average FHA loan value of $273,745.
Durham FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Durham
averaged
6.49%
for the week of 2023-12-01, compared to the national average (all FHA variants) of
6.949% for the same period.
Durham's average FHA mortgage closing costs are $7,616.
The average rate for the prior week (2023-11-24) was
6.3% and
one month ago for the week of 2023-10-27, the
average rate was 6.81%.
The average rate one year ago was 5.83%.
For refis of the same type during the week of 2023-12-01, the average rate
was 5.04%.
Durham FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Durham level.
The top Durham FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
114 FHA loans originated. Their average total fees are
$12,210, which is $2,338
higher than the next largest lender,
LOANDEPOT.COM, LLC.
The lowest fee Durham FHA lenders (with over 10 loans originated) are
Alcova Mortgage LLC ($7,202), FAIRWAY INDEPENDENT MORTGAGE CORPORATION ($9,298), GoPrime Mortgage, Inc. ($9,727), LOANDEPOT.COM, LLC ($9,872) and Victorian Finance, LLC ($10,116).
The lowest rate Durham FHA lenders (with over 10 loans originated) are
PENNYMAC LOAN SERVICES, LLC (4.05%), NVR Mortgage Finance, Inc. (4.18%), QUICKEN LOANS, LLC (4.33%), Mr. Cooper ( Nationstar Mortgage ) (4.33%) and AMERISAVE MORTGAGE CORPORATION (4.56%).
Durham FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
DURHAM-CHAPEL HILL, NC | CHATHAM | 2022 | $506,000 | $647,750 | $783,000 | $973,100 |
DURHAM-CHAPEL HILL, NC | DURHAM | 2022 | $506,000 | $647,750 | $783,000 | $973,100 |
DURHAM-CHAPEL HILL, NC | GRANVILLE | 2022 | $506,000 | $647,750 | $783,000 | $973,100 |
DURHAM-CHAPEL HILL, NC | ORANGE | 2022 | $506,000 | $647,750 | $783,000 | $973,100 |
DURHAM-CHAPEL HILL, NC | PERSON | 2022 | $506,000 | $647,750 | $783,000 | $973,100 |
DURHAM-CHAPEL HILL, NC | CHATHAM | 2023 | $602,600 | $771,450 | $932,500 | $1,158,850 |
DURHAM-CHAPEL HILL, NC | DURHAM | 2023 | $602,600 | $771,450 | $932,500 | $1,158,850 |
DURHAM-CHAPEL HILL, NC | GRANVILLE | 2023 | $602,600 | $771,450 | $932,500 | $1,158,850 |
DURHAM-CHAPEL HILL, NC | ORANGE | 2023 | $602,600 | $771,450 | $932,500 | $1,158,850 |
DURHAM-CHAPEL HILL, NC | PERSON | 2023 | $602,600 | $771,450 | $932,500 | $1,158,850 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Durham (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $377,532 (10.1%) | $476,276 (13.4%) | 1.40 | 1,369 |
2018-02-01 | $392,588 (11.6%) | $487,332 (13.7%) | 1.43 | 1,336 |
2018-03-01 | $395,000 (7.6%) | $487,595 (10.4%) | 1.39 | 1,508 |
2018-04-01 | $399,950 (5.2%) | $500,921 (8.7%) | 1.36 | 1,563 |
2018-05-01 | $399,415 (2.6%) | $510,173 (8.9%) | 1.33 | 1,627 |
2018-06-01 | $390,000 (0.1%) | $501,438 (7.0%) | 1.30 | 1,698 |
2018-07-01 | $384,700 (-0.1%) | $486,423 (3.2%) | 1.28 | 1,793 |
2018-08-01 | $380,020 (-0.5%) | $480,476 (2.6%) | 1.27 | 1,824 |
2018-09-01 | $379,700 (-0.3%) | $480,632 (1.6%) | 1.28 | 1,870 |
2018-10-01 | $378,611 (-0.1%) | $478,565 (1.4%) | 1.28 | 1,900 |
2018-11-01 | $375,000 (-1.3%) | $473,202 (0.1%) | 1.27 | 1,826 |
2018-12-01 | $374,000 (-0.3%) | $470,997 (-1.0%) | 1.29 | 1,682 |
2019-01-01 | $360,120 (-4.6%) | $460,393 (-3.3%) | 1.24 | 1,534 |
2019-02-01 | $375,000 (-4.5%) | $473,152 (-2.9%) | 1.27 | 1,484 |
2019-03-01 | $387,720 (-1.8%) | $488,255 (0.1%) | 1.27 | 1,585 |
2019-04-01 | $399,950 (0.0%) | $499,408 (-0.3%) | 1.27 | 1,685 |
2019-05-01 | $399,650 (0.1%) | $493,043 (-3.4%) | 1.25 | 1,746 |
2019-06-01 | $399,900 (2.5%) | $485,810 (-3.1%) | 1.25 | 1,873 |
2019-07-01 | $397,000 (3.2%) | $474,669 (-2.4%) | 1.24 | 1,937 |
2019-08-01 | $382,727 (0.7%) | $464,977 (-3.2%) | 1.21 | 1,985 |
2019-09-01 | $375,568 (-1.1%) | $459,089 (-4.5%) | 1.20 | 2,013 |
2019-10-01 | $369,995 (-2.3%) | $453,720 (-5.2%) | 1.19 | 2,028 |
2019-11-01 | $373,865 (-0.3%) | $453,904 (-4.1%) | 1.23 | 1,914 |
2019-12-01 | $379,769 (1.5%) | $456,347 (-3.1%) | 1.27 | 1,702 |
2020-01-01 | $386,325 (7.3%) | $461,127 (0.2%) | 1.29 | 1,504 |
2020-02-01 | $399,000 (6.4%) | $474,379 (0.3%) | 1.31 | 1,403 |
2020-03-01 | $415,900 (7.3%) | $497,560 (1.9%) | 1.30 | 1,421 |
2020-04-01 | $395,000 (-1.2%) | $476,631 (-4.6%) | 1.24 | 1,462 |
2020-05-01 | $399,000 (-0.2%) | $478,299 (-3.0%) | 1.21 | 1,471 |
2020-06-01 | $416,225 (4.1%) | $503,466 (3.6%) | 1.23 | 1,358 |
2020-07-01 | $417,713 (5.2%) | $507,183 (6.9%) | 1.21 | 1,290 |
2020-08-01 | $419,900 (9.7%) | $511,656 (10.0%) | 1.20 | 1,219 |
2020-09-01 | $418,845 (11.5%) | $526,682 (14.7%) | 1.20 | 1,121 |
2020-10-01 | $415,000 (12.2%) | $540,514 (19.1%) | 1.19 | 1,067 |
2020-11-01 | $407,000 (8.9%) | $536,685 (18.2%) | 1.19 | 1,032 |
2020-12-01 | $411,581 (8.4%) | $549,717 (20.5%) | 1.22 | 917 |
2021-01-01 | $399,900 (3.5%) | $538,911 (16.9%) | 1.19 | 784 |
2021-02-01 | $411,950 (3.3%) | $564,052 (18.9%) | 1.20 | 618 |
2021-03-01 | $427,350 (2.8%) | $568,363 (14.2%) | 1.21 | 579 |
2021-04-01 | $453,518 (14.8%) | $611,076 (28.2%) | 1.23 | 512 |
2021-05-01 | $441,500 (10.7%) | $593,181 (24.0%) | 1.17 | 483 |
2021-06-01 | $440,375 (5.8%) | $603,385 (19.9%) | 1.16 | 528 |
2021-07-01 | $442,974 (6.1%) | $594,948 (17.3%) | 1.17 | 593 |
2021-08-01 | $445,713 (6.2%) | $587,493 (14.8%) | 1.19 | 626 |
2021-09-01 | $449,950 (7.4%) | $589,751 (12.0%) | 1.20 | 669 |
2021-10-01 | $466,760 (12.5%) | $608,972 (12.7%) | 1.24 | 674 |
2021-11-01 | $450,475 (10.7%) | $598,485 (11.5%) | 1.20 | 620 |
2021-12-01 | $460,450 (11.9%) | $609,959 (11.0%) | 1.25 | 564 |
2022-01-01 | $459,500 (14.9%) | $633,140 (17.5%) | 1.24 | 479 |
2022-02-01 | $474,450 (15.2%) | $650,055 (15.3%) | 1.23 | 376 |
2022-03-01 | $478,000 (11.9%) | $685,468 (20.6%) | 1.20 | 399 |
2022-04-01 | $486,500 (7.3%) | $673,449 (10.2%) | 1.16 | 438 |
2022-05-01 | $495,350 (12.2%) | $689,920 (16.3%) | 1.13 | 614 |
2022-06-01 | $499,450 (13.4%) | $667,240 (10.6%) | 1.11 | 810 |
2022-07-01 | $499,999 (12.9%) | $660,607 (11.0%) | 1.13 | 992 |
2022-08-01 | $495,000 (11.1%) | $655,493 (11.6%) | 1.14 | 1,105 |
2022-09-01 | $462,068 (2.7%) | $622,116 (5.5%) | 1.08 | 1,232 |
2022-10-01 | $465,000 (-0.4%) | $638,182 (4.8%) | 1.09 | 1,331 |
2022-11-01 | $467,638 (3.8%) | $653,794 (9.2%) | 1.12 | 1,274 |
2022-12-01 | $460,000 (-0.1%) | $655,911 (7.5%) | 1.14 | 1,142 |
2023-01-01 | $470,435 (2.4%) | $667,482 (5.4%) | 1.17 | 972 |
2023-02-01 | $490,750 (3.4%) | $699,034 (7.5%) | 1.19 | 909 |
2023-03-01 | $522,975 (9.4%) | $732,463 (6.9%) | 1.23 | 890 |
2023-04-01 | $543,450 (11.7%) | $744,086 (10.5%) | 1.26 | 892 |
2023-05-01 | $533,750 (7.8%) | $755,283 (9.5%) | 1.21 | 932 |
2023-06-01 | $529,425 (6.0%) | $757,369 (13.5%) | 1.19 | 973 |
2023-07-01 | $535,000 (7.0%) | $762,481 (15.4%) | 1.22 | 988 |
2023-08-01 | $532,450 (7.6%) | $758,485 (15.7%) | 1.22 | 1,010 |
2023-09-01 | $499,000 (8.0%) | $734,130 (18.0%) | 1.16 | 1,132 |
2023-10-01 | $496,725 (6.8%) | $733,628 (15.0%) | 1.17 | 1,205 |
2023-11-01 | $489,831 (4.8%) | $722,235 (10.5%) | 1.17 | 1,179 |
Durham's median listing price comes in at 117% of the national average.
Durham's average listing price for 2023-11-01 was $722,235, a difference of $68,441 (10.5%) versus the prior year and $-11,393 versus the prior month.
For the 2023-11-01 period, Durham had 1,179 MLS listings, a difference of -26 listings (-2%) versus the prior month and -95 listings (-7%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Durham (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 87 days | 2,463 sqft |
2018-02-01 | 72 days | 2,472 sqft |
2018-03-01 | 44 days | 2,468 sqft |
2018-04-01 | 47 days | 2,504 sqft |
2018-05-01 | 50 days | 2,484 sqft |
2018-06-01 | 50 days | 2,446 sqft |
2018-07-01 | 53 days | 2,433 sqft |
2018-08-01 | 56 days | 2,401 sqft |
2018-09-01 | 66 days | 2,376 sqft |
2018-10-01 | 68 days | 2,361 sqft |
2018-11-01 | 74 days | 2,327 sqft |
2018-12-01 | 82 days | 2,302 sqft |
2019-01-01 | 89 days | 2,245 sqft |
2019-02-01 | 79 days | 2,304 sqft |
2019-03-01 | 58 days | 2,364 sqft |
2019-04-01 | 46 days | 2,423 sqft |
2019-05-01 | 47 days | 2,414 sqft |
2019-06-01 | 50 days | 2,371 sqft |
2019-07-01 | 56 days | 2,306 sqft |
2019-08-01 | 59 days | 2,258 sqft |
2019-09-01 | 62 days | 2,258 sqft |
2019-10-01 | 65 days | 2,256 sqft |
2019-11-01 | 68 days | 2,275 sqft |
2019-12-01 | 79 days | 2,237 sqft |
2020-01-01 | 82 days | 2,207 sqft |
2020-02-01 | 72 days | 2,243 sqft |
2020-03-01 | 48 days | 2,340 sqft |
2020-04-01 | 49 days | 2,208 sqft |
2020-05-01 | 56 days | 2,207 sqft |
2020-06-01 | 58 days | 2,315 sqft |
2020-07-01 | 52 days | 2,309 sqft |
2020-08-01 | 50 days | 2,286 sqft |
2020-09-01 | 52 days | 2,342 sqft |
2020-10-01 | 51 days | 2,277 sqft |
2020-11-01 | 49 days | 2,251 sqft |
2020-12-01 | 53 days | 2,226 sqft |
2021-01-01 | 58 days | 2,187 sqft |
2021-02-01 | 38 days | 2,189 sqft |
2021-03-01 | 24 days | 2,156 sqft |
2021-04-01 | 25 days | 2,223 sqft |
2021-05-01 | 20 days | 2,122 sqft |
2021-06-01 | 16 days | 2,071 sqft |
2021-07-01 | 22 days | 2,059 sqft |
2021-08-01 | 27 days | 2,085 sqft |
2021-09-01 | 28 days | 2,046 sqft |
2021-10-01 | 30 days | 2,120 sqft |
2021-11-01 | 31 days | 1,995 sqft |
2021-12-01 | 40 days | 1,935 sqft |
2022-01-01 | 52 days | 1,904 sqft |
2022-02-01 | 38 days | 1,902 sqft |
2022-03-01 | 17 days | 1,986 sqft |
2022-04-01 | 16 days | 2,013 sqft |
2022-05-01 | 16 days | 2,018 sqft |
2022-06-01 | 18 days | 2,047 sqft |
2022-07-01 | 24 days | 2,073 sqft |
2022-08-01 | 32 days | 2,090 sqft |
2022-09-01 | 44 days | 2,071 sqft |
2022-10-01 | 50 days | 2,095 sqft |
2022-11-01 | 58 days | 2,101 sqft |
2022-12-01 | 69 days | 2,097 sqft |
2023-01-01 | 74 days | 2,094 sqft |
2023-02-01 | 62 days | 2,137 sqft |
2023-03-01 | 45 days | 2,204 sqft |
2023-04-01 | 42 days | 2,236 sqft |
2023-05-01 | 39 days | 2,203 sqft |
2023-06-01 | 40 days | 2,151 sqft |
2023-07-01 | 44 days | 2,178 sqft |
2023-08-01 | 44 days | 2,200 sqft |
2023-09-01 | 43 days | 2,148 sqft |
2023-10-01 | 47 days | 2,159 sqft |
2023-11-01 | 52 days | 2,125 sqft |
Durham's median square footage for active listings during the 2023-11-01 period was 2,125 sqft. One year prior, the average listing was 2,101 sqft.