Raleigh FHA Loan Rates, Closing Costs & Stats
RALEIGH-CARY, 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.
Raleigh's 221 lenders originated 4,759 FHA loans during 2021. The total origination value was $1,227,965,000, with an average FHA loan value of $258,030.
Raleigh FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Raleigh
averaged
-0.22%
for the week of 2022-11-25, compared to the national average (all FHA variants) of
0% for the same period.
Raleigh's average FHA mortgage closing costs are $7,279.
The average rate for the prior week (2022-11-18) was
6.2% and
one month ago for the week of 2022-10-21, the
average rate was 6.91%.
The average rate one year ago was 3.28%.
For refis of the same type during the week of 2022-11-25, the average rate
was -0.2%.
Raleigh 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 Raleigh level.
The top Raleigh FHA lender as defined by loan originations is QUICKEN LOANS, LLC, with
533 FHA loans originated. Their average total fees are
$6,620, which is $1,116
lower than the next largest lender,
MOVEMENT MORTGAGE, LLC.
The lowest fee Raleigh FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE ($3,027), Lakeview Community Capital, LLC ($5,134), LAKEVIEW LOAN SERVICING, LLC ($5,276), FREEDOM MORTGAGE CORPORATION ($5,306) and Mr. Cooper ( Nationstar Mortgage ) ($5,310).
The lowest rate Raleigh FHA lenders (with over 10 loans originated) are
InterContinental Capital Group, Inc (2.54%), MATTAMY HOME FUNDING, LLC (2.61%), QUICKEN LOANS, LLC (2.64%), UNITED SECURITY FINANCIAL CORP (2.65%) and South Pacific Financial Corporation (2.66%).
Raleigh FHA Loan Limits
| Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
|---|---|---|---|---|---|---|
| RALEIGH-CARY, NC | FRANKLIN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| RALEIGH-CARY, NC | JOHNSTON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
| RALEIGH-CARY, NC | WAKE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Raleigh (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
|---|---|---|---|---|
| 2018-01-01 | $350,000 (2.5%) | $423,764 (3.1%) | 1.30 | 3,968 |
| 2018-02-01 | $358,335 (3.1%) | $427,953 (3.1%) | 1.30 | 4,005 |
| 2018-03-01 | $368,635 (2.4%) | $439,845 (2.6%) | 1.29 | 4,228 |
| 2018-04-01 | $369,950 (0.0%) | $441,049 (0.0%) | 1.25 | 4,499 |
| 2018-05-01 | $369,950 (0.0%) | $442,359 (-0.2%) | 1.24 | 4,822 |
| 2018-06-01 | $369,800 (1.0%) | $445,435 (1.8%) | 1.23 | 4,912 |
| 2018-07-01 | $369,450 (0.5%) | $448,840 (2.9%) | 1.23 | 4,813 |
| 2018-08-01 | $369,671 (1.5%) | $447,878 (3.4%) | 1.24 | 4,906 |
| 2018-09-01 | $365,900 (0.4%) | $442,860 (2.4%) | 1.23 | 5,031 |
| 2018-10-01 | $358,200 (-0.5%) | $432,214 (0.9%) | 1.21 | 5,274 |
| 2018-11-01 | $355,287 (-1.2%) | $430,458 (0.7%) | 1.20 | 5,153 |
| 2018-12-01 | $353,899 (-0.6%) | $426,911 (-0.1%) | 1.22 | 4,903 |
| 2019-01-01 | $349,995 (0.0%) | $423,915 (0.0%) | 1.21 | 4,624 |
| 2019-02-01 | $354,743 (-1.0%) | $430,484 (0.6%) | 1.20 | 4,578 |
| 2019-03-01 | $363,769 (-1.3%) | $439,794 (0.0%) | 1.19 | 4,595 |
| 2019-04-01 | $369,448 (-0.1%) | $448,961 (1.8%) | 1.17 | 4,726 |
| 2019-05-01 | $375,000 (1.4%) | $455,618 (3.0%) | 1.17 | 4,837 |
| 2019-06-01 | $375,000 (1.4%) | $453,179 (1.7%) | 1.17 | 4,938 |
| 2019-07-01 | $375,000 (1.5%) | $451,856 (0.7%) | 1.17 | 5,013 |
| 2019-08-01 | $371,627 (0.5%) | $447,845 (0.0%) | 1.18 | 5,096 |
| 2019-09-01 | $367,317 (0.4%) | $444,271 (0.3%) | 1.18 | 5,160 |
| 2019-10-01 | $363,933 (1.6%) | $441,706 (2.2%) | 1.17 | 5,203 |
| 2019-11-01 | $359,063 (1.1%) | $440,247 (2.3%) | 1.18 | 5,005 |
| 2019-12-01 | $359,950 (1.7%) | $442,590 (3.7%) | 1.20 | 4,546 |
| 2020-01-01 | $358,000 (2.3%) | $442,478 (4.4%) | 1.20 | 4,232 |
| 2020-02-01 | $363,900 (2.6%) | $450,088 (4.6%) | 1.19 | 4,119 |
| 2020-03-01 | $371,907 (2.2%) | $461,014 (4.8%) | 1.16 | 4,043 |
| 2020-04-01 | $363,618 (-1.6%) | $451,627 (0.6%) | 1.14 | 4,305 |
| 2020-05-01 | $369,945 (-1.4%) | $465,250 (2.1%) | 1.12 | 4,209 |
| 2020-06-01 | $381,208 (1.7%) | $485,843 (7.2%) | 1.12 | 3,589 |
| 2020-07-01 | $381,223 (1.7%) | $486,840 (7.7%) | 1.11 | 3,332 |
| 2020-08-01 | $385,000 (3.6%) | $487,104 (8.8%) | 1.10 | 3,215 |
| 2020-09-01 | $389,950 (6.2%) | $494,586 (11.3%) | 1.12 | 2,907 |
| 2020-10-01 | $389,900 (7.1%) | $495,736 (12.2%) | 1.12 | 2,867 |
| 2020-11-01 | $385,000 (7.2%) | $492,134 (11.8%) | 1.12 | 2,582 |
| 2020-12-01 | $385,785 (7.2%) | $496,862 (12.3%) | 1.15 | 2,212 |
| 2021-01-01 | $389,900 (8.9%) | $506,986 (14.6%) | 1.16 | 1,866 |
| 2021-02-01 | $394,975 (8.5%) | $524,934 (16.6%) | 1.15 | 1,493 |
| 2021-03-01 | $397,400 (6.9%) | $527,358 (14.4%) | 1.13 | 1,295 |
| 2021-04-01 | $399,500 (9.9%) | $540,384 (19.7%) | 1.08 | 1,215 |
| 2021-05-01 | $401,281 (8.5%) | $549,303 (18.1%) | 1.06 | 1,041 |
| 2021-06-01 | $406,500 (6.6%) | $558,200 (14.9%) | 1.07 | 1,058 |
| 2021-07-01 | $408,300 (7.1%) | $543,473 (11.6%) | 1.07 | 1,216 |
| 2021-08-01 | $422,425 (9.7%) | $562,051 (15.4%) | 1.13 | 1,260 |
| 2021-09-01 | $424,500 (8.9%) | $552,687 (11.8%) | 1.13 | 1,421 |
| 2021-10-01 | $425,000 (9.0%) | $549,492 (10.8%) | 1.13 | 1,477 |
| 2021-11-01 | $425,121 (10.4%) | $551,707 (12.1%) | 1.14 | 1,354 |
| 2021-12-01 | $422,625 (9.6%) | $549,934 (10.7%) | 1.15 | 1,111 |
| 2022-01-01 | $425,000 (9.0%) | $565,854 (11.6%) | 1.15 | 913 |
| 2022-02-01 | $430,000 (8.9%) | $585,879 (11.6%) | 1.12 | 675 |
| 2022-03-01 | $449,950 (13.2%) | $616,259 (16.9%) | 1.13 | 709 |
| 2022-04-01 | $475,000 (18.9%) | $617,945 (14.4%) | 1.13 | 866 |
| 2022-05-01 | $493,280 (22.9%) | $606,462 (10.4%) | 1.13 | 1,452 |
| 2022-06-01 | $499,950 (23.0%) | $625,073 (12.0%) | 1.11 | 2,118 |
| 2022-07-01 | $494,402 (21.1%) | $613,500 (12.9%) | 1.12 | 2,780 |
| 2022-08-01 | $483,269 (14.4%) | $604,786 (7.6%) | 1.12 | 3,203 |
| 2022-09-01 | $462,963 (9.1%) | $579,910 (4.9%) | 1.08 | 3,775 |
| 2022-10-01 | $452,637 (6.5%) | $575,659 (4.8%) | 1.07 | 3,950 |
Raleigh's median listing price comes in at 107% of the national average.
Raleigh's average listing price for 2022-10-01 was $575,659, a difference of $26,167 (4.8%) versus the prior year and $-4,251 versus the prior month.
For the 2022-10-01 period, Raleigh had 3,950 MLS listings, a difference of 175 listings (5%) versus the prior month and 2,473 listings (167%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Raleigh (CBSA) retrieved from FRED, Federal Reserve Bank of St. Louis| Date | Median Listing Time on Market | Median Square Footage |
|---|---|---|
| 2018-01-01 | 85 days | 2,658 sqft |
| 2018-02-01 | 71 days | 2,652 sqft |
| 2018-03-01 | 56 days | 2,699 sqft |
| 2018-04-01 | 53 days | 2,669 sqft |
| 2018-05-01 | 52 days | 2,676 sqft |
| 2018-06-01 | 56 days | 2,666 sqft |
| 2018-07-01 | 64 days | 2,653 sqft |
| 2018-08-01 | 65 days | 2,656 sqft |
| 2018-09-01 | 67 days | 2,623 sqft |
| 2018-10-01 | 71 days | 2,588 sqft |
| 2018-11-01 | 73 days | 2,577 sqft |
| 2018-12-01 | 81 days | 2,563 sqft |
| 2019-01-01 | 87 days | 2,557 sqft |
| 2019-02-01 | 81 days | 2,561 sqft |
| 2019-03-01 | 66 days | 2,592 sqft |
| 2019-04-01 | 51 days | 2,622 sqft |
| 2019-05-01 | 52 days | 2,650 sqft |
| 2019-06-01 | 52 days | 2,627 sqft |
| 2019-07-01 | 58 days | 2,601 sqft |
| 2019-08-01 | 59 days | 2,576 sqft |
| 2019-09-01 | 61 days | 2,553 sqft |
| 2019-10-01 | 63 days | 2,540 sqft |
| 2019-11-01 | 65 days | 2,500 sqft |
| 2019-12-01 | 72 days | 2,503 sqft |
| 2020-01-01 | 75 days | 2,482 sqft |
| 2020-02-01 | 64 days | 2,518 sqft |
| 2020-03-01 | 51 days | 2,547 sqft |
| 2020-04-01 | 52 days | 2,494 sqft |
| 2020-05-01 | 61 days | 2,508 sqft |
| 2020-06-01 | 63 days | 2,537 sqft |
| 2020-07-01 | 51 days | 2,485 sqft |
| 2020-08-01 | 43 days | 2,463 sqft |
| 2020-09-01 | 49 days | 2,455 sqft |
| 2020-10-01 | 47 days | 2,425 sqft |
| 2020-11-01 | 46 days | 2,386 sqft |
| 2020-12-01 | 51 days | 2,373 sqft |
| 2021-01-01 | 49 days | 2,350 sqft |
| 2021-02-01 | 36 days | 2,308 sqft |
| 2021-03-01 | 29 days | 2,255 sqft |
| 2021-04-01 | 23 days | 2,299 sqft |
| 2021-05-01 | 19 days | 2,275 sqft |
| 2021-06-01 | 16 days | 2,259 sqft |
| 2021-07-01 | 19 days | 2,252 sqft |
| 2021-08-01 | 21 days | 2,246 sqft |
| 2021-09-01 | 20 days | 2,241 sqft |
| 2021-10-01 | 21 days | 2,223 sqft |
| 2021-11-01 | 23 days | 2,218 sqft |
| 2021-12-01 | 35 days | 2,199 sqft |
| 2022-01-01 | 37 days | 2,138 sqft |
| 2022-02-01 | 18 days | 2,146 sqft |
| 2022-03-01 | 12 days | 2,183 sqft |
| 2022-04-01 | 11 days | 2,250 sqft |
| 2022-05-01 | 12 days | 2,319 sqft |
| 2022-06-01 | 17 days | 2,353 sqft |
| 2022-07-01 | 23 days | 2,337 sqft |
| 2022-08-01 | 31 days | 2,333 sqft |
| 2022-09-01 | 43 days | 2,286 sqft |
| 2022-10-01 | 48 days | 2,269 sqft |
Raleigh's median square footage for active listings during the 2022-10-01 period was 2,269 sqft. One year prior, the average listing was 2,223 sqft.
