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 195 lenders originated 3,131 FHA loans during 2023. The total origination value was $1,015,715,000, with an average FHA loan value of $324,406.
Raleigh FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Raleigh
averaged
6.75%
for the week of 2024-04-19, compared to the national average (all FHA variants) of
6.855% for the same period.
Raleigh's average FHA mortgage closing costs are $8,629.
The average rate for the prior week (2024-04-12) was
6.54% and
one month ago for the week of 2024-03-15, the
average rate was 6.11%.
The average rate one year ago was 6.14%.
For refis of the same type during the week of 2024-04-19, the average rate
was 6.28%.
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
328 FHA loans originated. Their average total fees are
$13,315, which is $190
lower than the next largest lender,
UNITED WHOLESALE MORTGAGE, LLC.
The lowest fee Raleigh FHA lenders (with over 10 loans originated) are
PULTE MORTGAGE LLC ($8,427), EAGLE HOME MORTGAGE, LLC ($8,904), DHI MORTGAGE COMPANY, LTD. ($8,927), HOMESPIRE MORTGAGE CORPORATION ($9,407) and INTERCOASTAL MORTGAGE COMPANY ($9,547).
The lowest rate Raleigh FHA lenders (with over 10 loans originated) are
MICHIGAN MUTUAL, INC. (5.47%), PULTE MORTGAGE LLC (5.47%), DHI MORTGAGE COMPANY, LTD. (5.48%), VANDERBILT MORTGAGE AND FINANCE, INC. (5.87%) and JET HOMELOANS, LLC (5.94%).
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 |
| RALEIGH-CARY, NC | FRANKLIN | 2023 | $502,550 | $643,350 | $777,650 | $966,450 |
| RALEIGH-CARY, NC | JOHNSTON | 2023 | $502,550 | $643,350 | $777,650 | $966,450 |
| RALEIGH-CARY, NC | WAKE | 2023 | $502,550 | $643,350 | $777,650 | $966,450 |
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 | $350,080 (2.5%) | $423,693 (3.1%) | 1.30 | 3,973 |
| 2018-02-01 | $358,693 (3.2%) | $427,864 (3.1%) | 1.30 | 4,010 |
| 2018-03-01 | $368,837 (2.5%) | $439,760 (2.6%) | 1.29 | 4,228 |
| 2018-04-01 | $369,951 (0.0%) | $441,023 (0.0%) | 1.25 | 4,498 |
| 2018-05-01 | $369,950 (0.0%) | $442,374 (-0.1%) | 1.24 | 4,821 |
| 2018-06-01 | $369,700 (1.0%) | $445,449 (1.8%) | 1.23 | 4,913 |
| 2018-07-01 | $369,450 (0.6%) | $448,748 (2.9%) | 1.23 | 4,814 |
| 2018-08-01 | $369,664 (1.6%) | $447,787 (3.4%) | 1.24 | 4,907 |
| 2018-09-01 | $365,900 (0.3%) | $442,771 (2.4%) | 1.23 | 5,031 |
| 2018-10-01 | $357,985 (-0.6%) | $432,120 (0.8%) | 1.21 | 5,275 |
| 2018-11-01 | $355,281 (-1.3%) | $430,386 (0.7%) | 1.20 | 5,155 |
| 2018-12-01 | $353,899 (-0.6%) | $426,868 (-0.1%) | 1.22 | 4,904 |
| 2019-01-01 | $349,995 (0.0%) | $423,873 (0.0%) | 1.21 | 4,626 |
| 2019-02-01 | $354,745 (-1.1%) | $430,435 (0.6%) | 1.20 | 4,580 |
| 2019-03-01 | $363,771 (-1.4%) | $439,870 (0.0%) | 1.19 | 4,596 |
| 2019-04-01 | $369,500 (-0.1%) | $449,308 (1.9%) | 1.17 | 4,723 |
| 2019-05-01 | $375,000 (1.4%) | $455,927 (3.1%) | 1.17 | 4,830 |
| 2019-06-01 | $376,000 (1.7%) | $453,492 (1.8%) | 1.18 | 4,931 |
| 2019-07-01 | $375,000 (1.5%) | $452,187 (0.8%) | 1.17 | 5,004 |
| 2019-08-01 | $371,807 (0.6%) | $448,155 (0.1%) | 1.18 | 5,084 |
| 2019-09-01 | $367,528 (0.4%) | $444,569 (0.4%) | 1.18 | 5,147 |
| 2019-10-01 | $364,100 (1.7%) | $441,993 (2.3%) | 1.17 | 5,188 |
| 2019-11-01 | $359,418 (1.2%) | $440,540 (2.4%) | 1.18 | 4,990 |
| 2019-12-01 | $359,950 (1.7%) | $442,899 (3.8%) | 1.20 | 4,532 |
| 2020-01-01 | $358,714 (2.5%) | $442,855 (4.5%) | 1.20 | 4,218 |
| 2020-02-01 | $364,645 (2.8%) | $450,735 (4.7%) | 1.19 | 4,108 |
| 2020-03-01 | $372,685 (2.5%) | $461,154 (4.8%) | 1.17 | 4,030 |
| 2020-04-01 | $363,849 (-1.5%) | $451,689 (0.5%) | 1.14 | 4,289 |
| 2020-05-01 | $369,990 (-1.3%) | $465,377 (2.1%) | 1.12 | 4,192 |
| 2020-06-01 | $381,450 (1.5%) | $486,068 (7.2%) | 1.12 | 3,573 |
| 2020-07-01 | $381,439 (1.7%) | $487,119 (7.7%) | 1.11 | 3,317 |
| 2020-08-01 | $385,000 (3.6%) | $487,345 (8.7%) | 1.10 | 3,201 |
| 2020-09-01 | $390,708 (6.3%) | $495,072 (11.4%) | 1.12 | 2,895 |
| 2020-10-01 | $389,900 (7.1%) | $496,028 (12.2%) | 1.12 | 2,854 |
| 2020-11-01 | $385,000 (7.1%) | $492,706 (11.8%) | 1.13 | 2,568 |
| 2020-12-01 | $387,376 (7.6%) | $497,675 (12.4%) | 1.15 | 2,199 |
| 2021-01-01 | $389,900 (8.7%) | $508,063 (14.7%) | 1.16 | 1,853 |
| 2021-02-01 | $395,775 (8.5%) | $525,866 (16.7%) | 1.15 | 1,478 |
| 2021-03-01 | $397,450 (6.7%) | $528,581 (14.6%) | 1.13 | 1,281 |
| 2021-04-01 | $399,510 (9.8%) | $541,473 (19.9%) | 1.08 | 1,203 |
| 2021-05-01 | $403,297 (9.0%) | $550,589 (18.3%) | 1.07 | 1,030 |
| 2021-06-01 | $408,898 (7.2%) | $559,651 (15.1%) | 1.08 | 1,046 |
| 2021-07-01 | $409,900 (7.5%) | $545,206 (11.9%) | 1.08 | 1,207 |
| 2021-08-01 | $424,630 (10.3%) | $563,887 (15.7%) | 1.13 | 1,249 |
| 2021-09-01 | $425,000 (8.8%) | $554,489 (12.0%) | 1.13 | 1,408 |
| 2021-10-01 | $425,000 (9.0%) | $551,039 (11.1%) | 1.13 | 1,461 |
| 2021-11-01 | $426,870 (10.9%) | $553,907 (12.4%) | 1.14 | 1,340 |
| 2021-12-01 | $423,320 (9.3%) | $551,595 (10.8%) | 1.15 | 1,097 |
| 2022-01-01 | $426,000 (9.3%) | $567,969 (11.8%) | 1.15 | 900 |
| 2022-02-01 | $433,862 (9.6%) | $589,111 (12.0%) | 1.13 | 660 |
| 2022-03-01 | $450,725 (13.4%) | $619,727 (17.2%) | 1.13 | 694 |
| 2022-04-01 | $476,565 (19.3%) | $620,214 (14.5%) | 1.14 | 850 |
| 2022-05-01 | $494,500 (22.6%) | $608,331 (10.5%) | 1.13 | 1,437 |
| 2022-06-01 | $499,950 (22.3%) | $626,853 (12.0%) | 1.11 | 2,103 |
| 2022-07-01 | $495,000 (20.8%) | $614,383 (12.7%) | 1.12 | 2,767 |
| 2022-08-01 | $486,247 (14.5%) | $605,260 (7.3%) | 1.12 | 3,187 |
| 2022-09-01 | $464,000 (9.2%) | $580,273 (4.7%) | 1.08 | 3,765 |
| 2022-10-01 | $455,000 (7.1%) | $576,049 (4.5%) | 1.07 | 3,935 |
| 2022-11-01 | $449,725 (5.4%) | $570,347 (3.0%) | 1.08 | 3,886 |
| 2022-12-01 | $448,900 (6.0%) | $569,095 (3.2%) | 1.11 | 3,595 |
| 2023-01-01 | $445,950 (4.7%) | $573,153 (0.9%) | 1.10 | 3,200 |
| 2023-02-01 | $449,787 (3.7%) | $583,580 (-0.9%) | 1.09 | 2,831 |
| 2023-03-01 | $450,000 (-0.2%) | $597,307 (-3.6%) | 1.06 | 2,598 |
| 2023-04-01 | $465,000 (-2.4%) | $630,194 (1.6%) | 1.08 | 2,427 |
| 2023-05-01 | $474,490 (-4.1%) | $640,399 (5.3%) | 1.08 | 2,496 |
| 2023-06-01 | $478,886 (-4.2%) | $642,353 (2.5%) | 1.08 | 2,526 |
| 2023-07-01 | $469,900 (-5.1%) | $634,143 (3.2%) | 1.07 | 2,565 |
| 2023-08-01 | $464,950 (-4.4%) | $628,919 (3.9%) | 1.07 | 2,667 |
| 2023-09-01 | $459,750 (-0.9%) | $624,453 (7.6%) | 1.07 | 2,842 |
| 2023-10-01 | $457,515 (0.6%) | $621,273 (7.9%) | 1.08 | 3,107 |
| 2023-11-01 | $451,735 (0.5%) | $615,991 (8.0%) | 1.08 | 3,202 |
| 2023-12-01 | $446,455 (-0.5%) | $614,957 (8.1%) | 1.09 | 2,951 |
| 2024-01-01 | $439,945 (-1.4%) | $622,802 (8.7%) | 1.07 | 2,651 |
| 2024-02-01 | $439,998 (-2.2%) | $633,754 (8.6%) | 1.06 | 2,648 |
| 2024-03-01 | $449,990 (0.0%) | $643,395 (7.7%) | 1.06 | 2,756 |
Raleigh's median listing price comes in at 106% of the national average.
Raleigh's average listing price for 2024-03-01 was $643,395, a difference of $46,088 (7.7%) versus the prior year and $9,641 versus the prior month.
For the 2024-03-01 period, Raleigh had 2,756 MLS listings, a difference of 108 listings (4%) versus the prior month and 158 listings (6%) 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 | 82 days | 2,659 sqft |
| 2018-02-01 | 69 days | 2,652 sqft |
| 2018-03-01 | 53 days | 2,700 sqft |
| 2018-04-01 | 51 days | 2,669 sqft |
| 2018-05-01 | 50 days | 2,676 sqft |
| 2018-06-01 | 53 days | 2,666 sqft |
| 2018-07-01 | 60 days | 2,653 sqft |
| 2018-08-01 | 62 days | 2,655 sqft |
| 2018-09-01 | 65 days | 2,623 sqft |
| 2018-10-01 | 68 days | 2,588 sqft |
| 2018-11-01 | 71 days | 2,578 sqft |
| 2018-12-01 | 78 days | 2,564 sqft |
| 2019-01-01 | 83 days | 2,557 sqft |
| 2019-02-01 | 74 days | 2,561 sqft |
| 2019-03-01 | 61 days | 2,594 sqft |
| 2019-04-01 | 50 days | 2,625 sqft |
| 2019-05-01 | 50 days | 2,651 sqft |
| 2019-06-01 | 50 days | 2,629 sqft |
| 2019-07-01 | 56 days | 2,604 sqft |
| 2019-08-01 | 57 days | 2,578 sqft |
| 2019-09-01 | 58 days | 2,555 sqft |
| 2019-10-01 | 59 days | 2,541 sqft |
| 2019-11-01 | 61 days | 2,500 sqft |
| 2019-12-01 | 69 days | 2,505 sqft |
| 2020-01-01 | 72 days | 2,483 sqft |
| 2020-02-01 | 59 days | 2,519 sqft |
| 2020-03-01 | 47 days | 2,548 sqft |
| 2020-04-01 | 50 days | 2,495 sqft |
| 2020-05-01 | 58 days | 2,508 sqft |
| 2020-06-01 | 58 days | 2,539 sqft |
| 2020-07-01 | 48 days | 2,485 sqft |
| 2020-08-01 | 40 days | 2,464 sqft |
| 2020-09-01 | 45 days | 2,456 sqft |
| 2020-10-01 | 44 days | 2,426 sqft |
| 2020-11-01 | 44 days | 2,386 sqft |
| 2020-12-01 | 49 days | 2,376 sqft |
| 2021-01-01 | 45 days | 2,355 sqft |
| 2021-02-01 | 33 days | 2,309 sqft |
| 2021-03-01 | 25 days | 2,259 sqft |
| 2021-04-01 | 20 days | 2,299 sqft |
| 2021-05-01 | 17 days | 2,275 sqft |
| 2021-06-01 | 16 days | 2,261 sqft |
| 2021-07-01 | 18 days | 2,253 sqft |
| 2021-08-01 | 20 days | 2,256 sqft |
| 2021-09-01 | 19 days | 2,245 sqft |
| 2021-10-01 | 20 days | 2,228 sqft |
| 2021-11-01 | 22 days | 2,219 sqft |
| 2021-12-01 | 34 days | 2,198 sqft |
| 2022-01-01 | 33 days | 2,139 sqft |
| 2022-02-01 | 16 days | 2,146 sqft |
| 2022-03-01 | 11 days | 2,186 sqft |
| 2022-04-01 | 10 days | 2,250 sqft |
| 2022-05-01 | 12 days | 2,319 sqft |
| 2022-06-01 | 16 days | 2,356 sqft |
| 2022-07-01 | 23 days | 2,337 sqft |
| 2022-08-01 | 30 days | 2,334 sqft |
| 2022-09-01 | 42 days | 2,287 sqft |
| 2022-10-01 | 47 days | 2,269 sqft |
| 2022-11-01 | 56 days | 2,267 sqft |
| 2022-12-01 | 68 days | 2,284 sqft |
| 2023-01-01 | 74 days | 2,285 sqft |
| 2023-02-01 | 66 days | 2,288 sqft |
| 2023-03-01 | 52 days | 2,305 sqft |
| 2023-04-01 | 48 days | 2,327 sqft |
| 2023-05-01 | 43 days | 2,337 sqft |
| 2023-06-01 | 43 days | 2,347 sqft |
| 2023-07-01 | 42 days | 2,312 sqft |
| 2023-08-01 | 40 days | 2,299 sqft |
| 2023-09-01 | 43 days | 2,275 sqft |
| 2023-10-01 | 44 days | 2,254 sqft |
| 2023-11-01 | 49 days | 2,231 sqft |
| 2023-12-01 | 63 days | 2,205 sqft |
| 2024-01-01 | 63 days | 2,165 sqft |
| 2024-02-01 | 44 days | 2,171 sqft |
| 2024-03-01 | 42 days | 2,186 sqft |
Raleigh's median square footage for active listings during the 2024-03-01 period was 2,186 sqft. One year prior, the average listing was 2,305 sqft.