South Carolina Mortgage and Refinance Rates
As of Tuesday, January 31, 2023, current rates in South Carolina are 6.49% for a 30-year fixed and 5.72% for a 15-year fixed.
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Current mortgage rates in South Carolina
Mortgage interest rates have surged this year, meaning a home you were able to afford in South Carolina just a few short months ago might be out of reach today. The median home sale price in South Carolina was $364,100 as of September 2022, according to Redfin.
Refinance rates in South Carolina
It’s generally not a good time to refinance if you can’t get a lower rate. However, if you need to refinance the mortgage for your home in South Carolina, you could save thousands by shopping around for offers. Check out Bankrate’s mortgage refinance calculator to estimate how much you might save at various rates.
How to find the best mortgage rate in South Carolina for you
Whether you're buying a home or looking to refinance your existing mortgage, it's crucial to get the lowest possible rate. Check your credit reports and work to improve your score, if needed, by paying all of your bills on time and paying down or eliminating credit card debt. Lowering other forms of debt, too, helps improve your debt-to-income (DTI) ratio.
It's easier to get a lower rate if you can make a larger down payment, as well, ideally 20 percent. You can still get a mortgage with a lower down payment, but you'll likely have a higher rate and will need to pay for mortgage insurance.
Remember: You could save thousands on your South Carolina home purchase if you shop around with at least three mortgage lenders.
Mortgage options in South Carolina
No matter which state you plan to buy a home in, there are at least two mortgage options available to the majority of borrowers: conventional loans or FHA loans. Most lenders in South Carolina offer these loans.
The more popular conventional loan is ideal for borrowers who have a credit score of at least 620 and can put down at least 3 percent of the home's purchase price upfront.
FHA loans, on the other hand, are open to borrowers with credit scores as low as 580 who can make a down payment of at least 3.5 percent. (If you can bring at least 10 percent to the table, your credit score can be as low as 500.)
In South Carolina and elsewhere, certain borrowers might be eligible for a VA loan or a USDA loan instead. VA loans are for military members and veterans, while USDA loans are for borrowers buying a home in certain rural areas. These loans have no down payment minimums, making them an attractive option for those who qualify.
First-time homebuyer programs in South Carolina
- SC Housing Homebuyer Program: The state of South Carolina’s housing finance authority offers first-time buyer help, including the Housing Homebuyer Program with competitive fixed interest rates and down payment assistance.
- SC Housing Palmetto Home Advantage: You can use SC Housing’s Palmetto Home Advantage for your first home purchase, although the program is not restricted to first-time buyers. The program offers competitive interest rates along with down payment assistance of up to 4 percent of the loan amount. You can also receive reduced mortgage insurance through the program if it’s required on your loan.