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. As of Tuesday, December 5, 2023, current interest rates in South Carolina are 7.62% for a 30-year fixed mortgage and 6.88% for a 15-year fixed mortgage.

Elevated mortgage rates continue to make housing affordability a challenge for South Carolina homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future.

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.

South Carolina mortgage rate trends

As of October 2023, mortgage rates nationally and in South Carolina were at their highest levels since 2000, according to Bankrate’s national survey of lenders.

National mortgage rates by loan type

Mortgage statistics for South Carolina

South Carolina property values have strongly appreciated in recent years. Here are some statistics about mortgages and the housing market:

• Average home value (as of Oct. 2023): $288,342 (Zillow)
• Homeownership rate (as of Dec. 2022): 74.7% (U.S. Census Bureau)
• Average mortgage loan size in 2022: $318,970 (Home Mortgage Disclosure Act)

Mortgage options in South Carolina

If you’re looking to get a mortgage in South Carolina, there are several options:

• South Carolina conventional mortgages: To qualify for a conventional mortgage, you’ll need a minimum credit score of 620 and a debt-to-income (DTI) ratio no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
• South Carolina FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580.
• South Carolina VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent.

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 a discount on mortgage insurance. To qualify, your income can’t be higher than $124,000, but — notably — there aren’t any purchase price limits on the home you buy.

Additional South Carolina mortgage resources

• South Carolina first-time homebuyer resources: Get more help becoming a homeowner.
• South Carolina loan limits by county: Learn the conforming loan limit for your city or town.
• South Carolina mortgage lenders: Explore mortgage lenders in your state.

How to find the best mortgage rate in South Carolina for you

• Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
• Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
• Step 3: Know your mortgage options - There are a few different types of mortgages.
• Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
• Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more about how to get a mortgage.