South Carolina Mortgage and Refinance Rates

Current mortgage rates in South Carolina

As of Tuesday, April 16, 2024, current interest rates in South Carolina are 6.88% for a 30-year fixed mortgage and 6.42% for a 15-year fixed mortgage.

Residential real estate gets pricey in The Palmetto State: The median home sales price is $300,000 as of February 2024, compared to the national median of $344,157, according to ATTOM. On the plus side, they’re up only a modest 3.4% year-over-year, and down payments have actually fallen 5%. Still, affordability can be a challenge for Connecticut residents, as it is for aspiring homeowners around the country.

Refinance rates in South Carolina

While mortgage refinance rates have more than doubled since the pandemic, many South Carolina homeowners have much more tappable equity now: the average mortgage-holder has gained $26,000 since 2023, according to CoreLogic. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

South Carolina mortgage rate trends

Mortgage rates in South Carolina have trended upward over much of the last two years, mirroring national trends. While mortgage rates are difficult to predict, the current consensus is for them to remain well above historical lows for the foreseeable future, including in South Carolina.

National mortgage rates by loan type

Mortgage statistics for South Carolina

• Most popular cities: Columbia, Myrtle Beach, Greenville, Charleston, Summerville
• Most affordable counties (based on median home value): Dillon, Lee, Allendale, Darlington, Marlboro
• Median home sales price, Feb. 2024: $300,000
• Median home value, Feb. 2024: $276,051
• Median down payment, Feb. 2024: $38,000
• Homeownership rate, Q4 2023: 73%

Sources: ATTOM, U.S. Census Bureau

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.

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.

Additional South Carolina mortgage resources

• South Carolina loan limits by county: Learn the conforming loan limit for your city or town.
• South Carolina mortgage lenders: Explore the different resources for loans in your state.
• Best Homeowners Insurance in South Carolina: Compare policies and providers around the state.