Interest Rate
Average home price

If you’re looking to buy a home in South Carolina, it’s important you take the time to lock in the best possible mortgage rate available. Several criteria impact the rates you qualify for; for example, your annual income, the money you have for a down payment, your credit score, and your debt-to-income ratio are all critical.

Preparation ahead of time will help ensure you receive the best South Carolina mortgage rate. Before you apply for a loan, there are several items you should check off your list. Be certain to gather all of the documents you need, take a look at your credit score, and work with a professional mortgage lender to acquire preapproval for a loan.

Here’s a quick look at current South Carolina mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.38% 6.445% +0.22%
Conventional 20 year fixed 6.024% 6.103% Unchanged
Conventional 15 year fixed 5.844% 5.935% +0.06%
Conventional 10 year fixed 5.773% 5.954% Unchanged
Conventional 7 year ARM 6.422% 7.309% Unchanged
Conventional 5 year ARM 6.308% 7.459% -0.13%
VA 30 year fixed 5.856% 6.132% +0.13%
VA 15 year fixed 5.42% 5.892% -0.03%
VA 5 year ARM 6.052% 6.818% -0.03%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in South Carolina

Are you considering whether or not to purchase a home in South Carolina? The Palmetto State, with its beaches and mountains, may hold the home of your dreams. Here’s everything key to knowing the state before you start searching for homes.

Did you know that South Carolina enjoys a population totalling more than 4.7 million persons? Of those, around one in ten live in the five largest cities in the state:

  • Columbia (state capital)
  • Charleston
  • North Charleston
  • Mount Pleasant
  • Rock Hill

Do you already know what type of home payment you can manage? South Carolina ranks 24th in US homes for sale at average price, and 14th for homes over $1,000,000. If you’re serious about finding a home, a loan preapproval is important so you can adequately budget.

First-time Homebuyers

First-time homebuyers may qualify for a program administrated by the South Carolina State Housing Finance and Development Authority (SC Housing). This department offers down payment assistance for both down payment and closing costs.

You can get up to $6,000 in assistance for a down payment offered as a forgivable loan, and the home seller can pay your closing costs with a SC Housing Homebuyer Program Loan.

You may also qualify for SC Housing’s Palmetto Home Advantage program, which offers competitive interest rates plus down payment assistance of up to 5% of the loan amount and reduced mortgage insurance rates.

Borrower requirements include living in SC and in the home you purchase, plus:

  • 620-660 credit score based on loan and program type
  • Income must meet SC Housing income limits
  • Home must meet SC Housing purchase price limits

Refinancing in South Carolina

If you’re considering whether or not you should refinance a home in South Carolina and take advantage of favorable South Carolina mortgage rates, here are some reasons to keep in mind:

  • Refinance your loan so that it extends over more years with longer terms
  • Refinance, if you qualify, to eliminate private mortgage insurance
  • Refinance in order to cash out some of your equity
  • Refinance so you have a lower interest rate

You may choose to apply for streamlined refinance if you have a qualifying type of loan. Ask your lender for more information.


Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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