Today's Mortgage Rates in South Carolina

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Updated: July 15, 2024

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Today's 30-year mortgage rate in South Carolina stands at 6.62%, closely aligned with the national average rate of 6.90% for the same loan type. In South Carolina, homebuyers can explore programs like the Homebuyer Program and the Mortgage Credit Certificate which may help to reduce mortgage costs.

We'll help you understand today's mortgage rates in South Carolina and explain how they differ by loan type and credit score. You'll discover various mortgage types, rate structures and lenders in South Carolina, along with details on helpful mortgage programs that cater to the needs of the state's residents.

MoneyGeek used publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for South Carolina. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.

Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in South Carolina

The current mortgage rate in South Carolina for a 30-year fixed-rate mortgage is 6.62% as of July 2024, a slight uptick from the previous month's rate of 6.51%. This movement represents an increase of 11 basis points. On a $250,000 loan with a 20% down payment, even this modest rise impacts your wallet — settling for a higher rate could add around $5,222 to your total cost, not accounting for extra expenses like property taxes and HOA fees.

Our line chart shows the trend of mortgage rates in South Carolina over the past several months, allowing you to see the pattern of rate changes.

Current Mortgage Rates in South Carolina (Jan to May)

Understanding the current mortgage rate in South Carolina can help you budget for your future home. Rates adjust frequently due to changes in the economy and the Federal Reserve's actions.

Who Needs to Know Current Mortgage Rates in South Carolina?

Today's mortgage interest rates in South Carolina are a benchmark for potential homeowners and refinancers in the evolving housing market:

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    First-time homebuyers

    First-time homebuyers in South Carolina benefit from knowing mortgage rates to gauge what offers they might receive and assess their competitiveness.

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    Homeowners with mortgages

    Existing homeowners in South Carolina can use knowledge of current mortgage rates to consider a mortgage refinance if rates are lower than what they currently have.

Purchase rates and refinance rates can differ significantly. For a 30-year fixed-rate mortgage in South Carolina, the current rate is 6.62% to buy a home, while it stands at 8.08% if you're looking to refinance. Understanding this difference can impact your decision as you weigh your options.

Current Mortgage Rates in South Carolina by Loan Type

A 30-year fixed-rate mortgage in South Carolina typically has a higher interest rate than a 15-year fixed-rate mortgage. Lenders face more risk over the longer term as they're exposed to changes in the market and potential default for a longer period.

You'll want to explore mortgage loan types in South Carolina to find a rate that suits your budget. A mortgage calculator is a handy tool to help you understand how differences in rates can influence your monthly payments and the total cost of your loan over time.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.97%APR6.13%
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INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?

The interest rate on a mortgage is what you pay each year to borrow money, expressed as a percentage. In South Carolina, the average mortgage interest rate for a 30-year fixed-rate mortgage stands at 6.53%.

APR, or annual percentage rate, includes the mortgage interest rate and other costs such as mortgage points and fees. The average APR for a 30-year fixed-rate mortgage in South Carolina is currently 6.62%, which provides a broader picture of the yearly expense when you get a mortgage.

Current Mortgage Rates in South Carolina by Credit Score

In South Carolina, if you have a solid credit score of 740 or higher and you put down between 5% and 20%, the average APR for a 30-year fixed mortgage is 7.41%. With a credit score below 680, the average APR jumps to 8.11%.

Your credit score impacts the mortgage rates you may qualify for in South Carolina. Check out our interactive table to see the rates you might get based on your credit score and down payment:

Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
10-year FixedAPR5.79%
15-year FixedAPR6.29%
20-year FixedAPR6.93%
30-year FixedAPR7.18%
5-year ARMAPR7.80%
7-year ARMAPR7.63%

Mortgage Types in South Carolina

In July 2024, 30-year fixed and 30-year fixed rate VA loans are tied for the lowest average APR at 6.62% for 30-year fixed-rate mortgages in South Carolina. Knowing your options helps you make informed decisions on your mortgage. Take a look at the different mortgage loan types available in South Carolina. Here's what you need to know:

Mortgage Option
Definition
Impact on Rates
Current 30-Year APRs in South Carolina

Conventional Loans

A conventional loan is not guaranteed or insured by government agencies.

Your credit score and down payment largely determine the mortgage rate.

6.62%

FHA Loans

An FHA loan is insured by the Federal Housing Administration, accessible to many buyers.

FHA loans often have lower interest rates due to government backing.

6.93%

VA Loans

A VA loan is guaranteed by the Veterans Affairs for eligible service members and veterans.

VA loans usually offer competitive rates due to VA backing.

6.62%

USDA Loans

USDA loans cater to homebuyers in rural parts of South Carolina, backed by the USDA.

Rates for USDA loans are often lower since they are government-backed.

currently unavailable

Jumbo Loans

A jumbo loan exceeds the conforming loan limits set by the Federal Housing Finance Agency.

Jumbo loans typically have higher rates due to larger loan amounts.

6.86%

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MORTGAGE RATE STRUCTURES IN SOUTH CAROLINA

In South Carolina, mortgage options boil down to fixed and adjustable rates.

  • Fixed mortgage rates stay the same, offering consistent monthly mortgage payments. This choice promotes budget stability.
  • Adjustable mortgage rates may start lower and adjust over time, potentially reducing your payments during periods of lower rates.

As of July 2024, the average APR for a 30-year fixed mortgage in South Carolina is 6.62%, while a 7-Year ARM stands at 7.40%.

Mortgage Lenders in South Carolina

U.S. Bank, Lower and Loan Depot are solid options for securing a mortgage in South Carolina. These lenders made the cut due to their availability in the state — paired with Better Business Bureau accreditation and homeowner assistance programs. It's important to remember that this list isn't exhaustive, and other lenders in South Carolina may fit your needs.

Your mortgage rate in South Carolina will be influenced by the lender you choose since different lenders provide various loan terms and options. You'll benefit from comparing multiple mortgage lenders in the state.


  • U.S. Bank
    • 6Number of Mortgage Options
    • YesOnline Application
    • NRBBB Rating
    • Monday to Friday, 7 am to 8 pm CT Saturday, 8 am to 2 pm CTCustomer Service Hours

    U.S. Bank offers a range of mortgage products for South Carolina residents. You can choose from conventional loans with a 3% minimum down payment to FHA loans with a 3.5% down payment, among others. For those considering larger loans, jumbo loans may require a higher down payment. The lender looks for a minimum credit score of 660 for adjustable-rate mortgages, known as ARMs, and jumbo loans, while a 640 score could get you an FHA loan.

    U.S. Bank offers customer service Monday through Friday from 7 a.m. to 8 p.m. CT and Saturday from 8 a.m. to 2 p.m. CT. You can reach out for support via video, phone, or in person. The bank offers homeowners assistance programs, including forbearance and loan modification plans. Additionally, it is recognized for serving individuals with bad credit who are looking for home equity lines of credit.

    Pros

    • Online prequalification offered
    • Construction and investment loans available
    • Mortgage assistance options provided

    Cons

    • Not BBB rated
    • Limited state branch presence
    U.S. Bank

  • Loan Depot
    • 3Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 10 am to 9 pm ETCustomer Service Hours

    Loan Depot stands out as a mortgage lender in South Carolina for its accessibility and range of loan options. It offers the convenience of online and in-person services. Prospective homeowners can choose from fixed-rate loans, which have a constant interest rate and monthly payment, or adjustable-rate loans, which can change over time based on the market. It also provides specialty government-backed loans such as FHA and VA loans, supporting a broader array of borrower needs.

    With a minimum credit score of 580 for FHA loans, it caters to a variety of borrowers, although those with higher scores can access more favorable terms. The down payment required starts at 3.5% for FHA loans and can be as low as zero for VA loans, making homeownership more accessible to those with limited funds up-front. Customers can reach the lender’s service team Monday to Friday from 10 a.m. to 9 p.m. ET through phone and email. Additionally, the Loss Mitigation Assistance program can provide support to homeowners who may be struggling with their mortgage payments.

    Pros

    • Mitigation assistance during hardships
    • A+ rating from Better Business Bureau
    • Prequalification process online available

    Cons

    • No unique mortgage products
    • Customer support unavailable weekends
    Loan Depot

  • Lower.com
    • 5Number of Mortgage Options
    • YesOnline Application
    • A+BBB Rating
    • Monday to Friday, 9 am to 5 pm ETCustomer Service Hours

    Lower offers mortgages exclusively online, giving South Carolina borrowers a digital convenience that's hard to beat. With options like conventional and FHA loans, you have choices to fit your situation. You'll need a minimum credit score of 580 to get started. While Lower doesn't publicly disclose its minimum down payment requirements, typically, FHA loans allow for a down payment as low as 3.5% for those who qualify.

    Customer service is accessible Monday to Friday from 9 a.m. to 5 p.m. ET via phone or text, making it easy to get in touch with a representative. If you're looking to sell your current house and buy a new one simultaneously, Lower offers a Homeowners Assistance Program called "Buy Before You Sell." Plus, Lower is recognized as the top HELOC lender for most states .

    Pros

    • Online prequalification available
    • A+ rating from Better Business Bureau
    • Extensive FAQ for financial products

    Cons

    • Requires a call from a loan advisor
    • No in-person support available
    • Down payment requirements not disclosed
    Lower.com

Mortgage Programs in South Carolina

Owning a home comes with hidden costs that may impact your budget. If you're in South Carolina, you can turn to SC Housing for support with mortgage programs.

Program
Description

Homebuyer Program

The Homebuyer Program provides low, fixed-rate loans and down payment assistance to ease your purchase. Qualify with various requirements, like a 620 credit score for an FHA loan. Complete a homebuyer course and you may benefit from forgivable down payment assistance — no repayment needed if you stay for 15 years, following price and income guidelines.

Mortgage Credit Certificate

Grab a tax edge with the Mortgage Credit Certificate. Gain up to $2,000 yearly as a federal tax credit to bolster your mortgage qualifications. It's yours for a one-time $500 fee and perhaps another $500, covered either by you or the home seller, compatible with multiple loan types excluding a few like FHA 203(k).

2024 Palmetto Heroes Program

2024 Palmetto Heroes Program pays homage to essential service workers by offering them FHA, VA, USDA, or conventional loans with a competitive rate and $12,000 forgivable down payment help, contingent on meeting first time homebuyer conditions and having a sales contract.

Palmetto Home Advantage

Whether a rookie or a current homeowner, the Palmetto Home Advantage fits your bill. With a 640 credit score and an income below $124,000, pick from several loans and enjoy down payment assistance with optional repayment. Fund up to 97% of your first single-unit home with reduced mortgage insurance alternatives.

Housing Choice Voucher Homeownership Program

Turn your rent payments into ownership with the Housing Choice Voucher Homeownership Program. Transition from a renter to an owner by leveraging your voucher post a year, provided you hold a steady job and your income isn’t mostly welfare-reliant. Ownership isn’t guaranteed, but it’s a solid step towards it.

FAQ: Mortgage Rates in South Carolina

We've addressed commonly asked questions about today's mortgage rates in South Carolina. Understanding these rates is important for anyone purchasing a home here and looking to secure a mortgage.

What are the current mortgage rates in South Carolina?
How do mortgage rates in South Carolina compare to national rates?
How does my credit score impact the mortgage rates I get in South Carolina?
Are there any special mortgage programs in South Carolina to help homebuyers?
How can I get the best possible mortgage rate in South Carolina?
What are today's mortgage refinance rates in South Carolina?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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