Today's Mortgage Rates in South Carolina (October 2024)
Updated: October 16, 2024
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Today's 30-year mortgage rate in South Carolina is 6.10%, closely comparing with the national average rate of 6.40% for the same loan type. Homebuyers in South Carolina can take advantage of programs such as the Homebuyer Program and the Housing Choice Voucher Homeownership Program, which may help reduce mortgage costs.
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).
This data was last updated on October 2024.
The current mortgage rate in South Carolina for a 30-year fixed-rate mortgage is 6.1% as of October 2024, identical to the previous month's rate. On a $250,000 loan with a 20% down payment, this would translate to an increased total cost of $1,023 over the length of your loan, 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.
Understanding the current mortgage rate in South Carolina can help you budget for your future home. Rates adjust frequently due to economic changes and the Federal Reserve's actions.
Today's mortgage interest rates in South Carolina are a benchmark for potential homeowners and refinancers in the evolving housing market:
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.
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. In South Carolina, the current rate for a 30-year fixed-rate mortgage to buy a home is 6.10%; if you're looking to refinance, it is 6.03%. Understanding this difference can impact your decision as you weigh your options.
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.
Explore the 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.
| 4.82% | 5.00% |
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 is 6.03%.
The 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 6.10%, which provides a broader picture of the yearly expense when you get a mortgage.
In South Carolina, if you have a solid credit score of 740 or higher and you make a down payment of between 5% and 20%, the average APR for a 30-year fixed mortgage is 6.48%. With a credit score below 680, the average APR jumps to 7.37%.
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:
| 10-year Fixed | 5.11% |
| 15-year Fixed | 5.18% |
| 20-year Fixed | 5.95% |
| 30-year Fixed | 6.19% |
| 5-year ARM | 7.64% |
| 7-year ARM | 7.32% |
In October 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in South Carolina at 5.29%. Knowing your options helps you make informed decisions on your mortgage. Take a look at the different mortgage loan types available in South Carolina.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in South Carolina |
|---|---|---|---|
Conventional Loans | A conventional loan in South Carolina is not insured by government agencies. | Mortgage rates can be lower due to the absence of government insurance. | 6.10% |
FHA Loans | An FHA loan in South Carolina is insured by the Federal Housing Administration. | Rates may be lower due to government backing, which reduces lender risk. | 6.26% |
VA Loans | A VA loan in South Carolina is guaranteed by the Department of Veterans Affairs. | Lower rates often apply due to the VA guarantee, reducing lender risk. | 5.29% |
USDA Loans | A USDA loan in South Carolina supports rural development and is backed by the USDA. | Interest rates can vary, often designed to aid borrowers in rural areas. | currently unavailable |
Jumbo Loans | A jumbo loan in South Carolina exceeds the conforming loan limits set by the FHFA. | Rates tend to be higher because they involve more risk for lenders. | 6.24% |
In South Carolina, mortgage options boil down to fixed and adjustable rates.
As of October 2024, the average rate for a 30-year fixed mortgage in South Carolina is 6.10%, while a seven-year ARM is 7.33%.
U.S. Bank, Lower and LoanDepot 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 chosen lender will influence your mortgage rate in South Carolina since different lenders provide various loan terms and options. You'll benefit from comparing multiple mortgage lenders in South Carolina.
U.S. Bank offers a range of mortgage products for South Carolina residents. You can choose from conventional loans with a minimum 3% 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 (also 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 looking for home equity lines of credit.
Pros
Cons
LoanDepot 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 with a constant interest rate and monthly payment or adjustable-rate loans with rates that 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 various 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 upfront. 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
Cons
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 reach 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
Cons
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 Certificates program. 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, and 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 the 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. |
We've addressed commonly asked questions about today's mortgage rates in South Carolina. Understanding these rates is essential for anyone purchasing a home and looking to secure a mortgage.
Current average APRs in South Carolina as of October 2024 vary depending on the loan type. For instance, a 30-year fixed conforming loan has an average APR of 6.10%, while a 7-year ARM jumbo loan carries an average APR of 7.16%.
As of October 2024, the current average APR for a 30-year fixed rate mortgage in South Carolina is 6.10%, slightly lower than the national average of 6.40%. Meanwhile, a 5-year adjustable rate mortgage averages 7.40% in South Carolina, compared to 7.92% nationally.
Your credit score significantly impacts the low mortgage rates you can secure in South Carolina. Higher credit scores generally result in lower APRs, as they indicate a lower risk to lenders.
Yes, there are several mortgage programs in South Carolina, such as the Homebuyer Program, Mortgage Credit Certificate, and the 2024 Palmetto Heroes Program.
To secure the best possible rates, you should maintain a strong credit score, compare offers from multiple lenders, and consider a larger down payment to reduce the loan-to-value ratio.
As of October 2024, the average refinance rate for a 15-year fixed rate loan in South Carolina is 5.29%, and for a 30-year fixed rate loan, it's 6.03%. For more details on today's refinance rates in South Carolina, you can visit the linked page.
To calculate your mortgage payments, you can use a mortgage calculator for South Carolina, which will give you estimates based on the loan amount, APR, and other factors.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
