Today's 30-year mortgage rate in South Carolina is 6.69%, lower than the national average rate of 7.15%. Homebuyers can use programs such as the Homebuyer Program and the Palmetto Home Advantage to reduce mortgage costs.
Mortgage
Today's Mortgage Rates in South Carolina (November 2024)
Updated: November 12, 2024
Advertising & Editorial Disclosure
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 in November 2024.
Current Mortgage Rates in South Carolina
In November 2024, the current mortgage rate in South Carolina for a 30-year fixed-rate mortgage is 6.69%, up from 6.1% the previous month. For a $250,000 loan with a 20% down payment, this rate increase could add about $30,587 in total interest over the length of your loan, excluding property taxes and HOA fees.
Rates shift frequently due to changing economic conditions and Federal Reserve actions. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current mortgage rates in South Carolina can help you budget effectively for your future home.
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:
First-time homebuyers
First-time homebuyers can benefit from understanding mortgage rates to evaluate potential offers and determine their competitiveness.
Homeowners with mortgages
Existing homeowners can use current mortgage rate information to decide if a mortgage refinance is a good option, especially if rates are lower than their current loan.
Purchase and refinance rates often differ. In South Carolina, the current 30-year fixed-rate mortgage rate for purchases is 6.69%, while the refinance rate is 6.89%.
SEE CURRENT MORTGAGE RATES IN NEIGHBORING STATES
Current Mortgage Rates in South Carolina by Loan Type
In South Carolina, 30-year fixed-rate mortgages usually have higher interest rates than 15-year fixed-rate loans due to the extended risk for lenders from market changes and potential defaults over a longer term.
Explore the mortgage 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
| 5.81% | 6.02% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate on a mortgage is the percentage you pay each year to borrow money. In South Carolina, the average interest rate for a 30-year fixed-rate mortgage is 6.61%.
The APR (annual percentage rate) includes the 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 6.69%, which provides a broader picture of a loan's yearly expense.
Current Mortgage Rates in South Carolina by Credit Score
In South Carolina, if you have a 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 7.08%. With a credit score below 680, the average APR jumps to 7.96%.
Your credit score impacts the mortgage rates you may qualify for. Check out the table below for 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:740 or higher
Down Payment:
Down Payment:5% to 20%
| 10-year Fixed | 5.55% |
| 15-year Fixed | 6.69% |
| 20-year Fixed | 6.78% |
| 30-year Fixed | 7.08% |
| 5-year ARM | 8.06% |
| 7-year ARM | 7.73% |
Mortgage Types in South Carolina
In November 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in South Carolina at 6.41%. Knowing your options helps you make informed decisions about your mortgage. Take a look at the different mortgage types in the state.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in South Carolina |
|---|---|---|---|
Conventional loans | A conventional loan isn't backed by the government but follows guidelines set by Fannie Mae and Freddie Mac. | Rates may vary based on credit score and down payment size. | 6.69% |
FHA loans | An FHA loan is insured by the Federal Housing Administration, catering to borrowers with lower credit scores. | Rates are typically favorable for borrowers with lower credit scores than conventional loans. | 6.82% |
VA loans | A VA loan is backed by the Department of Veterans Affairs for eligible service members, veterans and their spouses. | Rates are competitive due to government backing, often without requiring a down payment. | 6.41% |
USDA loans | A USDA loan is backed by the U.S. Department of Agriculture and is available to rural homebuyers with moderate to low income. | Rates can be lower than conventional loans due to backing by the USDA. | currently unavailable |
Jumbo loans | A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. | Rates may be higher due to the larger loan amounts and increased lender risk. | 6.84% |
MORTGAGE RATE STRUCTURES IN SOUTH CAROLINA
Mortgage rates can be fixed or adjustable.
- Fixed rates stay the same, offering consistent monthly mortgage payments. This choice promotes budget stability.
- Adjustable rates often start with lower rates that can change over time, potentially lowering payments when market rates drop.
As of November 2024, the average APR in South Carolina is 6.69% for a 30-year fixed mortgage and 7.32% for a seven-year adjustable-rate mortgage.
Mortgage Lenders in South Carolina
U.S. Bank, LoanDepot and Lower are top mortgage options in South Carolina due to their state availability, Better Business Bureau (BBB) accreditation and homeowner assistance programs. Other lenders may also suit your needs.
Your lender choice impacts your mortgage rate, as terms and options vary. Comparing multiple lenders can help you secure the best deal.
- 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 various mortgage options, including conventional loans with a 3% down payment, FHA loans requiring 3.5% and jumbo loans with higher down payment requirements. A 660 credit score is needed for ARMs and jumbo loans, while FHA loans require a minimum score of 640.
Customer service via video, phone or in person is available Monday through Friday, 7 a.m.–8 p.m. CT, and Saturday, 8 a.m.–2 p.m. CT. The bank supports homeowners with forbearance and loan modification plans and offers home equity lines of credit for those with lower credit scores.
Pros
- Online prequalification offered
- Construction and investment loans available
- Mortgage assistance options provided
Cons
- Not BBB rated
- Limited state branch presence
- Loan Depot
- 3Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 10 am to 9 pm ETCustomer Service Hours
LoanDepot offers a range of mortgage options, including fixed-rate, adjustable-rate, FHA and VA loans. FHA loans require a minimum 580 credit score and a 3.5% down payment, while VA loans require no down payment.
Services are available online and in person, with phone and email support from Monday through Friday, 10 a.m. to 9 p.m. ET. The lender also provides a Loss Mitigation Assistance program for homeowners facing payment challenges.
Pros
- Mitigation assistance during hardships
- A+ rating from BBB
- Prequalification available online
Cons
- No unique mortgage products
- Customer support unavailable on weekends
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower provides borrowers with online mortgage options, including conventional and FHA loans. A minimum credit score of 580 is required, and FHA loans typically allow a 3.5% down payment for qualified borrowers.
Customer service via phone and text is available Monday to Friday, 9 a.m. to 5 p.m. ET. Its Buy Before You Sell program supports homeowners navigating simultaneous buying and selling. Lower is also a leading HELOC provider in 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
- Down payment requirements undisclosed
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 |
|---|---|
Provides low, fixed-rate loans and down payment assistance. It requires 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. | |
Gain up to $2,000 yearly as a federal tax credit to bolster your mortgage qualifications. It charges a one-time $500 fee and perhaps another $500, covered either by the homebuyer or seller and compatible with multiple loan types, excluding a few like FHA 203(k). | |
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. | |
Transition from renting to owning by using your voucher after a year, as long as you have a steady job and minimal reliance on welfare. While ownership isn’t guaranteed, it’s a strong step forward. |
FAQ: Mortgage Rates in South Carolina
We addressed common 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.
What are the current mortgage rates in South Carolina?
Current average APRs in South Carolina vary by loan type. As of November 2024, a seven-year adjustable-rate mortgage (ARM) has an average APR of 7.32%, while a 30-year fixed is at 6.69%.
How do mortgage rates in South Carolina compare to national rates?
South Carolina's average APRs for certain loan types are competitive. A five-year ARM averages 7.46%, lower than the national average of 7.97%. A 15-year fixed-rate mortgage averages 6.03%, slightly below the national average of 6.28%.
How does my credit score impact the mortgage rates I get in South Carolina?
Your credit score is critical in determining the rates you qualify for. Generally, higher credit scores can lead to lower mortgage rates.
Are there any special mortgage programs in South Carolina to help homebuyers?
South Carolina offers several mortgage programs to assist homebuyers, such as the Homebuyer Program, Mortgage Credit Certificate and the Palmetto Home Advantage.
How can I get the best possible mortgage rate in South Carolina?
To secure the best possible mortgage rate, consider a sizable down payment, maintain a strong credit score and compare rates from different lenders.
What are today's mortgage refinance rates in South Carolina?
Today's average refinance rates in South Carolina as of November 2024 are 6.03% for 15-year fixed and 6.89% for 30-year fixed loans.
How do I calculate my mortgage payments?
To estimate your monthly mortgage payments, use a mortgage calculator for South Carolina, which takes into account your loan amount, interest rate, down payment 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.
sources
- SC Housing. "Homebuyer Program." Accessed November 12, 2024.
- SC Housing. "Housing Choice Voucher Homeownership Program." Accessed November 12, 2024.
- SC Housing. "Mortgage Credit Certificates." Accessed November 12, 2024.
- SC Housing. "Palmetto Home Advantage." Accessed November 12, 2024.