Today's 30-year mortgage rate in South Carolina is 6.40%, while the national average comes in at 6.83%. 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 (December 2024)
Updated: December 13, 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 December 2024.
Current Mortgage Rates in South Carolina
In December 2024, the current mortgage rate in South Carolina for a 30-year fixed-rate mortgage is 6.40%, down from 6.69% the previous month. For a $250,000 loan with a 20% down payment, this rate decrease could save you about $5,700 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 6.40%, while the refinance rate is 6.52%.
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:
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Loan Type:10-Year Fixed
| 5.66% | 5.86% |
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 6.33%.
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 6.40%, 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 7.02%. With a credit score below 680, the average APR jumps to 8.04%.
Your credit score impacts the mortgage rates for which you may qualify. Check the table below for the rates you might get based on your credit score and down payment:
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Credit Score Range:680 - 740
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Down Payment:20% or higher
| 10-year Fixed | 6.15% |
| 15-year Fixed | 5.84% |
| 20-year Fixed | 6.54% |
| 30-year Fixed | 6.69% |
| 5-year ARM | 7.28% |
| 7-year ARM | 7.33% |
Mortgage Types in South Carolina
In December 2024, VA loans have the lowest average APR for 30-year fixed-rate mortgages in South Carolina at 6.21%. 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 insured by the government and is a popular choice in South Carolina. | Interest rates for conventional loans vary based on credit score and down payment amount. | 6.40% |
FHA Loans | An FHA loan is backed by the Federal Housing Administration, offering easier qualification in South Carolina. | FHA loans typically have lower interest rates for borrowers with less credit history or lower credit scores. | 7.80% |
VA Loans | A VA loan is guaranteed by the Veterans Affairs for eligible military members in South Carolina. | VA loans offer competitive rates due to government backing, which reduces lender risk. | 6.21% |
USDA Loans | USDA loans support rural homebuyers with zero down payment options in South Carolina. | USDA loans often provide lower interest rates as they are designed to help rural homebuyers. | currently unavailable |
Jumbo Loans | A jumbo loan exceeds conforming loan limits set by Fannie Mae and Freddie Mac in South Carolina. | Jumbo loans usually have higher rates due to the larger loan amounts and increased lender risk. | 6.75% |
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 December 2024, the average APR in South Carolina is 6.40% for a 30-year fixed mortgage and 7.33% 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 |
|---|---|
Homebuyer Program | Homebuyer Program 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. |
Mortgage Credit Certificates | Mortgage Credit Certificates 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). |
Palmetto Home Advantage | With a 640 credit score and an income below $124,000, pick from several loans under the Palmetto Home Advantage 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 | Transition from renting to owning with your Housing Choice Voucher Homeownership Program 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, as of December 2024, vary by loan type and other factors. For instance, a 30-year fixed conforming loan has an average APR of 6.40%, while a seven-year ARM jumbo loan stands at 7.00%.
How do mortgage rates in South Carolina compare to national rates?
In South Carolina, the average APR for a 30-year fixed conforming loan is 6.40%, slightly higher than the national average of 6.83% as of December 2024. A five-year adjustable-rate mortgage has an average APR of 7.28% in South Carolina, which is also lower than 7.79% nationally.
How does my credit score impact the mortgage rates I get in South Carolina?
Your credit score significantly influences the mortgage rates available to you. Higher credit scores typically secure lower mortgage rates due to perceived lower risk by lenders.
Are there any special mortgage programs in South Carolina to help homebuyers?
Yes, South Carolina offers several mortgage programs, like the Homebuyer Program, Mortgage Credit Certificate and the 2024 Palmetto Heroes Program, to assist homebuyers.
How can I get the best possible mortgage rate in South Carolina?
To secure the best mortgage rate in South Carolina, consider a larger down payment, improve your credit score and shop around with multiple lenders.
What are today's mortgage refinance rates in South Carolina?
As of December 2024, today's refinance rates in South Carolina are 5.92% for a 15-year fixed rate and 6.52% for a 30-year fixed rate.
How do I calculate my mortgage payments?
To estimate your monthly mortgage payments, you can use a mortgage calculator for South Carolina, which takes into account various factors like home price, down payment, loan term and interest rate.
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 December 13, 2024.
- SC Housing. "Housing Choice Voucher Homeownership Program." Accessed December 13, 2024.
- SC Housing. "Mortgage Credit Certificates." Accessed December 13, 2024.
- SC Housing. "Palmetto Home Advantage." Accessed December 13, 2024.