Updated: January 9, 2025
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The current average mortgage refinance rates in South Carolina are 5.92% for a 15-year fixed loan and 6.52% for a 30-year fixed loan. In comparison, the national average refinance rates are higher at 6.12% and 7.08%, respectively.
We provide a comprehensive guide on mortgage refinance in South Carolina, from today's rates and trends to expert tips. By diving into these topics, you'll gain the knowledge needed to make informed decisions about refinancing your mortgage in South Carolina.
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot 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 noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
The current 30-year refinance rate in South Carolina is 6.52%. According to Experian, the average mortgage debt in the state is $198,844 as of September 2023. Refinancing your mortgage can be a smart strategy for managing debt, potentially lowering monthly payments and reducing the total interest paid over the life of the loan.
Refinancing at the current rate could also mean significant savings for homeowners with a high mortgage rate. Explore the current refinance rates in South Carolina below to see if this option aligns with your financial goals.
| 15-Year Fixed | 5.81% | 5.92% |
| 30-Year Fixed | 6.45% | 6.52% |
In the latest month, refinance rate trends in South Carolina showed a decrease for both 15-year and 30-year refinance rates.
This trend suggests a more favorable refinancing environment, with lower rates offering potential savings on mortgage payments. Understanding these trends can help you decide if it's the right time to refinance.
Interest rates rise due to factors like the US Federal Reserve's monetary policy, inflation and market demand. These elements also shape the refinance rates in South Carolina, impacting your financial decisions. Understanding these influences can provide clarity without causing unnecessary alarm.
Refinancing your mortgage in South Carolina can be a smart move to reduce monthly payments. This guide will walk you through the process, ensuring you feel confident and equipped to take advantage of potential savings.
Credit scores affect mortgage rates; higher scores often yield better rates. South Carolina's average score is 699 — If your score is below 699, consider paying down debt or disputing errors.
Compare your current mortgage terms with market rates. If the current 30-year rate of 6.52% or 15-year rate of 5.92% is lower than yours, it might be time to refinance. Consider how long you plan to stay in your home.
Gathering documents like tax returns, pay stubs and bank statements streamlines the refinance process. These are essential to verify and compare your financial status with your original mortgage.
Shopping around helps find the best rates and terms. Look for lender fees, customer reviews and flexibility.
Be aware of closing costs, appraisal fees and other expenses. According to the National Association of Realtors, the average closing cost in South Carolina is $2,473.
Submit your application with the chosen lender, including all required documents. A well-organized application can expedite approval. Ensure all information is accurate to avoid delays.
Secure your rate to protect against market fluctuations. A mortgage rate lock guarantees your rate won't change. Timing is key, so monitor market trends carefully.
Finalize your loan by signing documents and paying closing costs. Review all terms before signing to ensure accuracy. Scheduling your closing at a convenient time can reduce stress.
Begin payments according to your new loan terms. Setting up automatic payments can help avoid late fees and maintain good credit standing.
Regularly assess your mortgage terms and market rates. If conditions change, refinancing again might be beneficial. Keeping an eye on market trends can inform your decision.
How soon you can refinance a mortgage in South Carolina depends on your loan type. For conventional loans, refinancing can typically be done immediately, but a cash-out refinance often requires a six-month seasoning period. USDA loans generally have a 12-month waiting period.
The refinance rate in November was 6.03%, lower than the previous month, making it a good example of when to refinance. However, refinancing comes with additional closing costs, which can take years to recover. Thus, while you could refinance a mortgage within a year, it's often not worth it unless rates drop drastically.
Refinancing your mortgage in South Carolina can lower monthly payments by reducing interest rates. Yet, potential closing costs might offset these savings. Recognizing when to refinance a mortgage in South Carolina ensures financial gain. Let's explore scenarios where refinancing could be a smart move.
Refinancing when interest rates drop can lower monthly payments and total interest paid. To find the best rates, consult with local lenders and credit unions, who often offer competitive rates.
Refinancing is smart when your home's value rises, boosting home equity. Enhancing curb appeal can increase value. With South Carolina's average home value at $300,746, tapping into equity can lower your loan-to-value ratio and secure better terms.
A higher credit score can qualify you for lower rates. Paying bills on time and reducing debt can boost your score. With improved credit, refinancing can reduce interest costs and monthly payments, enhancing financial flexibility.
Refinancing to a shorter term, like 15 years, can save on interest and build equity faster. While monthly payments may rise, the long-term savings and quicker debt payoff can be worth it. This strategy suits those aiming to own their home sooner.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage offers stability. A fixed rate protects against market fluctuations, ensures predictable payments, simplifies budgeting and provides peace of mind in volatile interest rate environments.
Use MoneyGeek's free mortgage refinance calculator to help determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score can affect the rates you qualify for in South Carolina. For example, the current average refinance rate in South Carolina for a 30-year fixed loan with a loan-to-value ratio of 80% or lower is 7.05% for credit scores between 680 and 740, compared to 6.52% for scores above 740. Explore the table below to find rates for different credit scores and LTV ratios.
| 6.00% | 6.31% |
Your chosen loan type can influence the rates you qualify for in South Carolina. For example, the current average refinance rates in South Carolina are 6.52% for a 30-year fixed-rate loan and 8.01% for a 30-year FHA fixed-rate loan. Explore the table below to see the average APRs for different loan types.
| 5.98% | 6.16% |
Homeowners in South Carolina may have questions about today's refinance rates. In this section, we've gathered and addressed the most common queries to provide clarity and insight into the current financial landscape and refinance rates in South Carolina.
Refinancing your mortgage may be beneficial if it reduces your interest rate or monthly payment. Consider your financial goals and the costs involved before making a decision.
To get the best refinance rate, start by improving your credit score. Additionally, consider paying down your mortgage to reduce your loan-to-value ratio, which can help secure better terms.
The pros of refinancing include potentially lower interest rates and monthly payments, while the cons may involve closing costs and extending the loan term. Weigh these factors carefully to determine if refinancing aligns with your financial objectives.
Refinancing costs range from 2% to 5% of the loan amount, covering appraisal, title search and application fees. Evaluate these expenses against the potential savings from a lower interest rate.
The average refinance rates in South Carolina are 5.92% for a 15-year fixed loan and 6.52% for a 30-year fixed loan. Rates in Charleston are likely to mirror state averages, but the rates you qualify for may vary based on factors like your credit score and loan-to-value ratio.
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.
