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Mortgage rates in South Carolina
Rates that don’t vary too much across loan types and generally stay around the national average.
South Carolina’s rates average 4.734% for 30-year conventional loans in 2018. National rates are expected to stay around the 4% mark in 2020, with South Carolina following closely.
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How much do South Carolina rates vary?
Average rates across loan types and terms ranged from 3.912% to 4.837% in 2018. Lenders consider things like your credit, loan amount, term and type when determining your rate. Government-backed loans can often get you a break on down payments or better rates, but they can often be hard to qualify for. Most have stringent credit, income or property requirements.
Generally, loans with shorter terms have lower rates, and cost you less in the long run.
2018 average rates in South Carolina by loan type
|Loan type||15-year average rate||30-year average rate|
Rates based on data from ffiec.cfpb.gov.
For example, a 30-year conventional loan for $225,000 with a rate of 4.732% could cost you $1,170 a month. If you could afford to pay about $530 a more each month, choosing a 15-year conventional mortgage could get you a rate of 4.359%. This lower rate could increase your mortgage payments to $1,700, and could save your $114,740 over the life of the loan.
Which way are rates trending in South Carolina?
South Carolina mortgage rates tend to fluctuate but should stick around the upper 3% mark through 2020.
National housing agencies expect interest rates to average around 3.60% in the upcoming year. Since South Carolina rates have swung above the national average in the past six years, averaging 0.03% higher than the rest of the country, we can project South Carolina mortgage rates to perform around upper 3% levels.
Compare mortgage rates throughout South Carolina
We scanned data from the Home Mortgage Disclosure Act too built a picture of what you might pay for a 30-year fixed-rate mortgage in metropolitan areas across South Carolina. These projections don’t include fees, insurance or any other costs that could be related to your individual loan.
|Metropolitan statistical area (MSA)||Average mortgage rate||Median loan amount||Estimated monthly cost|
|Augusta-Richmond County MSA (Aiken and Edgefield Counties)||4.615%||$165,000||$850|
|Charleston-North Charleston MSA (Berkeley, Charleston, Dorchester Counties)||4.674%||$245,000||$1,270|
|Charlotte-Concord-Gastonia MSA (Chester, Lancaster, York Counties)||4.697%||$225,000||$1,170|
|Columbia MSA (Calhoun, Fairfield, Kershaw, Lexington, Richland, Saluda Counties)||4.760%||$165,000||$860|
|Florence MSA (Darlington, Florence Counties)||4.859%||$155,000||$820|
|Greenville-Anderson MSA (Anderson, Greenville, Laurens, Pickens Counties)||4.764%||$185,000||$970|
|Hilton Head Island-Bluffton MSA (Beaufort, Jasper Counties)||4.641%||$245,000||$1,260|
|Myrtle Beach MSA (Horry County)||4.808%||$165,000||$870|
|Sumter MSA (Clarendon, Sumter Counties)||4.714%||$155,000||$810|
Rates and prices based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in South Carolina
Lenders choose their own rates. Here’s how to increase your chances of receiving a better one on your next loan.
- Research loan programs. Lenders offer loan products with distinct interest rates to meet the needs of buyers. Explore the various programs out there and check the qualifications for government-backed loans.
- Tidy up your credit. Build strong credit to get a better rate. Pay off debt and increase your credit score before applying for your loan.
- Remember closing costs. South Carolina closing costs average about 1.17% of the purchase price of the home. Some lenders advertise lower rates but charge higher closing costs for a loan. Weigh these charges against your interest rate to see how affordable the loan really is.
Historical mortgage interest rates in South Carolina
Even though mortgage rates in South Carolina are relatively close to the national average, individual lenders choose their own rates. Compare loan products and lenders to find the right loan for your borrowing situation.
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