Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our opinions or reviews. Learn how we make money.

Mortgage rates in South Carolina

Rates that don’t vary too much across loan types and generally stay around the national average.

Updated

Fact checked

Mortgage rates during the coronavirus

As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.

Compare mortgage lenders in South Carolina

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.

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 type15-year average rate30-year average rate
Conventional4.359%4.732%
FHA4.246%4.837%
VA3.912%4.616%
USDANot Available4.752%

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.

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 rateMedian loan amountEstimated 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
Spartanburg4.813%$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.

  1. 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.
  2. 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.
  3. 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

Bottom line

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.

Frequently asked questions

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site