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Mortgage rates in South Carolina
Interest rates on a 30-year $300,000 conventional mortgage start at around 5.500%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 5.625% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your South Carolina home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on June 8 and are from the Consumer Financial Protection Bureau (CFPB) website.
Your credit score affects the rate you’ll get
People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in South Carolina by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).
|Credit score||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage
Interest rates vary by lender
Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.
Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your South Carolina home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.
|Loan type||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
|15-year FHA||4.000%||4.000%||Not elegible||Not elegible|
|30-year FHA||5.375%||5.375%||Not elegible||Not elegible|
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
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.
Home values in South Carolina are expected to increase
Like across much of the US, home prices in South Carolina are heading up. In the past 12 months, the price of a typical home in South Carolina increased by 14.2%. But while prices rise, not every city is experiencing the same growth. Currently, the average house price in the Palmetto State is around $230,000.
In cities popular with buyers, including Charleston, Myrtle Beach and Greenville, prices are expected to rise by 15.1%, 13.1% and 11.7%, respectively, by mid-2022. But the biggest jump is predicted for sparsely populated Inman, at 16.7%, for the same time frame. As for the rest of the state, prices are projected to rise anywhere from 1% and 15%, depending on the area.
5 fast facts about South Carolina’s housing market
If you’re looking to settle in South Carolina, here are five facts to keep in mind:
- The average price of a home in South Carolina is $230,901 as of June 2021, which is 22.76% lower than the national average.
- South Carolinians pay an average of 0.55% in property taxes for assessed value, according to SmartAsset, which is about half the national average.
- The average monthly cost of owning a home in South Carolina as of the 2019 US Census was $1,246 with a mortgage, which is $349 less than the national average.
- South Carolinians pay an average of 1.24% in closing costs with taxes, or between $2,332 and $3,269 for a typically-priced home.
- South Carolina Housing offers low-interest mortgage loans and down payment assistance through its approved lenders.
Mortgage rates in South Carolina vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.
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