Advertiser Disclosure

South Carolina Mortgage and Refinance Rates

Written by

Jeff Ostrowski

Edited by

Laurie Richards

Edited by

Laurie Richards

On Saturday, December 21, 2024, the national average 30-year fixed mortgage APR is 6.98%. The national average 30-year fixed refinance APR is 7.00%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

On This Page

Current mortgage rates in South Carolina

As of Saturday, December 21, 2024, current mortgage rates in South Carolina are 7.01% for a 30-year fixed mortgage and 6.53% for a 15-year fixed-rate mortgage.

Residential real estate is fairly affordable in The Palmetto State: The median home sales price is $325,000 as of September 2024, compared to the national median of $370,000, according to ATTOM. Across South Carolina, those prices have held pretty steady for the last year. The median down payment is $52,500, representing 1 percent growth over last year.

Refinance rates in South Carolina

While mortgage refinance rates have more than doubled since the pandemic, home prices have also gone up. As a result, many South Carolina homeowners have much more tappable equity now. Across the country, tappable equity has hit a record high, with the average homeowner with a mortgage having about $207,000 in tappable equity, according to the November 2024 ICE Mortgage Monitor report. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.

Learn more: Why and how to do a cash-out refinance

South Carolina mortgage rate trends

Mortgage rates in South Carolina and nationally have recovered a bit from their peak of 8.01 percent in October 2023. Experts had predicted that rates would come down in the second half of 2024 with the Federal Reserve beginning to cut rates in September. However, despite additional rate cuts in November and December, mortgage rates have risen around 0.50 percentage points higher since that first September cut.

While mortgage rates are difficult to predict, the current consensus is for them to remain well above historical lows for the foreseeable future, including in South Carolina. While they may come down slightly in 2025, experts say that there shouldn't be any significant movement anytime soon.

Learn more: Latest mortgage rate forecast

National mortgage rates by loan type

Product	Interest Rate	APR
30-Year Fixed Rate	6.93%	6.98%
15-Year Fixed Rate	6.20%	6.27%
5-1 ARM	6.45%	7.12%
30-Year Fixed Rate FHA	6.89%	6.93%
30-Year Fixed Rate VA	6.75%	6.79%
30-Year Fixed Rate Jumbo	6.94%	7.00%

Rates as of Saturday, December 21, 2024 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed Rate	6.96%	7.00%
15-Year Fixed Rate	6.22%	6.29%
5-1 ARM	6.34%	6.96%
30-Year Fixed Rate FHA	6.88%	6.92%
30-Year Fixed Rate VA	6.74%	6.78%
30-Year Fixed Rate Jumbo	6.90%	6.95%

Rates as of Saturday, December 21, 2024 at 6:30 AM

Bankrate displays two sets of rate averages produced from two surveys: one daily (“overnight averages”) and one weekly (“Bankrate Monitor averages”).
- Overnight averages: We calculate daily overnight rate averages on various products from several financial institutions. We collect these APRs after close of business, and they reflect the previous day’s pricing based on a borrower with a 740 FICO credit score and an 80 percent loan-to-value (LTV) ratio buying an existing, single-family primary residence.
- Bankrate Monitor (BRM) rate averages: On a weekly basis, we also collect APRs from the 10 largest banks and thrifts in 10 of the biggest U.S. markets. For these averages, we assume a borrower with a 700 FICO credit score (740 if a non-conforming loan) and an 80 percent loan-to-value (LTV) ratio, among other criteria.
The overnight and Bankrate Monitor averages are based on no existing relationship or automatic payments. Learn more about our rate averages, editorial guidelines and how we make money.

Mortgage statistics for South Carolina

Most affordable counties (based on median home value): Marlboro, Allendale, Bamberg, Darlington, Marion
Median home sales price, Sept. 2024: $325,000
Median home value year-over-year, Nov. 2024: $304,139
Median down payment, Sept. 2024: $52,500
Homeownership rate, Q3 2024: 72.5%

Sources: ATTOM, U.S. Census Bureau

Mortgage options in South Carolina

If you’re looking to get a mortgage in South Carolina, there are several options:

South Carolina conventional mortgages: To qualify for a conventional mortgage, you’ll usually need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay private mortgage insurance (PMI) premiums, as well.
South Carolina FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a down payment of at least 3.5 percent, you could qualify for an FHA loan with a credit score as low as 580.
South Carolina VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent.

First-time homebuyer programs in South Carolina

If you're a first-time buyer in South Carolina, you might be able to take advantage of the state's housing finance authority (SC Housing) programs, including:

SC Housing Homebuyer Program: SC Housing offers first-time buyer help, including the Housing Homebuyer Program with competitive fixed interest rates and down payment assistance.
SC Housing Palmetto Home Advantage: You can use SC Housing’s Palmetto Home Advantage for your first home purchase, although the program is not restricted to first-time buyers. The program offers competitive interest rates along with down payment assistance of up to 4 percent of the loan amount. To qualify, your income can’t be higher than $127,200, but — notably — there aren’t any purchase price limits on the home you buy.

Learn more: South Carolina first-time homebuyer resources

How to find the best mortgage rate in South Carolina for you

Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
Step 3: Know your mortgage options - There are a few different types of mortgages.
Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more: How to get a mortgage

Additional South Carolina mortgage resources

South Carolina loan limits by county: Learn the conforming loan limit for your city or town.
South Carolina mortgage lenders: Explore the different resources for loans in your state.
Best homeowners insurance in South Carolina: Compare policies and providers around the state.
Mortgage calculator: Use this tool to crunch the numbers on your potential monthly mortgage payment.
Closing costs in South Carolina: This guide breaks down what you may need to pay at the closing table.
South Carolina housing market overview: Get a feel for how much homes cost, how quickly they sell and more.

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.