South Carolina Mortgage Rates today
Experience the Southern charm and stunning beaches of South Carolina. Explore historic cities like Charleston, beautiful beaches, and a relaxed pace of life. South Carolina offers a low cost of living, a strong job market, and a beautiful natural environment. Find your perfect place in South Carolina with a fantastic mortgage rate.
If you have any questions about securing the best mortgage rates in South Carolina, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for South Carolina
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6.125%
7.125% APR
$2,375/mo
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6.990%
7.376% APR
$2,393/mo
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6.250%
6.854% APR
$3,087/mo
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6.125%
6.705% APR
$2,215/mo
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7.000%
7.620% APR
$2,395/mo
infoLatest revision - November 20 2024 4:15pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What are South Carolina mortgage rates?
South Carolina Mortgage rates are the interest percentages that lenders charge when offering home loans or refinancing options in the state. They affect the cost of borrowing money to purchase a dream home in SC.
How do South Carolina interest rates affect mortgages in the state?
The affordability of homeownership in South Carolina depends on interest rates. Higher mortgage rates directly mean a higher monthly payment, increasing the cost of borrowing and making it expensive for borrowers to buy a home in SC. The converse is also true: Lower mortgage rates mean buying a home in the state is more accessible and affordable.
How can South Carolina borrowers lock in a favorable home interest rate?
To lock in a favorable home interest rate in South Carolina, borrowers need first to negotiate a rate with their lending officer. Once the rate is locked, it will not change for a specified period, thus protecting the homebuyer from market volatility and other unfavorable factors that can cause the rate to hike.
How long does a mortgage rate lock last?
A mortgage lock usually lasts between 30 and 60 days. When the lock period expires, the initially agreed rate may not be available to the borrower. If your lender agrees to an extension, then the lock period can be extended. Factors like your altering credit score, financial situation, debt-to-income ratios, etc, can influence the validity of the rate lock.
How are interest rates determined?
Lenders usually determine interest rates. Various factors influence the interest rate, such as the state's economic health, market demand and supply, and the Federal Reserve's monetary policy. For example, the Federal Reserve's short-term interest rate adjustments can modify mortgage rates. Similarly, the borrower's credit history and income will also influence the mortgage rate.
What is considered a reasonable mortgage interest rate?
You need to understand that not just the mortgage rate but also the annual percentage rates, closing costs, fees, etc., should be taken into account when exploring mortgage options. Evaluating these factors thoroughly helps you identify the right home loan that meets your specific needs.
Programs for First-time Homebuyers in South Carolina
Mortgage Credit Certificate Program (MCC)
The SC State Housing Finance and Development Authority, or SC Housing, runs the South Carolina Tax Credit Program. Known as the Mortgage Credit Certificate Program, qualified applicants are offered up to $2,000 yearly as a federal income tax credit. This means that a part of the annual interest deductions on the homebuyer's primary home is converted into a Federal Tax Credit. Consequently, the credit is subtracted from the annual interest, and the balance is then deducted as regular interest.
The credit can be -
- The borrower uses it to reduce their debt ratio, helping them to qualify for a more considerable loan amount.
- It is considered a lump sum amount every year when federal taxes are filed, thereby reducing the total taxes owed.
This program can be combined with any conventional loan, such as Fannie Mae, or a government program, such as VA, USDA, or FHA. However, MCC cannot be used with the South Carolina Housing Bond program, 502 direct loans from USDA, or 203 (k) loans from FHA.
Palmetto Advantage
If you are a first-time home buyer in South Carolina, Palmetto Home Advantage is an excellent option. This program also offers financing options to repeat buyers and is applicable for purchasing new and existing homes in all 46 counties in the state. The key features of the program are -
- A minimum credit score of 640.
- No sales price limits
- Borrower income limit of $124,000.
- The income limit does not depend on the family size and is not a measure of the total household income.
- Down payment assistance SC options are 0% and 3%. Or 4% of the total loan amount.
- Conventional financing is offered on one-unit properties of up to 97% Loan to Value while up on two-unit properties of up to 95% Loan to Value.
Other South Carolina Homebuyer Programs
The below mentioned programs are for informational purposes only and may not be offered by Total Mortgage. We strive to provide comprehensive information about various mortgage assistance options available in the market. Eligibility requirements and program availability vary depending on your location, income, and loan type. We recommend you contact a Total Mortgage Loan Officer directly for details on qualification and enrollment. Check your eligibility(app.totalmortgage.com/apply?utm_source=assistance-programs)
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
SC Housing Homebuyer Program
This program offers fixed-rate loans for 30-year terms on conventional loans like VA, USDA, and FHA. Additionally, the program offers competitive interest rates and down payment assistance SC. It is a program for first-time home buyers in South Carolina and those who do not own a house, especially three years before the application. However, buyers in targeted counties can benefit from this program even on repeat purchases. No down payment is required for VA and USDA loans, a 3% down payment for conventional loans, and a 3.5% down payment for FHA loans.
SC Housing Down Payment Assistance
Homebuyers received forgivable down payment assistance SC through a 15-year second mortgage in this program. No repayment is required if the borrower resides in the home for the entire duration of the loan.
SC Housing County First Initiative
This loan program is offered to first-time home buyers in South Carolina and repeats buyers in specific sparsely populated areas of the state. Homebuyers can get up to $8,500 down payment assistance for buying homes in counties like Abbeville, Barnwell, Beaufort, Edgefield, Fairfield, Marion, Marlboro, Union, Williamsburg, etc. The income and purchase price criteria are similar to the central Homebuyer Program.
Local First-Time Homebuyer Programs
Certain local initiatives are also available for homebuyers keen to buy homes in those localities. One such initiative is the CommunityWorks program currently running in Greenville County. There is also one homeowner assistance program in Richland County, where the borrower gets up to $10,000 as closing cost and down payment assistance.
National First-Time Homebuyer Programs
Other programs should also be considered while evaluating financing options. For example, the federal FHA loan program is a good alternative for borrowers with low credit scores. Similarly, the VA loan option is best for military personnel with no down payment requirement. USDA loans are beneficial if you want to buy a home in a rural area in SC. This program, too, requires zero down payment. Lastly, there's the Good Neighbor Next Door program that offers buyers discounts in specific communities.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
