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South Carolina Mortgage Rates

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Use SmartAsset's mortgage comparison tool to compare mortgage rates from the top banks and find the one that best suits your needs.

Overview of South Carolina Mortgages

From historic properties cloaked in live oaks to waterfront beach houses, South Carolina is certainly boasts charm and diversity as a place to live. Mortgage rates in the Palmetto State have historically been below the national average. South Carolina counties’ conforming limits are uniform, but the FHA loan limits have more variation.

Today's Mortgage Rates in South Carolina

Product Today Last Week Change

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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South Carolina Mortgage Rates Quick Facts
  • Average Home Value: $137,700 (zillow.com)
  • Loan Funding Rate: 58.8%
  • Average Mortgage Rate: 4.04%
  • Homeownership Rate: 67.1% (St. Louis Fed)
  • Average Annual Mortgage Payment: $6,342

Historical Mortgage Rates in South Carolina

Known for its gorgeous coastline, historic towns and hotspot destinations like Charleston and Myrtle Beach, South Carolina is a dream location to call home. South Carolina mortgage rates are typically fairly well below the national average rates. Current rates for 2016 are just slightly below the national average.

South Carolina Historic Mortgage Rates

YearSouth Carolina RateU.S. Rate
198214.7014.73
198312.1712.26
198412.0411.99
198510.9011.17
19869.689.79
19879.058.95
19889.018.98
198910.009.81
19909.919.74
19919.199.07
19928.107.83
19937.076.93
19947.687.31
19957.797.69
19967.487.58
19977.457.52
19986.866.97
19997.097.14
20007.987.86
20016.846.94
20026.436.44
20035.675.67
20045.715.68
20055.955.85
20066.596.54
20076.426.42
20086.066.06
20094.935.05
20104.684.81
20114.484.56
20123.623.65
20133.853.84
20144.194.13
20153.933.88

South Carolina Mortgages Overview

Compared to the rest of the nation, homes in South Carolina are affordable. The average South Carolina home costs $178,762, while the average cost for the U.S. is $236,450, according to Zillow.

South Carolina Mortgage Rates

Single-Family Homes
Percentage of Homes82.20%
Average Property Value$132,271.83
Condominiums
Percentage of Homes8.60%
Average Property Value$134,762.86
PUD Homes
Percentage of Homes5.90%
Average Property Value$134,998.62
Townhomes
Percentage of Homes3.20%
Average Property Value$97,854.13

The conforming loan limit for all South Carolina counties is $417,000. This is an indication of the relatively low cost of homes in the state. The FHA loan limits are more varied, ranging from $271,050 to $350,750.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Abbeville$417,000$271,050
Aiken$417,000$271,050
Allendale$417,000$271,050
Anderson$417,000$271,050
Bamberg$417,000$271,050
Barnwell$417,000$271,050
Beaufort$417,000$350,750
Berkeley$417,000$333,500
Calhoun$417,000$271,050
Charleston$417,000$333,500
Cherokee$417,000$271,050
Chester$417,000$280,600
Chesterfield$417,000$271,050
Clarendon$417,000$271,050
Colleton$417,000$271,050
Darlington$417,000$271,050
Dillon$417,000$271,050
Dorchester$417,000$333,500
Edgefield$417,000$271,050
Fairfield$417,000$271,050
Florence$417,000$271,050
Georgetown$417,000$327,750
Greenville$417,000$271,050
Greenwood$417,000$271,050
Hampton$417,000$271,050
Horry$417,000$271,050
Jasper$417,000$350,750
Kershaw$417,000$271,050
Lancaster$417,000$280,600
Laurens$417,000$271,050
Lee$417,000$271,050
Lexington$417,000$271,050
McCormick$417,000$271,050
Marion$417,000$271,050
Marlboro$417,000$271,050
Newberry$417,000$271,050
Oconee$417,000$271,050
Orangeburg$417,000$271,050
Pickens$417,000$271,050
Richland$417,000$271,050
Saluda$417,000$271,050
Spartanburg$417,000$271,050
Sumter$417,000$271,050
Union$417,000$271,050
Williamsburg$417,000$271,050
York$417,000$280,600

The South Carolina disclosure law mandates that a seller must provide a buyer with a disclosure form. In this case, it is the Residential Property Condition Disclosure Statement from the South Carolina Real Estate Commission. This form includes details on known defects, items included in the sale, environmental hazards like mold, structural damage and even neighborhood noise problems. These disclosures certainly help buyers, but you shouldn’t stop there; always schedule a home inspection to uncover any hidden defects.

30-Year Fixed Mortgage Rates in South Carolina

Buying your forever home in South Carolina? A 30-year fixed-rate mortgage is likely going to be your best option. This home loan gives buyers a long time to pay off the loan – three decades – and the interest rate remains the same for the duration of the loan, unless the owner decides to refinance. Since you know exactly how much your monthly payments are going to be, as they don’t change, it is slightly easier to budget for them.

You can also select a fixed-rate mortgage with a 15-year term. You will pay less interest with this option and you will pay off the loan in half the time, but your monthly payments will be higher.

The average South Carolina mortgage rate for fixed-rate 30-year mortgages is 4%.

South Carolina Jumbo Loan Rates

The conforming loan limit in every South Carolina county is $417,000, an indication to the overall affordability of buying real estate in the Palmetto State. This means that if you take out a home loan anywhere in the state that exceeds that, you will have what is known as a “jumbo loan.” It’s important to note that jumbo loans are accompanied by higher interest rates as compared to “conforming” loans (those at or below $417,000).

The average jumbo loan rate in South Carolina is 3.88%.

South Carolina ARM Loan Rates

Adjustable-rate mortgages are sometimes preferred to a fixed-rate loan because they offer a lower initial interest rate. The lower rate is given for an introductory period lasting for one, three, five, seven or 10 years, depending on the loan’s terms. After that time, the interest rate can change and usually it increases. That does not mean, however, that the rate can jump to a scarily high level overnight. The rate is capped at a certain level that is specified in the loan’s terms, so you are aware upfront of exactly how high it can reach. It is key to make sure that the maximum potential interest rate is something that you can actually afford to pay.

The average rate for an ARM in South Carolina is 3.62%.

South Carolina Mortgage Resources

Palmetto State buyers have resources when it comes to securing additional funding or lower rates on their mortgages.

The South Carolina Housing Finance Authority provides low and moderate income buyers with fixed interest rate mortgage loans, down payment assistance and a mortgage tax credit program, which provides a federal income tax credit of up to $2,000 per year to qualified homebuyers.

Available Resources

ResourceProblem or IssueWho QualifiesWebsite
South Carolina Housing Finance AuthorityProvides affordable loans and down payment assistance for South Carolina buyers.First-time, repeat and military homebuyers who fit the qualifications.http://www.schousing.com/
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability. Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.http://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs
Home Affordable Refinance ProgramRefinancing.Single family homes and condos that fit within lending loan limits.http://www.harp.gov/

Check at the start of your home search to see if you qualify for an offer from the United States Department of Agriculture Rural Development. The USDA offers programs in rural areas across the country which help residents secure affordable housing. Loan and grants are available for qualifying participants who are buying a new home or repairing their current home.

South Carolina Mortgage Taxes

In South Carolina, there is a deed recording fee for real estate transfers. It comes to $1.85/$500 or 0.37%. That breaks down into $1.30 for the state and $0.55 for the county. Sellers typically pay that fee.

South Carolina homeowners are allowed to deduct their mortgage interest from their taxable income when they file federal and state income taxes.

South Carolina Mortgage Refinance

Refinancing in the Palmetto State? Contact the state’s Home Affordable Refinance Program. Qualifying owners in single family homes or condos can access payment reductions and low closing costs.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2015 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset