What Affects South Carolina Mortgage Rates?

Rates for conventional and government mortgages are determined by the real-time trading of Mortgage-Backed Securities (MBS) throughout the day. Due to the influence of political and economic events, mortgage fees and rates are subject to fluctuations. When MBS pricing increases, mortgage rates and pricing decrease, and the reverse is true.

Various factors, some controllable and others not, contribute to these daily changes in rates. Among these factors are:

  • Global Economy: All interest rates, including those for mortgages, are influenced by the international economy.
  • Income: The ratio of your debt to your income can have an impact on your interest rate.
  • Property Location: Distinct state laws might lead to variations in lender costs.
  • Usage of Home: Is the property a primary or secondary residence, a vacation spot, or a rental property?
  • Type of Property: Whether the property is a single-family, multi-family, condo, mobile home, etc.
  • Loan-to-Value Ratio: A greater down payment and less borrowing can secure a more favorable rate.
  • Credit Score: A higher credit score generally leads to a better interest rate, while a lower score may result in a higher rate.
  • Features of the Loan: Factors such as term length (30, 20, or 15 years), type of documentation, adjustable rate, etc.
  • Points: Paying additional for “discount points” can reduce your rate.
  • Loan Amount: Extremely high or low loan amounts might lead to higher rates.

To obtain the promoted mortgage rate, you must have a favorable loan-to-value ratio, a robust income-to-debt ratio, and good credit score.

Falling short in any of these areas will subject you to risk-based pricing, with the rate you qualify for reflecting your level of risk.

For an accurate reflection of your rate based on your individual borrower profile, it’s best to get a personalized quick mortgage quote from our licensed mortgage advisors by clicking the button below.

Today's South Carolina Mortgage Rates

30 Yr. Fixed 7.000% APR 7.515%
15 Yr. Fixed 6.375% APR 6.873%
30 Yr. Fixed FHA 6.375% APR 7.367%
30 Yr. Fixed VA 6.500% APR 6.932%
Mortgage Rates as of April, 14 2024 See All Rates | See Rate Assumptions

Mortgage Options in South Carolina

If you are looking to get a mortgage in South Carolina, you have several options. From conventional mortgages to government back home loans, we have options for everyone looking for a mortgage in South Carolina.

South Carolina Conventional Mortgages

To be eligible for a conventional mortgage in South Carolina, applicants must have at least a 620 credit score and a debt-to-income (DTI) ratio that doesn’t exceed 45%. A down payment below 20% will necessitate the payment of private mortgage insurance (PMI) premiums.

South Carolina FHA Loans

Should your credit score prevent you from securing a conventional mortgage, a Federal Housing Administration (FHA)-insured loan might be an option. With a credit score of 580 or higher and a minimum down payment of 3.5% of the purchase price, you could be eligible for a FHA loan in South Carolina.

South Carolina VA Loans

For veterans or active-duty military members, the Department of Veterans Affairs (VA) may back a mortgage. Georgia VA loans come without the requirement for a down payment or mortgage insurance, though there is a funding fee, beginning at 2.15% for homebuyers.

South Carolina USDA Loans

These loans are backed by the United States Department of Agriculture (USDA) and are designed for rural and suburban homebuyers who meet specific income requirements. Generally requiring