South Carolina Mortgage and Refinance Rates

Current mortgage rates in South Carolina

As of Monday, September 15, 2025, current mortgage rates in South Carolina are 6.19% for a 30-year fixed mortgage and 5.25% for a 15-year fixed-rate mortgage.

Mortgage rates in South Carolina — like those across the country — began 2025 near 7 percent. However, uncertainty about the economy sent rates downward early in the year, and they now average between 6 and 7 percent. While mortgage rates are difficult to predict, many experts expect this trend to continue, with rates decreasing modestly — though remaining above 6 percent — for the rest of 2025 and into 2026.

Refinance rates in South Carolina

Mortgage refinance rates have more than doubled since their pandemic lows, when a staggering 14 million mortgages were refinanced, according to the Federal Reserve Bank of New York. They’re slightly lower today than they were at their post-pandemic high, hovering between 6 and 7 percent for both 30-year and 15-year refinance terms. Still, if you’re one of the many Americans with a mortgage rate below 4 percent, you probably won’t want to refinance right now. 

On the other hand, if you bought more recently and have a rate between 7 and 8 percent, now might be a good time to refinance. There were more than 4,500 refinances in South Carolina in April, according to ATTOM Data Solutions — an increase of more than 20 percent year-over-year. 

At the same time, across the country, tappable equity has hit a record high. The average homeowner with a mortgage can borrow against approximately $203,000 in equity, according to the March 2025 ICE Mortgage Monitor report. With a cash-out refinance, you could use your home equity to further your financial goals.

National mortgage rates by loan type

South Carolina housing market statistics and trends

Although the median sales price of a home in South Carolina is still increasing, it's somewhat lower than the national median. And with homes that sit on the market for a relatively long time, as well as a growing number of homes with price drops, first-time buyers may be able to snag a deal in the state. 

• Median home sales price, April 2025: $343,500
• Median home value, April 2025: $300,996
• Median down payment, April 2025: $56,500
• Median days on market, May 2025: 66
• Percentage of homes sold above list price, May 2025: 14.3%
• Percentage of homes with price drops, May 2025: 29.0%
• Homeownership rate, Q1 2025: 75.4%

Sources: ATTOM, Redfin, 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 credit score of at least 580, you could qualify for a FHA loan with a down payment of 3.5 percent.
• 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 won’t usually require a down payment, and you won’t have to pay for mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent of the loan amount for home purchases.

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 $135,750, but — notably — there aren’t any purchase price limits on the home you buy.

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

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 lenders that operate in your state.
• Best homeowners insurance in South Carolina: Compare policies and providers.
• 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.