Current South Carolina Mortgage and Refinance Rates
Mortgage interest rates currently average 6.06% for 30-year fixed loans and 5.22% for 15-year fixed loans.
Refinance rates in South Carolina
30-year FIXED
Current refinance rates are averaging:
6.48%
15-year FIXED
Current refinance rates are averaging:
6.06%
- Rate-and-term refinances can help you change your interest rate or loan term to reduce your monthly mortgage payment. In South Carolina today, refinance rates are often higher than purchase mortgage rates.
- Cash-out refinances are a way to access a lump sum of cash while you’re refinancing your home. Because you’re taking out those extra funds, cash-out refinances usually come with higher rates than regular refinances.
- Conventional refinances are defined by the fact that they’re not part of a government loan program. It’s normal for them to come with higher rates than government-backed refinances.
- FHA refinances are insured by the Federal Housing Administration (FHA), and their rates are typically lower than conventional refinance rates. Right now, South Carolinians may see more than a full percentage point difference between FHA refinance rates and conventional refinance rates.
- VA refinances come with very flexible VA requirements and low VA rates. However, because they’re guaranteed by the U.S. Department of Veterans Affairs (VA), they’re only available to qualified military borrowers.
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast?
The current mortgage rates forecast is for rates to remain around 6.0% in early 2026 after three rate cuts by the Federal Reserve in 2025, the last in December. Prospective buyers across the country are still struggling with housing affordability — this is due in part to mortgage rates but also because of low housing stock, inflation and other economic factors.
How do I get the best mortgage rate for my South Carolina home loan?
If the rate quotes you’ve been receiving are higher than you’d like, don’t worry. There are several factors determining mortgage rates that are within your control, and many steps you can take to get the best mortgage rate:
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Boost your credit
Your credit score is arguably the largest factor influencing the mortgage rates you’re offered. If you can raise your credit score, you’ll be on track to get lower rate quotes. -
Lower your debt-to-income (DTI) ratio
Your DTI ratio is another key number that influences the rates you’ll see when you apply for mortgages. If you can lower your DTI, which compares your monthly debt obligations to your income, lenders will likely respond with lower rates. -
Buy a single-family, site-built home
If you’re not dead-set on a specific home type yet, it can pay to avoid buying a manufactured home, a multifamily property, a vacation home or an investment property. Lenders consider these home types to be a little more risky, so they usually charge higher rates to borrowers who choose them. -
Pay for mortgage points
Mortgage points give you an opportunity to reduce your quoted interest rate. One point typically costs 1% of your loan amount and reduces your rate by up to 0.25 percentage points. A lower interest rate can save you money, but be sure you do some math before committing. In some cases, you’ll save more by putting those extra funds toward your principal balance. -
Compare offers from multiple lenders
One of the most effective strategies for getting a great rate is to comparison shop, which means gathering loan estimates from three to five lenders and picking a loan with the best terms. This simple method can save you thousands, or even tens of thousands, of dollars, according to LendingTree data.
Read more about our picks for the best mortgage lenders.
Once you’re under contract on a house, you can ask your lender to give you a mortgage rate lock. It ensures that as long as you’re still moving toward closing at a reasonable pace, your interest rate won’t increase.
South Carolina home loan programs
SC Housing Homebuyer Program
The South Carolina State Housing Finance and Development Authority (SC Housing) offers a loan program that pairs a 30-year purchase mortgage with a 15-year second mortgage. The second mortgage provides funds that can be used for a down payment, closing costs or prepaid costs (like homeowners insurance or property taxes). You won’t have to make monthly payments or worry about paying interest on that second loan as long as you stay in the home for 15 years.
Who qualifies
Borrowers must:
- Be a first-time homebuyer* or purchase a home in a targeted area
- Earn within the program’s income limits, which range from $82,900 to $155,820 depending on your household size and location
- Purchase a home for $395,000 or less
- Have at least a 640 credit score for conventional, VA and USDA loans; or at least a 620 score for FHA loans
- Make at least a 3.5% down payment for FHA loans and 3% down payment for conventional loans. USDA and VA loans don’t have a minimum down payment requirement.
- Take a homebuyer education course
*SC Housing may make an exception to the first-time homebuyer rule for single parents or borrowers with disabilities.
Who qualifies as a first-time homebuyer?
- People who have never owned a home
- People who haven’t owned real estate in the last three years
Palmetto Home Advantage
This program is also from SC Housing and, similarly, offers conventional, FHA, VA and USDA loans that can be combined with down payment assistance. Qualified borrowers can receive up to 4% of their mortgage amount in forgivable down payment assistance. This means the money doesn’t have to be repaid as long as you stay in the home for 10 years.
The Palmetto program’s requirements are a little looser than the SC Housing Homebuyer program (covered above). You don’t have to be a first-time homebuyer or purchase in a targeted area — you only need to worry about the income and credit requirements.
Who qualifies
Borrowers must:
- Have at least a 640 credit score
- Earn no more than $124,000 per year
County First
SC Housing’s County First program is specifically for borrowers who live in rural areas, offering special interest rates on a purchase mortgage, plus up to $8,500 in forgivable down payment assistance.
Who qualifies
Borrowers must:
- Live in one of the following counties: Abbeville, Allendale, Bamberg, Barnwell, Beaufort, Calhoun, Chester, Clarendon, Dillon, Edgefield, Fairfield, Georgetown, Hampton, Jasper, Lee, Marion, Marlboro, McCormick, Newberry, Orangeburg, Saluda, Union or Williamsburg.
- Earn within the program’s income limits, which range from $82,900 to $155,820 depending on your household size and location
- Purchase a home for $395,000 or less
- Have at least a 640 credit score for conventional, VA and USDA loans; or at least a 620 score for FHA loans
- Make at least a 3.5% down payment for FHA loans and 3% down payment for conventional loans. USDA and VA loans don’t have a minimum down payment requirement.
Ready to explore more programs? Find more information at our first-time homebuyer programs page.
Learn about different types of SC mortgage loans
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South Carolina conventional loans
Many borrowers choose conventional loans, especially those with strong credit. These loans can be a good option, but you’ll need to meet the minimum requirements set by Fannie Mae and Freddie Mac. -
South Carolina FHA loans
For those who can’t quite reach the credit scores demanded by conventional loans, FHA loans can be a good choice. FHA loan requirements allow borrowers to qualify with a credit score as low as 500, as long as you make a 10% down payment. Borrowers with at least a 580 score have the option to put down as little as 3.5%. -
South Carolina VA loans
VA loan requirements give borrowers even more leeway, since they don’t come with a VA-mandated minimum credit score or down payment amount. -
South Carolina streamline refinances
will be of interest to borrowers who want to refinance from an FHA loan into an FHA loan, or from a VA loan into a VA loan. You can use an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL) to “streamline” the refinance process, completing it with less time and paperwork.