Skip to main content
_FB_2018-Icons-finalized-cleaned-up_new_FB_2018-Icons-finalized-cleaned-up_newGroup 9

Important Information: We’re here to help, click here for important information on our coronavirus response.

Back
Scroll to top

Current 30 Year Mortgage Rates – South Carolina

If you’re looking for current mortgage rates in SC, it’s a great time to buy!

In a recent survey conducted by GoBankingRates, the state ranked 27th in the nation for the lowest average home mortgage. The study combined 30-year fixed, 15-year fixed, and five-year ARMs (adjustable rate mortgages) to rank each state by the average cost of a mortgage.
30 Year Mortgage Rates - South Carolina

Current Mortgage Rates in SC

First Bank offers conventional home loans, including a 30-year fixed-rate mortgage. This types of mortgages are extremely popular among home buyers because the longer loan term allows for smaller, predictable payments. With First Bank’s 30-year conventional loan, your interest rate and monthly principal will never change, allowing you to budget more easily.

If you plan to live in your house for a long time, a 30-year fixed-rate loan could be a good option for you and your family.

What Affects Current Mortgage Rates in SC?

30-year mortgage interest rates vary depending on a variety of things, such as:

  • Economic factors. Lending is riskier in some states than others due to unemployment rates, default and foreclosure rates and differing property values.
  • State laws. States that allow recourse typically have lower mortgage rates. Recourse is the recovery of additional money from borrowers who default and the foreclosure sale doesn’t earn enough to pay off the mortgage.
  • Size of competition. More lenders competing for your business means lower costs.
  • Types of preferred loans. States with more military bases will likely see more VA loans, states with more rural housing might have more USDA loans, etc.
  • Market conditions. An increase or decrease in home building and sales regionally or nationally can drive interest rates up or down.
  • Government. Government policies like the Federal Reserve can dictate the fluctuation of interest rates.

As you can see, there are a number of reasons why a 30-year mortgage rate in South Carolina can vary. The best way to find out what your interest rate will be is by speaking with a First Bank mortgage specialist.

If you are ready to apply for a 30-year mortgage, you can find out your interest rate by starting an online application with First Bank.


Loans subject to credit approval.

———-

Source:

Housing Wire: https://www.housingwire.com/articles/48165-this-is-how-mortgage-rates-vary-by-state/

Trending Topics

Budgeting 101: Personal Budget Categories

When it comes to creating a personal budget, it can feel like there are a million financial categories to consider. In order to create a successful budget, everything should be accounted for, from large expenses like...

Best Personal Loan Rates in North Carolina

If you live in North Carolina and are looking for a personal loan, your local First Bank can help. We have over 100 locations in North Carolina that offer highly competitive personal loan rates. We make...

Savings Account – South Carolina

If you live in South Carolina and are looking for a savings account, your local First Bank can help. We offer savings accounts to meet a variety of needs, and we are dedicated to helping you find the best...

Find the Best Checking Accounts in South Carolina at First Bank

For residents in South Carolina, finding the best checking account can be crucial to managing your finances. But with so many banks in the area, it can feel overwhelming to choose the right option. At First Bank, we are...

How Much Should I Have in Savings at Age 35?

How much money should you have in your savings account at the age of 35? It largely depends on when you started saving, your income and lifestyle, and whether you carry consumer debt. Savings for Adults in Their...

Open a Free Student Checking Account with First Bank

If you are thinking about opening a checking account while in college, you may be wondering what a no fee student checking account is, and where you can get one. Unexpected expenses can put stress on you financially and...

Hassle-Free Savings Account in Asheville, NC

The only thing most people want in a savings account is a safe place to keep their money without being hassled by annoying fees or bothersome requirements. At First Bank in Asheville, North Carolina, you can enjoy the...

Open a Triangle Business Checking Account

If you live in Raleigh, Durham, or other part of the North Carolina Triangle, you’ve seen the area’s growth firsthand. The Triangle Business Journal reported in 2018 that Raleigh and Durham’s Gross...

Personal Loan Rates – Salisbury NC

If you are looking for some of the best personal loan rates in Salisbury, NC, come to First Bank for small bank service with big bank options. Salisbury, North Carolina is rich in culture and history and has 10 National...

Finding the Best Personal Loans in Asheville, NC

Personal loans can help you pay for home improvements, weddings, medical bills, and many other large expenses. Consolidating debt is another reason to seek a loan. If you’re in need of money—for any...