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