South Carolina Mortgage and Refinance Rates

As of Monday, September 28, 2026, current mortgage rates in South Carolina are 7.33% for a 30-year fixed mortgage and 6.71% for a 15-year fixed-rate mortgage.

Mortgage rates in South Carolina — like those across the country — began 2026 above 6% (down from almost 7% at the beginning of 2025). They stayed fairly close to that figure in the first few months of 2026, but recently moved upward again due to military action in Iran and continued economic uncertainty. While mortgage rates are difficult to predict, many experts expect rates to stick around 6% for the rest of 2026 and into 2027.

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% for both 30-year and 15-year refinance terms. Still, if you’re one of the many Americans with a mortgage rate below 4%, 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%, now might be a good time to refinance. As of March 2026, about 5.4 million mortgage holders — the largest number since early 2022 — could reduce their interest rate significantly by refinancing per the March 2026 ICE Mortgage Monitor report. 

At the same time, across the country, homeowners still have a substantial amount of tappable equity (or equity that could be withdrawn while maintaining a maximum 80% loan-to-value ratio). The average homeowner with a mortgage can borrow against approximately $204,000 in equity, according to the November 2025 ICE Mortgage Monitor report. With a cash-out refinance, you could use your home equity to further your financial goals.

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 sitting on the market for more than three months on average, relatively few homes selling above list price and 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, January 2026: $322,450
• Median home value, January 2026: $288,473
• Median down payment, April 2025: $56,500
• Median days on market, February 2026: 101
• Percentage of homes sold above list price, February 2026: 11.5%
• Percentage of homes with price drops, February 2026: 22.4%

Sources: ATTOM, Redfin, U.S. Census Bureau

If you’re looking to get a mortgage in South Carolina, there are several options:

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: This program offers first-time homebuyers 30-year mortgages with competitive fixed interest rates, though you need a credit score of at least 640. Qualified buyers can also receive down payment/closing cost assistance with no monthly payment and the potential for forgiveness after 15 years of living in your home.
• 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 forgivable down payment assistance of up to 4% of the loan amount. To qualify, you need a credit score of at least 640 and your income can’t be higher than $135,750, but — notably — there aren’t any purchase price limits on the home you buy.