Compare mortgage rates and fees for leading lenders in Charleston, SC. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Charleston.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Charleston. Plus, shopping lenders is free and there is no obligation.
April 3, 2020
The current average rate for a 30 year fixed rate mortgage in Charleston is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we provide helpful information on the real estate market, home prices and housing affordability in Charleston. Understand how much you need to earn to afford a home in Charleston, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Charleston fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Charleston is right for you.
The median home value for Charleston, SC is $381,670
Based on current mortgage rates and a 10% down payment, you need to make $68,691 per year to buy the median priced home in Charleston
With this income, you could qualify for a $343,503 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Charleston is $1,591
The median household income for Charleston, SC is $61,045
Based on this income, you can afford a home valued at approximately $339,186
The home price you can afford to buy based on household income in Charleston is 89% of the median home value which means housing prices are expensive. Charleston ranks 46 out of 46 counties in South Carolina and 3,048 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Charleston, SC is expensive
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Charleston below.
Conforming loan limits for Charleston, SC
FHA loan limits for Charleston, SC
VA loan limits for Charleston, SC