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Myrtle Beach

Current Mortgage Rates in Myrtle Beach, South Carolina

Compare mortgage rates and fees for leading lenders in Myrtle Beach, 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 Myrtle Beach.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Myrtle Beach. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Myrtle Beach, SC as of September 20, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Myrtle Beach, SC Mortgage Rates Compare?

September 20, 2020

The current average rate for a 30 year fixed rate mortgage in Myrtle Beach 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%

Mortgage Program
Today's
Myrtle Beach, SC Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Myrtle Beach, South Carolina?

Below we provide helpful information on the real estate market, home prices and housing affordability in Myrtle Beach. Understand how much you need to earn to afford a home in Myrtle Beach, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Myrtle Beach 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 Myrtle Beach is right for you.

The median home value for Myrtle Beach, SC (Horry County) is $206,258

Based on current mortgage rates and a 10% down payment, you need to make $37,121 per year to buy the median priced home in Myrtle Beach

With this income, you could qualify for a $185,632 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 Myrtle Beach is $860

The median household income for Myrtle Beach, SC (Horry County) is $49,014

Based on this income, you can afford a home valued at approximately $272,342

The home price you can afford to buy based on household income in Myrtle Beach is 132% of the median home value which means housing prices are average. Myrtle Beach (Horry County) ranks 44 out of 46 counties in South Carolina and 2,754 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Myrtle Beach, SC is average

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Loan Limits for Myrtle Beach, South Carolina

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Myrtle Beach (Horry County) below.

Conforming loan limits for Myrtle Beach, SC

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Myrtle Beach, SC

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Myrtle Beach, SC

1 unit: $510,400

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