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Spartanburg

Compare Current Spartanburg, South Carolina Mortgage Rates

Compare Spartanburg, SC mortgage rates and fees from top lenders. 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 lowest mortgage rates in Spartanburg.

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

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Spartanburg, SC Mortgage Rates as of June 30, 2022
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Data provided by Icanbuy, LLC. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Spartanburg, SC Mortgage Rates

June 30, 2022

Current mortgage rates in Spartanburg, SC are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)

Mortgage Program
Today's
Spartanburg, SC Rates
National
Average
Comparison
30 Year Fixed Rate
%
5.810%
15 Year Fixed Rate
%
4.920%
5/1 Adjustable Rate Mortgage
%
4.410%

How Affordable is Housing in Spartanburg, South Carolina?

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

The median home value for Spartanburg, SC is $197,547

Based on current mortgage rates and a 10% down payment, you need to make $32,367 per year to buy the median priced home in Spartanburg

With this income, you could qualify for a $177,792 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 Spartanburg is $750

The median household income for Spartanburg, SC is $59,814

Based on this income, you can afford a home valued at approximately $365,065

The home price you can afford to buy based on household income in Spartanburg is 185% of the median home value which means housing prices are average. Spartanburg ranks 32 out of 46 counties in South Carolina and 2,047 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Spartanburg, South Carolina

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Spartanburg below.

Conforming loan limits for Spartanburg, SC

1 unit: $647,200
2 units: $828,700
3 units: $1,001,650
4 units: $1,244,850

FHA loan limits for Spartanburg, SC

1 unit: $420,680
2 units: $538,650
3 units: $651,050
4 units: $809,150

VA loan limits for Spartanburg, SC

1 unit: $647,200

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