Compare mortgage rates and fees for leading lenders in Sumter, 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 Sumter.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Sumter. Plus, shopping lenders is free and there is no obligation.
November 13, 2019
The current average rate for a 30 year fixed rate mortgage in Sumter 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%
The median home value for Sumter, SC is $131,528
The median household income for Sumter, SC is $43,228
Based on current mortgage rates and a 10% down payment, you need to make $24,402 per year to buy the median priced home in Sumter
The home price you can afford to buy based on household income in Sumter is 177% of the median home value which means housing prices are average
Sumter ranks 28 out of 46 counties in South Carolina and 2,042 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Sumter, SC is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Sumter below.
Conforming loan limits for Sumter, SC
FHA loan limits for Sumter, SC
VA loan limits for Sumter, SC
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index