If you have the ability to borrow, money has never been cheaper! Average rates on 30-year fixed mortgages in South Carolina rose 3 basis points to 4.87 today. A basis point is one-hundredth of a percent. According to Bankrate.com, the mortgages in a recent  survey had an average of 0.66 discount and origination points. An origination fee, or activation fee, is a payment associated with the establishment of an account with a bank, broker or other company providing services handling the processing associated with taking out a loan.  Discount points are used to buy down the interest rates, temporarily or permanently.

What does this mean? Let’s use a 30-year mortgage as an example. A 30-year fixed mortgage is a loan that has an interest rate that stays the same for the 30-year term of the loan. Someone taking out a $165,000 30-year fixed mortgage at the current average would pay $872.69 a month for the life of the loan.

The highest rate in South Carolina on a 30-year fixed mortgage was found at one institution that charged 6.000 percent. The lowest rate was found at two institutions that charged 4.250 percent. Six months ago, the average rate in South Carolina was 5.85 percent.

Currently, Coldwell Banker Mortgage is offering the following:

• 30yr Conventional fixed is at 4.5%
• 15yr Conventional 4.2%
• 30yr FHA 4.6%
• 30yr VA 4.7%
• 30yr Jumbo fixed is at 6.0%
• 15yr Jumbo fixed is at 5.75%
• Refinances have been running about .2% higher than the rates above.

While borrowing remains cheap at this point, the criteria has remained a little tight. The criteria parameters for the above rates are: 150k loan amount, 1% origination, no discount points, 5% down, primary home, with 720 middle credit score.  The criteria parameters for Jumbo pricing are as follows:  $417,001 loan or more, 0% origination with 10% minimum down with 720 middle credit score.

For a no-obligation, same day pre-approval, contact Coldwell Banker Mortgage.  Once you’ve submitted your application by phone, you’ll receive a decision the same day or they will pay you $250!

Rates are low, inventory is high. Now is a good time to buy!