Mortgage Rates change on a daily basis and can vary depending on your unique situation. Simply use the quick form below to receive FREE and accurate rate quotes from a nationwide network of trusted lenders.
Why Mortgage Rates Today Change Every Day
Mortgage rates are tied to the bond market — specifically mortgage-backed securities — which moves in response to inflation data, Federal Reserve policy signals, employment reports, and broader economic conditions. That means the rate quoted on a Monday can shift by Wednesday, sometimes more than once in a single day during volatile market conditions.
Because of that constant movement, a static number on a webpage is often outdated within hours of being published. Two different sites can display two different "current mortgage rates" at the same time simply because they pulled pricing at different points in the day, from different lenders, or for a different loan scenario — the more useful approach is understanding what determines a rate, then requesting a current, personalized quote.
What Determines Your South Carolina Mortgage Rate
Two borrowers applying on the same day, for the same loan amount, can receive different mortgage interest rates based on several individual factors:
- Mortgage rate by credit score — higher scores generally receive more favorable pricing
- Loan-to-value ratio (LTV) — a larger down payment typically improves pricing
- Loan type — conventional, FHA, VA, USDA, and jumbo loans are priced differently
- Loan term — 15-year loans typically carry lower rates than 30-year loans
- Rate type — fixed mortgage rates vs. adjustable-rate mortgages (ARMs)
- Mortgage discount points — paying points upfront can lower the rate for the life of the loan
- Property type and use — primary residence, second home, and investment property are priced differently
Mortgage APR vs. Interest Rate: What's the Difference
The interest rate determines the base monthly principal-and-interest payment. The APR (annual percentage rate) reflects the interest rate plus certain lender fees and closing costs, expressed as a yearly percentage — which is why the APR on a loan estimate is typically slightly higher than the interest rate itself. Comparing APRs across lenders, alongside the rate, gives a more complete cost picture.
Comparing Loan Types and Terms
Rather than publishing specific numbers that change daily, it's more useful to understand how the major loan types compare structurally:
| Loan Type | Rate Behavior | Best Fit |
|---|---|---|
| 30-Year Fixed | Rate locked for the full term | Lower monthly payment, long-term stability |
| 15-Year Fixed | Rate locked for the full term, typically lower than 30-year | Faster payoff, less total interest |
| Adjustable-Rate Mortgage (ARM) | Fixed for an initial period, then adjusts periodically | Short-term ownership plans or expected refinance |
| FHA | Government-backed pricing, more flexible credit requirements | Lower credit scores or smaller down payments |
| VA | Government-backed, no down payment required | Eligible veterans and service members |
Fixed vs. Adjustable-Rate Mortgage: Which Fits Your Plans
A fixed-rate mortgage keeps the same rate for the entire loan term, making the payment predictable from the first month to the last. An ARM typically starts with a lower introductory rate for a set period — commonly five, seven, or ten years — after which it adjusts periodically based on market conditions. The right choice depends on how long the borrower expects to keep the loan: fixed tends to suit long-term ownership, while an ARM can suit borrowers expecting to sell, relocate, or refinance before the adjustment period begins.
Down Payment, Credit, and Documents That Affect Your Rate Quote
A personalized rate quote is only as accurate as the information behind it. Lenders generally need a credit check, down payment amount, and basic income documentation (pay stubs, tax returns, or bank statements) to move from a rough estimate to a firm, lockable rate. Down payment assistance programs and gift funds can also factor into loan-to-value calculations and should be disclosed upfront.
Loan Terms and What Refinancing Changes
Rate shopping isn't limited to new purchases — homeowners evaluating a best rates mortgage refinance comparison go through the same rate factors above, applied to their current loan balance and today's pricing instead of a new purchase.
Read more: best rates mortgage refinance
What to Watch Beyond the Interest Rate
The interest rate is only one piece of the total monthly housing payment. Property taxes, homeowners insurance — including flood insurance for many coastal South Carolina properties — and, where applicable, HOA dues or mortgage insurance all factor into the full payment amount.
- Property taxes vary by county and are typically reassessed periodically
- Homeowners insurance, and flood insurance in coastal flood zones, can vary significantly by location and property type
- Private mortgage insurance (PMI) applies to most conventional loans with less than 20% down
- FHA loans carry mortgage insurance premiums that work differently than conventional PMI
- HOA dues, common in many Grand Strand communities, are separate from the mortgage payment itself
How to Lock In a Mortgage Rate
A mortgage rate lock guarantees a specific interest rate for a set period — commonly 30, 45, or 60 days — while the loan moves through underwriting. Locking too early can mean missing a rate improvement; waiting too long risks the rate moving up before closing.
- Get pre-approved so the loan amount, credit, and program are already confirmed.
- Request a current rate quote once under contract or ready to refinance.
- Compare lock periods against the expected closing timeline.
- Lock the rate once comfortable with the terms.
- Proceed through underwriting to closing within the locked period.
Mortgage Rates in Myrtle Beach, Horry County & the Grand Strand
Homebuyers and homeowners across Myrtle Beach, North Myrtle Beach, Conway, and Georgetown County work with local lenders familiar with coastal underwriting factors, including flood-zone insurance and condo/HOA documentation, which can affect the final locked rate and total payment even when the base pricing is the same as elsewhere in the state.
Comparing Quotes From Multiple Lenders
Because South Carolina mortgage rates vary by lender as well as by borrower profile, the same rate-shopping approach used for home purchases applies here. Requesting quotes from more than one source, on the same day, for the same loan scenario, is the only way to see whether a quoted rate is actually competitive. Homebuyers comparing full lender profiles can review our mortgage lenders in Myrtle Beach, SC page, and first-time buyers can start with our home loan lenders near you in Horry County, SC resources.
Licensing and Trust
Funding Resources LLC, NMLS #[insert number], is a licensed mortgage brokerage operating in South Carolina and Michigan and is an Equal Housing Lender. Rate quotes and loan estimates are provided in writing, in compliance with state and federal disclosure requirements.
