Boosts Buying Power in South Carolina

The recent monthly payment drop is big news for South Carolina homebuyers. According to Redfin, the typical U.S. homebuyer’s monthly mortgage payment fell more than $200 from its May peak. This drop—combined with mortgage rates now at a 10-month low—is putting thousands of dollars back into buyers’ budgets and increasing purchasing power.

With the September interest rate cut already priced into current mortgage rates, South Carolina buyers are seeing immediate benefits. The average 30-year fixed mortgage rate in South Carolina now sits around 6.71% (Bankrate), down from roughly 7.08% in May.

National vs. South Carolina Rate Trends

Graph 1: National Mortgage Rate Drop (May–August 2025)
(Insert line graph showing rates from 7.08% in May to ~6.53% in mid-August)

Graph 2: South Carolina Average Mortgage Rates
(Insert bar chart comparing May’s ~7.08% with current 6.71%)

What This Means for SC Buyers

• Lower Monthly Payments: On a median-priced South Carolina home (~$447,000), payments have dropped by $150–$200 since May.

• More Buying Power: A buyer with a $3,000/month budget can now afford roughly $20,000 more in home value.

• Market Confidence: With rates already reflecting the expected Fed cut, this is a window of opportunity before competition heats up.