Charleston, South Carolina Mortgage Refinance Interest Rates
Discover the latest mortgage interest rates to make informed decisions about your home refinancing.
Interest rate over time in Charleston, South Carolina
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Charleston, South Carolina
Showing results for: 15-Year Fixed refinance offers for Single Family or Townhome properties in SC, total loan amount of $228,000.
| Lender | APR / Rate | Monthly Payment | |
|---|---|---|---|
Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
Should You Refinance in Charleston?
17.6% annual appreciation
· Data updated 4/5/2026With Charleston's hot housing market and 17.6% annual appreciation, homeowners may have built significant equity. This could make refinancing particularly attractive, potentially eliminating PMI or accessing equity for home improvements.
Local Market Context
Charleston, South Carolina homes have a median value of $1,167,600, with 17.6% year-over-year appreciation. Homeowners have likely built substantial equity, creating opportunities for cash-out refinancing or eliminating PMI. Strong appreciation means better loan-to-value ratios when refinancing.
Estimated Monthly Payment in Charleston
Based on the median home price of $1,167,600 with 20% down at 6.40% (30-year fixed):
| Principal & Interest | $5,844.56/mo |
| Property Tax | $555/mo |
| Homeowner's Insurance (est.) | $125/mo |
| Estimated Total (PITI) | $6,525/mo |
Rate Savings Scenarios for Charleston
How your monthly principal & interest payment changes at different rates (20% down on $1,167,600 median home):
| Interest Rate | Monthly P&I | vs. Current Rate |
|---|---|---|
| Current rate (6.40%) | $5,845 | — |
| 5.90% (–0.5%) | $5,542 | –$303/mo |
| 5.40% (–1.0%) | $5,247 | –$598/mo |
Down Payment Impact in Charleston
Monthly principal & interest at 6.40% for different down payments on the $1,167,600 median home:
| Down Payment | Loan Amount | Monthly P&I |
|---|---|---|
| 10% down ($116,760) | $1,050,840 | $6,575 |
| 15% down ($175,140) | $992,460 | $6,210 |
| 20% down ($233,520) | $934,080 | $5,845 |
Property Tax Impact
Property taxes in Charleston, South Carolina average 0.57% of home value, which is lower compared to the national average. When refinancing, it's important to remember that your total monthly payment includes these taxes (approximately $555 per month for a median-valued home). A lower interest rate might reduce your principal and interest payment, but your property tax portion stays the same.
South Carolina ranks 5th (very low) nationally for property taxes, which directly affects your total monthly payment when buying or refinancing.
Cost of Living Context
Charleston's cost of living is 2% below the national average (index: 98), meaning housing costs tend to run lower than typical — which may allow for higher purchasing power when buying or refinancing.
Calculate Your Exact Refinance Savings
Get a personalized analysis based on your specific mortgage details, compare multiple offers, and see your break-even point.
Use Refinance CalculatorNavigating Refinancing in Charleston's Premium Market
Hey Charleston! Owning a piece of the Lowcountry is a massive financial flex. With median home prices sitting at $1,167,600, Charleston homeowners are dealing with luxury real estate metrics and significant wealth management.
The Jumbo Loan & LTV Factor
Because Charleston prices are so high, you are likely dealing with Jumbo Loan territory. Refinancing requires a healthy Loan-to-Value (LTV) ratio.
With values appreciating at nearly 17.6%, your home is worth drastically more today than last year. This drops your LTV naturally. If you own a historic property downtown and need to fund preservation or renovations, this massive equity gain is your ticket to a low-rate cash-out refinance.
Property Tax Tip for Charleston Homeowners
Even with a low rate, a $1M+ valuation means your tax bill matters. Make sure your refinance lender correctly applies the state's 4% primary residence assessment ratio so your escrow isn't accidentally overcharged!
South Carolina Refinance Programs for Charleston Residents
SC Housing runs the local "Palmetto Heroes" program. If you are a teacher, nurse, or first responder who manages to snag an affordable property in the greater Charleston area, this program offers reduced fixed interest rates that beat the national averages.
How Much Can I Save Refinancing a Million-Dollar Home in Charleston?
With Charleston's median home value at $1,167,600, even small rate reductions yield significant savings. Refinancing an $934,080 loan (80% LTV) from 7% to 6.5% saves approximately $331/month, or $3,970 annually. Over 30 years, that's over $119k in total savings. Jumbo refinances (loans above $806,500) require excellent credit (740+) but can offer competitive rates from portfolio lenders.
Are Jumbo Refinance Rates Different in Charleston?
Given median home values of $1,167,600, most Charleston refinances involve jumbo loans (above $806,500). Jumbo refi rates sometimes run 0.25-0.5% higher than conforming rates, but portfolio lenders and credit unions often offer competitive jumbo rates for well-qualified borrowers. Shop at least 3-5 jumbo-specialized lenders, as rate spreads can vary by 0.5-1%. With Charleston's 0.57% property tax rate, your total monthly payment includes substantial property taxes-factor this into your savings calculation when comparing rates.
How Much Equity Can I Access with Cash-Out Refinancing in Charleston?
With 17.6% annual appreciation in Charleston, your home equity may have grown substantially. Most lenders allow cash-out refinancing up to 80% LTV. If your $1,167,600 home has appreciated and you currently owe $700,560, you could potentially access $233,520 in cash (80% LTV minus current loan). Popular uses include home renovations, investment properties, or debt consolidation. Cash-out rates typically run 0.25-0.625% higher than rate-and-term refinances, and closing costs on larger loans can reach $28,022.
What Are Refinancing Closing Costs on Charleston's Higher-Priced Homes?
Refinancing closing costs in Charleston typically run 2-3% of the loan amount but include higher dollar amounts given home values. On a $934,080 refinance (80% of median $1,167,600 value), expect $23,352-$28,022 in costs, including appraisal ($600-900 for higher-value homes), title insurance (varies by loan size), lender fees (0.5-1% origination), and escrow setup. Jumbo refinances may have additional underwriting fees. However, on large loans, even a 0.5% rate drop breaks even in 71 months or less, making refinancing worthwhile.
How Does the Mortgage Interest Deduction Affect Charleston Refinancing?
The mortgage interest deduction (limited to interest on $750,000 of principal for loans after 2017) provides significant tax benefits on Charleston's higher-value homes. On a $934,080loan at 6.5%, you'll pay approximately $60,715 in interest the first year-but can only deduct interest on the first $750k. At a 35% marginal tax rate, you save around $17k annually in taxes. When refinancing, consider whether you're resetting the amortization clock (paying more interest early on, which is deductible). Consult a CPA about SALT cap implications given Charleston's 0.57% property tax rate.