 March 20, 2009 (Bankrate.com)
I found a gadget on Bankrate.com that gives you "real-time" rates for your area on mortgages and other credit extensions. As of March the 20th, 2009, this is what it said...
10 Year Fixed Average rates on 10-year fixed mortgages in South Carolina fell 4 basis points to 4.51 on Friday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percent. The mortgages in the survey had an average of 0.68 discount and origination points. A 10-year fixed mortgage is a loan that has an interest rate that stays the same for the 10-year term of the loan. The principal amount is reduced, slowly at first, and then at an accelerating pace, over the life of the loan. Someone taking out a $165,000.00 10-year fixed mortgage at the current average would pay $1,710.83 a month for the life of the loan.
The highest rate in South Carolina on a 10-year fixed mortgage was found at one institution that charged 5.625 percent. The lowest rate was found at one institution that charged 4.000 percent. Six months ago, the average rate in South Carolina was 5.53 percent.
20 Year Fixed
Average rates on 20-year fixed mortgages in South Carolina fell 9 basis points to 4.82 on Friday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percent. The mortgages in the survey had an average of 0.55 discount and origination points.
A 20-year fixed mortgage is a loan that has an interest rate that stays the same for the 20-year term of the loan. The principal amount is reduced, slowly at first, and then at an accelerating pace, over the life of the loan. Someone taking out a $165,000.00 20-year fixed mortgage at the current average would pay $1,072.59 a month for the life of the loan.
The highest rate in South Carolina on a 20-year fixed mortgage was found at one institution that charged 6.000 percent. The lowest rate was found at one institution that charged 4.250 percent. Six months ago, the average rate in South Carolina was 5.91 percent.
30 Year Fixed
Average rates on 30-year fixed mortgages in South Carolina fell 10 basis points to 5.06 on Friday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percent. The mortgages in the survey had an average of 0.59 discount and origination points.
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 $165,000.00 30-year fixed mortgage at the current average would pay $891.82 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 10.000 percent. The lowest rate was found at three institutions that charged 4.250 percent. Six months ago, the average rate in South Carolina was 5.83 percent.
To see all of the results of Bankrate.com's surveys, go to www.bankrate.com. The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states.
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