We’re often asked about Charleston mortgages, current rates, and their impact on buying power. Let’s break down everything you need to know about rates, including the real cost of waiting for them to drop.

Charleston Mortgages

Charleston Mortgages Rate Fundamentals

Key Rate Drivers:

Federal Reserve policy
10-year Treasury yields
Inflation rates
Economic growth
Market sentiment
Global events

Charleston Mortgages Historical Perspective

20-Year Rate Overview:
2004: 5.84%
2006: 6.41%
2008: 6.03%
2010: 4.69%
2012: 3.66%
2014: 4.17%
2016: 3.65%
2018: 4.54%
2020: 3.11%
2022: 5.34%
2024: 6.87%

Record Points:

Highest: 18.45% (1981)
Lowest: 2.65% (2021)
20-year average: 4.85%
Pre-2008 average: 5.85%
Post-2008 average: 4.15%

Charleston Mortgages Today’s Cost Analysis

These numbers are for example purposes only.

Monthly Payment Components:

Principal
Interest
Property taxes
Insurance
PMI/MI
HOA (if applicable)

Payment Examples:
$300,000 Purchase
Rate: 6.87%

Principal/Interest: $1,902
Taxes: $300
Insurance: $100
MI: $208
Total: $2,510

$300,000 Home Purchase (FHA):

Down payment (3.5%): $10,500
Current rate: 6.87%
Monthly P&I: $1,902
Monthly MI: $208
Total payment: $2,110

Charleston Mortgages Rate vs. Price Scenario

Current Purchase:
$300,000 @ 6.87%

Monthly P&I: $1,902
Down payment: $10,500
30-year cost: $684,720

Future Scenario:
$350,000 @ 5.87%

Monthly P&I: $2,070
Down payment: $12,250
30-year cost: $745,200

A one-point drop in rates would be great, but if prices rise with that rate drop, as they usually do here, you could pay more for your Charleston mortgages than you would if you had bought at a higher rate. Remember, you can always refinance if rates move down, but you can’t change your purchase price after you buy it.

Charleston Mortgages The Cost of Waiting

This assumes you are currently renting for $2,000 a month. These numbers are for example purposes only.

Monthly Expenses:

Current rent: $2,000
Lost equity build: $500
Market appreciation: $1,250
Tax benefits lost: $400
Total monthly cost: $4,150

6-Month Wait Cost:

Rent paid: $12,000
Lost equity: $3,000
Lost appreciation: $7,500
Tax benefits missed: $2,400
Total cost: $24,900

One-Year Wait Cost:

Equity build: $6,000
Tax benefits: $4,800
Appreciation: $15,000
Rent paid: $24,000
Total: $49,800

Charleston Mortgages Breaking Down Rate Changes

1% Rate Change Impact:

Monthly savings: $176
Annual savings: $2,112
30-year savings: $63,360

Price Change Impact:
$50k increase:

Added down: $1,750
Payment increase: $168
30-year increase: $60,480

Charleston Mortgages Making Smart Decisions

Consider:

Current payment ability
Down payment ready
Market timing
Rate predictions
Price trends
Personal timeline

Charleston Mortgages Action Steps:

Lender consultation
Budget analysis
Market research
Timeline planning
Professional guidance

Charleston Mortgages Your Next Steps

Understanding rates is crucial, but waiting for “perfect” conditions often costs more than acting now. We can help you analyze your specific situation and make the best decision for your circumstances.

We’ll help you:

Compare loan options
Find trusted lenders
Analyze timing
Calculate costs
Make informed decisions
Navigate the process
Ready to explore your mortgage options? Contact us today:

Call/Text: (843) 900-4692
Email: [email protected]

Let’s find the right mortgage solution for your situation!

Charleston Mortgages: Understanding Mortgage Rates