The nation is seeing historically low mortgage rates. In a booming housing market surrounded by growth, this presents buyers a great opportunity to invest in high-value properties at a low interest rate.
This is especially true for Greenville, South Carolina. Arthur State Bank has two branches in Greenville, and we’ve witnessed the growth and thriving markets there first-hand. Here’s what our lenders are seeing and how Greenville compares to regional and national trends.
“Buyers now have the chance to invest in property likely to continue accumulating value at a relatively low fixed rate.”
-Susan Hicks, VP, Loan Officer at Arthur State Bank
The average 30-year fixed mortgage in the U.S. currently sits under 5%. South Carolina’s rates mirror the national average quite closely, and both have dropped since last year. Both are relatively low, historically speaking (in the ‘80s, the average 30-year fixed rate reached nearly 20%!).
Since 2008, mortgage rates have mostly fallen. This bodes well for prospective homebuyers looking for a reliably low monthly rate on a property.
Greenville’s average mortgage rates are slightly higher than the overall state average, which is likely a reflection of the community’s increasing real estate demand.
Greenville is growing on both the commercial and residential real estate fronts, creating a mutually supportive environment. Business growth brings more people to the area, which in turn bolsters housing developments and fuels future commercial growth.
National housing prices have been on a steady, but fairly steep, increase for almost a decade.
South Carolina’s housing market has been growing even faster, and Greenville’s even more. These higher prices are indicative of a flourishing, up-and-coming area. In fact, Greenville ranked #22 on U.S. News’ Best Places to Live list this year for its growth, success in the manufacturing industry, big-city convenience (minus the bustle) and low cost of living.
Fortunately for homebuyers, fairly low mortgage rates help lessen the blow of higher-priced properties. Buyers with good credit looking to purchase a home are in a great position to invest in a high-value area with low interest.
In light of this current local housing boom, low mortgage rates present a great opportunity for locals and prospective residents, especially considering the fact that Greenville is projected to continue growing. The residential real estate market now offers high-value homes at low interest rates. Buyers now have the chance to invest in property likely to continue accumulating value at a relatively low fixed rate.
For first-time homebuyers, Arthur State Bank offers special rates and terms – including no PMI. Learn more about our mortgage specials in our overview.
Have questions? Email an Arthur State Bank lender or give us a call at 1-888-825-2265 to learn more about your options and get one step closer to purchasing your dream home.
