Ditch the Pitch
Department staff is available to assist with any questions at (800) 922-1594 (toll free in SC) or 803-734-4200 8:30 a.m. until 5 p.m. Monday through Friday, excluding State holidays. You can also email general questions to email@example.com.
COLUMBIA, S.C. - The South Carolina Department of Consumer Affairs (SCDCA) is releasing its 2020 Mortgage Log Report and 10 Year Snapshot. As the tenth annual report, it compares mortgage application data received from licensed brokers and lenders in calendar years 2011 through 2020.
Mortgage brokers and lenders processed 265,651 applications in 2020, a record and substantial increase over 2019 (163,511), 2018 (131,309) and 2017 (135,323). The average APR was 3.32%, the lowest ever reported. The low rates seemingly enticed more homeowners to refinance with that loan purpose outpacing home purchases for the first time since 2012, when the APR averaged 3.9%. The average borrower credit score topped out at 733, the highest ever reported. The average borrower's income also reached a record at $94,273, nearly $40,000 more than that reported in 2011 ($56,116).
Other highlights include:
The full 2020 Mortgage Log Report and 10 Year Snapshot is available here.
Considering refinancing or purchasing a home? SCDCA encourages consumers to background a business before signing on the dotted line. Consumers should visit SCDCA's website for links to licensing agencies and to check complaints. Simply go to www.consumer.sc.gov and click “How Do I…”then “Background a Business?”
The South Carolina Department of Consumer Affairs aims to protect consumers from inequities in the marketplace through advocacy, complaint mediation, enforcement and education. To file a complaint or get information on consumer issues, visit www.consumer.sc.gov or call toll-free, 1 (800) 922-1594.