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2023 Average APR for SC Mortgages Reaches 6.7%, Property Values and Loan Amounts Level Out

Mon, 07/08/2024

COLUMBIA, S.C. – The South Carolina Department of Consumer Affairs (SCDCA) is releasing its 2023 Mortgage Log Report. The report compares mortgage application data received from licensed brokers and lenders for calendar year 2023. 

Mortgage brokers and lenders processed 174,912 mortgage applications in calendar year 2023. This amount continues the downward trend seen in 2022 when the 192,163 applications reported constituted approximately fifty-nine percent less than the number of mortgage applications taken in 2021 (304, 914). The 2023 number falls below that of (2020) 265,651 as well but still constitutes more applications received than in 2019 (163,511) or 2018 (131,309). 

The average APR rose almost 2% to 6.7% in 2023. This surpasses the former highest average of 5.3% seen in 2011, the first year SCDCA published mortgage data.  The increase seemingly impacted the purpose for which applicants sought a mortgage with 77.7% being for home purchase, up from 66.1% in 2022.  The APR also impacted the average loan term as 95.7% of applicants opted for a 20-30 year mortgage, a 2.6% increase over 2022 and the highest ever reported.

Other highlights of the report include:

  • Applications with co-applicants rises. Reversing a downward trend, the number of applications with co-applicants increased 3.18% (33.30% in 2023 vs. 29.12% in 2022).
  • Mortgage applications for manufactured housing increases. Applications for manufactured housing rose to 10.5% in 2023, up 4.1% when compared to 2022.
  • Average value of property and loan amounts begin to level out. The average appraised value of property increased approximately $11,000 to $357,450 a marked difference when compared to the $21,000 (2022), $33,000 (2021), $29,000 (2020) and $39,000 (2019) increases seen in past years.  Average loan amounts increased just $2,000 to $268,652 slowing the upward trend that began in 2018.

The full 2023 Mortgage Log Report 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 to check licenses and search for any complaints. Simply go to and click “How Do I…” then “Background a Business?”  


Established in 1974, DCA has nearly fifty years of experience in protecting South Carolina consumers while recognizing those businesses that act honestly and fairly. Cultivating a marketplace comprised of well-informed consumers and businesses prevents deceptive and unfair business practices, allows legitimate business activity to flourish, resulting in the promotion of competition and a healthier economy.