COLUMBIA, S.C. – The South Carolina Department of Consumer Affairs (SCDCA) is releasing its 2024 Mortgage Log Report. The report compares mortgage application data received from licensed brokers and lenders for calendar year 2024. 

Mortgage brokers and lenders processed 181,343 mortgage applications taken in calendar year 2024. This amount is a 3.7% increase over 2023 (174,912), yet still well below activity seen in recent years. In 2022, the 192,163 applications reported constituted approximately thirty-seven percent less than the number of mortgage applications taken in 2021 (304, 914). The 2024 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 slightly to 6.8% in 2024, taking the spot for the highest average reported since 2011, the first year SCDCA published mortgage data. The APR increase seemingly did not impact the purpose for which applicants sought a mortgage with 28.4% being for a refinance, a 7.1% increase over 2023 (21.3%). The percent seeking the funds for a home purchase decreased by a similar amount, down 7.4% from 2023 (77.7%) 

Other highlights of the report include:

• The average appraised value of property increased approximately $24,000 to $381,166. This is vast contrast to the mere $11,000 increase seen in 2023 ($357,450) and is more on track with changes seen in past years - $21,000 (2022), $33,000 (2021), $29,000 (2020) and $39,000 (2019).
• Average loan amounts increased approximately $8,000 to $276,897. While not as small as 2023 ($2,000 increase, $268,652 average) the amount is still lower than the increases seen during the upward trend that began in 2018.
• Applications for manufactured housing rose nearly 2% to 13.5% in 2024. This activity continued the upward trend that started in 2023 (10.5%) and is the highest amount reported since 2018 (14%).

The full 2024 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 consumer.sc.gov and click “How Do I…” then “Background a Business?”  

About SCDCA

Established in 1974, DCA has 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.

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