Florence, SC, August 19, 2025
Florence Mortgage Solutions
Florence Mortgage Solutions is a premier mortgage lending company established to serve the housing needs of residents in Florence, South Carolina. With a strong foundation built on integrity, customer service, and financial expertise, the company has grown alongside the local housing market for over a decade. Founded with the goal of helping prospective homebuyers secure affordable financing, Florence Mortgage Solutions has adapted to market fluctuations and economic changes, such as the recent decrease in mortgage rates that has benefited many clients. Their dedicated team offers preapproval assistance, expert advice, and personalized mortgage options to ensure clients find the best home financing solutions, fostering homeownership and community growth in Florence.
News Summary
Florence, SC sees a significant drop in mortgage rates to 6.57%, the lowest in 10 months, offering homebuyers considerable savings on monthly payments. The median home price is $238,233, indicating a savings of approximately $69 per month and about $24,790 over the life of a 30-year mortgage. This change is driven by recent economic reports and is expected to enhance buyer purchasing power amid a surplus of homes for sale in the area.
Florence, SC – A significant reduction in mortgage rates is providing an opportunity for homebuyers in Florence, South Carolina, to achieve substantial savings on their monthly payments. On August 4th, the daily average mortgage rate fell to 6.57%, reaching its lowest level in 10 months. This decrease comes as a relief to buyers who have faced elevated rates in recent months, as the rate had previously peaked at 7.08% in May.
For prospective homeowners in Florence, where the median sale price for a home stands at $238,233, the drop in mortgage rates translates to significant financial advantages. Under current conditions, a monthly mortgage payment for a home priced at this median value at a rate of 6.57% is approximately $1,637. This is a $69 reduction from the mid-May payment of $1,706, resulting in total savings of around $24,790 over the life of a 30-year mortgage.
The recent decrease in mortgage rates follows a weaker-than-expected jobs report for July, which has shifted expectations regarding potential rate cuts from the Federal Reserve. With the dip in rates, economists are recognizing that it enhances the purchasing power of homebuyers, leading to improved conditions in the housing market.
Currently, there is a surplus of homes for sale in the Florence area. This increase in inventory is benefitting buyers, allowing them to negotiate prices and request concessions as the number of sellers outpaces buyers. However, the dynamics may be changing, as new housing listings are beginning to decline, causing some homeowners to hesitate in listing their properties for sale. This shift may result in a narrowing gap between sellers and buyers.
As homebuyers navigate the current market, seeking preapproval for a mortgage is advised. This process helps buyers gain a clearer understanding of their budget and enhances their ability to act quickly when they identify a suitable property.
According to recent calculations, the reduced monthly payments consider a 15% down payment, local median home-sale prices, property tax rates, homeowners insurance rates, and average 30-year fixed mortgage rates on the specified date of May 21 and August 4, 2025.
Looking ahead, housing market projections are showing mixed results. A recent forecast from a housing analytics firm suggests a 1.9% drop in U.S. home values is expected in 2025, a shift from prior predictions of a 0.6% increase. The anticipated increase in existing home sales is projected to rise by 3.3% by the end of the same year, with mortgage rates expected to settle at 6.5%. In South Carolina, the average home value currently sits at $298,024, a 1.5% increase over the past year, while Florence specifically is projected to see a 1.4% decrease in home values.
In various southern cities, including Florence and Alexandria, Louisiana, data indicates that homeownership is often more economical than renting, particularly given the high median rent prices in these areas. An analysis highlights a noteworthy increase in homeownership costs over the past decade, with typical monthly expenses rising by nearly 140%. While many metropolitan areas report that owning is more expensive than renting, some cities remain where homeownership costs are comparable or lower than rental expenses.
FAQ Section
1. What is the current average mortgage rate in Florence, SC?
The current average mortgage rate in Florence, SC is 6.57%, which is the lowest it has been in 10 months.
2. How much can homebuyers save with the recent drop in mortgage rates?
Homebuyers can save approximately $69 per month, or about $24,790 over the life of a 30-year mortgage, based on a home priced at the median sale price of $238,233.
3. Why did the mortgage rates decrease recently?
The drop is attributed to a weaker-than-expected jobs report, which has led to higher expectations for potential Federal Reserve rate cuts.
4. Should prospective homebuyers seek mortgage preapproval?
Yes, seeking preapproval for a mortgage is advisable as it allows buyers to better understand their budget and act quickly when they find the right property.
5. What are the future housing market projections for South Carolina?
The average home value in South Carolina is anticipated to decrease by 1.4% in Florence, with a general national forecast predicting a 1.9% drop in home values by 2025.
Key Features Overview
| Feature | Current Status |
|---|---|
| Average Mortgage Rate | 6.57% |
| Median Home Price in Florence | $238,233 |
| Monthly Payment at 6.57% | $1,637 |
| Monthly Savings | $69 |
| Total Savings Over 30 Years | $24,790 |
| Projected Decrease in Home Values | 1.4% in Florence |
| Expected Increase in Existing Home Sales | 3.3% by 2025 |
Deeper Dive: News & Info About This Topic
HERE Resources
United Community Expands Down Payment Assistance Program
South Carolina Achieves Record Homeownership Assistance
Mortgage Rates Drop to Lowest in Ten Months
Mortgage Rates Hit 10-Month Low in Florence, SC
Florence, South Carolina Sees Rising Home Prices Amid Increased Inventory
Exciting Changes on the Horizon for the 2025 Real Estate Market!
Additional Resources
- AOL News: Mortgage Rates Fall
- Wikipedia: Mortgage
- MSN: Worst Paying Job in Florence, SC
- Google Search: Florence South Carolina
- Stacker: Most Expensive Homes in Florence Metro Area
- Encyclopedia Britannica: Real Estate
- Greenville Online: Zillow Forecast for SC Home Values
- Google Scholar: Housing Market Trends
- Bankrate: South Carolina Jumbo Loan Limits
- Google News: Housing Market Florence SC
Author: STAFF HERE FLORENCE WRITER
FLORENCE STAFF WRITER The FLORENCE STAFF WRITER represents the experienced team at HEREFlorence.com, your go-to source for actionable local news and information in Florence, Florence County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Florence Festival of Lights, Pee Dee Pride, and agricultural expos at the Florence Center. Our coverage extends to key organizations like the Florence Regional Chamber of Commerce and the Pee Dee Area Council of Governments, plus leading businesses in healthcare and retail that power the local economy such as McLeod Health and Pee Dee Electric Cooperative. As part of the broader HERE network, including HERECharleston.com, HEREColumbia.com, HEREGreenville.com, and HEREHiltonHead.com, we provide comprehensive, credible insights into South Carolina's dynamic landscape.
