Mortgage Rates in Cheraw, South Carolina — March 2026
Updated March 2026 | Based on Cheraw market data and regional lending conditions
Cheraw is a smaller South Carolina community of 23,893 where the housing market reflects local economic conditions. The current 30-year fixed rate here is 6.87% (0.22% above the national average). The median home price of $255,000 translates to roughly $1,490/month with 20% down — requiring an income of about $63,857, which exceeds the local median of $61,000.
Current Mortgage Rates in Cheraw, SC
Below are the current average mortgage rates available in the Cheraw area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.87% | 6.65% | +0.22% |
| 15-Year Fixed | 6.09% | 5.89% | +0.2% |
| 5/1 ARM | 6.32% | 6.15% | +0.17% |
| FHA | 6.56% | 6.25% | +0.31% |
| VA | 6.31% | 6.05% | +0.26% |
| Jumbo | 7.12% | 6.85% | +0.27% |
Cheraw Housing Market Overview
At $255,000, Cheraw offers more affordable housing than most U.S. metros. The local cost of living index is 97.2 (100 = national average), and the median household income of $61,000 still requires careful budgeting at current rate levels.
Monthly Payment Breakdown for Cheraw
Based on the median home price of $255,000 with 20% down ($51,000), here is what you can expect to pay monthly in Cheraw:
15-Year vs. 30-Year Mortgage in Cheraw
Choosing a 15-year mortgage in Cheraw at 6.09% instead of a 30-year at 6.87% would save you $170,460 in total interest over the life of the loan. However, your monthly payment would be $1,731 instead of $1,339 — an increase of $392 per month.
Calculate Your Cheraw Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Cheraw
What are the current mortgage rates in Cheraw, SC?
As of March 2026, the average 30-year fixed mortgage rate in Cheraw, South Carolina is 6.87%, while the 15-year fixed rate is 6.09%. FHA loans average 6.56% and VA loans 6.31%. These rates are 0.22% above the national average of 6.65%.
How much is a monthly mortgage payment in Cheraw?
Based on the median home price of $255,000 with 20% down, the estimated monthly mortgage payment in Cheraw is $1,339 for principal and interest. Including property taxes of $151/month, the total monthly housing cost is approximately $1,490.
What income do I need to buy a home in Cheraw?
Using the 28% rule, you would need an annual income of approximately $63,857 to afford the median-priced home in Cheraw at $255,000. The median household income in Cheraw is $61,000. This means most households would need to either earn above the median or consider homes below $255,000.
Is Cheraw a good place to buy a home in 2026?
Cheraw offers a below-average cost of living with a cost of living index of 97.2 (national average = 100). The property tax rate in South Carolina is 0.71%, which is below the national average. Cheraw has a population of 23,893 and offers a balanced lifestyle.
Mortgage Rates in Other South Carolina Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Cheraw, South Carolina area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.