Reported by our local newspaper - The Post & Courier a plunge in mortgage rates is giving homeowners a rare opportunity to lock in a 15-year fixed-rate loan for less than 4 percent.

Rates haven't dipped this low in decades. For those who can qualify, it's the chance to pay off a home in half the time while saving tens of thousands of dollars. The average rate on the 15-year fixed loan dropped to 3.95% last week, according to mortgage company Freddie Mac. That's the lowest on records the company has kept since 1991. Rates haven't been that low since the 1950's when longer-term mortgages typically lasted 20-25 years. 

Consider the savings on a $200,000 mortgage over 15 years at the current rates. A borrower who refinances over that term could expect to save $65,000 in interest compared with the 30-year fixed loan. Still, they would pay $1,474 a month before taxes and insurance. With the 30-year loan, the payments would be $1,010 a month.

According to a staff report in SC Biz Journal.

More than 3,900 homes were sold statewide in March, which is a 41% increase from the number of homes sold in February and a 19.7% increase over last March, according to new numbers released by the S.C. Realtors Association.

Every market reported an increase in sales from February to March of this year. Of the three major metro areas, Charleston, Columbia and Greenville posted increase of 35%, 26% and 55%, respectively.

Statewide, the median home price increased to $139,000, up slightly from $134,000 in February and the number of days a home sat on the market decreased from 155 to 151.