Get tomorrow's brief in your inbox
March 25, 2026
Today: 30-year fixed hit 6.55%, mortgage applications dropped 10.5%, and pending home sales nationally climbed 1.8% despite rate volatility tied to Iran war inflation concerns.
Mortgage rates surged to 6.55% last week, the highest level since October 2025, driven entirely by oil price concerns and inflation fears tied to the prolonged Iran conflict. Mortgage News Daily reports that even if the war ends today, second-round effects from infrastructure disruption and energy price spikes will keep rates elevated above February levels for months. This matters for Richland County because buyers who were prequalified at 6.3% in late February now face monthly payment jumps of $100+ on a $350K home. Reach out to pending deals and rerun affordability numbers now, before frustrated buyers walk.
Total mortgage application volume dropped 10.5% week-over-week as rates climbed, with refinances down 15% and purchase applications down 5%, per CNBC. Nationally, pending home sales increased 1.8% in February according to NAR, showing that buyers are still signing contracts when rates dip briefly, but closing those deals before rates spike again is the challenge. If you have March pendings, lock rates aggressively and warn clients that delays could blow up their qualification.
National median sale price hit $429K, up 0.9% year-over-year, but affordability strain is causing inventory to build up in Sun Belt markets. Redfin notes there are now 630,000 more home sellers than buyers nationwide, tipping the scales heavily toward buyers. Columbia is not immune to this shift. Sellers who price aggressively and offer concessions will move properties; those waiting for pre-2024 valuations will sit. Adjust listing strategies now.
No USC-specific data in today's feeds, but national migration patterns are relevant. Rental Housing Journal reports renters continue moving to the Sun Belt and Mountain West, with South Carolina posting 1.2% population growth for the fourth consecutive year, the fastest in the nation at +66,000 net residents. Columbia benefits from this trend, especially around USC and Fort Jackson. Student housing near Five Points and military housing near base gates should see sustained demand. If you manage rental properties in these zones, maintain occupancy through competitive pricing rather than holding out for peak rents in a buyer-favored market.
Fort Jackson PCS cycles (typically May-August) will drive temporary housing demand this spring. Reach out to military-affiliated buyers and renters now, before the summer rush.
Home flippers are seeing their smallest profits since the 2008 recession, with gross returns dropping to 25.5% from 32% the prior year, per Rental Housing Journal. The typical flip netted $65,981 in 2025, down sharply as high home prices, tight supply, and elevated renovation costs (tariffs, supply chain issues) squeeze margins. For Columbia investors, this means being more selective on acquisition prices and repair budgets. Properties requiring major rehab are risky unless you can buy at steep discounts. FSBO and expired listings may offer better margins than foreclosure auctions right now.
No new Richland County permit or foreclosure data in today's feeds. Focus on off-market deals and direct seller outreach to sidestep bidding wars on distressed inventory.
Commercial Observer reports a $63M sale of two Doral office buildings at 98% occupancy after the seller relocated tenants from a third building slated for multifamily conversion under Florida's Live Local Act. This trend (office-to-multifamily) is not yet visible in Columbia, but it's worth tracking as adaptive reuse gains traction in secondary markets. If you represent office landlords struggling with vacancies, explore conversion feasibility before values drop further.
Modular and panelized construction is gaining traction in high-cost, labor-constrained markets, per HousingWire. Plant Prefab reports 25-50% schedule savings and 40% waste reduction using off-site fabrication. Columbia's construction labor market is tight, so developers building student housing or multifamily projects should evaluate prefab options to compress timelines and control costs.
JP Morgan's multifamily focus remains on workforce housing in supply-constrained coastal markets with durable cash flows. Columbia qualifies as a secondary market with strong fundamentals (USC, Fort Jackson, state government employment), making it attractive for long-term multifamily investors. If you're sourcing deals for institutional buyers, emphasize stable rent levels and low vacancy rates over speculative appreciation.
Washington state eliminated the certified mail requirement for eviction notices, simplifying a process that created delays and returned mail issues, per Rental Housing Journal. South Carolina already allows standard mail for eviction notices, so no direct impact here, but this is a reminder to review your eviction procedures with legal counsel to ensure compliance with SCREC and state landlord-tenant law.
Vancouver, WA launched a rental registration program with a 90-day fee waiver (register by March 30-31 for $0; $30/unit annually after). Columbia does not currently have rental registration, but it's a trend to watch as cities seek to regulate rental housing quality and safety. If similar rules emerge locally, early registration will save costs.
Commission lawsuits continue to churn. HousingWire reports Hanna Holdings settled the homebuyer commission case, joining a growing list of brokerages exiting litigation. The Batton plaintiffs are attempting to block settlements and insert themselves into the Tuccori lawsuit for leverage and fees. For Columbia agents, the takeaway is simple: upfront buyer-broker agreements are now standard practice post-NAR settlement. Make sure every buyer consultation includes clear commission disclosure and written agreements before showing properties.
Ownli launched nationwide in 43 states with a commission-free platform, claiming $42,832 average savings per transaction. The company has 500,000 active listings worth $313B, with concentrations in Texas and Florida. This is a direct threat to traditional brokerage models. Agents who compete on transaction volume alone will lose to these platforms; those who compete on education, local expertise, and client service will win. Double down on relationship-building and advisory work, not just listing and showing.
HUD opened an investigation into Washington state's Covenant Homeownership Program, a race-conscious down payment assistance program that provides zero-interest secondary loans to buyers with Black, Hispanic, Native American, Pacific Islander, or Indian ancestry. HousingWire reports HUD alleges Fair Housing Act violations for excluding European, Japanese, Arab, and Jewish buyers. South Carolina does not have similar programs, but this investigation signals HUD's aggressive stance on race-based eligibility criteria under the current administration. If you work with clients using state or local assistance programs, verify eligibility rules comply with federal fair housing standards.
Senator Josh Hawley opened an investigation into FICO's mortgage credit score pricing, citing a 100% compound annual growth rate in per-score pricing over five years and an 88% operating margin. HousingWire notes FICO's wholesale score price rose from $0.60 to $10 over five years, with another planned increase to $10 in 2026 that could raise industry-wide costs by $500M. For Columbia buyers, this means credit report costs at closing will continue climbing, adding another $50-100 to upfront expenses. Factor this into buyer cost estimates.