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March 29, 2026
Today: Mortgage rates hit 6.64% nationally, pushing past the critical 6.64% threshold where demand historically turns negative. Purchase applications slowed from 12% to 5% year-over-year growth, and the 10-year yield spiked to 4.44% on Iran conflict escalation.
Mortgage rates closed the week at 6.64%, according to Mortgage News Daily, with the 10-year yield hitting an intraday high of 4.48% on Friday before settling at 4.44%. This rate level is critical because housing demand historically shifts negative when rates break above 6.64% and head toward 7%. Source: HousingWire
For Richland County, this means buyers who were pre-approved at 6.25% or lower in recent weeks need immediate contact. Their purchasing power just dropped. A buyer qualified for $350,000 at 6.25% can now afford roughly $330,000 at 6.64%. Sellers with active listings priced at the high end of their range should expect stalled showings until rates stabilize or pull back below 6.64%.
Purchase application data showed year-over-year growth slowing from 12% to 5% last week, with a 5% week-over-week decline. Pending home sales also dipped, though still showing positive yearly growth at 70,209 units nationally versus 69,183 last year. The slowdown signals buyer hesitation as rates climb. In the Columbia market, this translates to longer DOM (Days on Market) for listings that aren't aggressively priced. Properties that were getting offers in 10-14 days in February will likely stretch to 21-30 days if rates hold at current levels.
The Iran conflict drove the 10-year yield from sub-4% before the war started to 4.44% now. If the conflict continues past short-term expectations, rates could push toward the 6.75% upper range of 2026 forecasts. For local agents, this means shift your buyer consultations to focus on rate lock timing and worst-case scenario monthly payment calculations. Buyers waiting for spring inventory should lock now if they find a property that works.
Mortgage spreads remain better than 2023-2025 levels, closing at 2% versus historical 1.60%-1.80%. Without improved spreads, rates would easily be over 7% right now. This is the only positive cushion in the current rate environment, but it won't offset the psychological barrier of rates above 6.64% for most buyers.
No Columbia-specific industry or legal updates collected today. National rate environment and geopolitical disruption dominate the immediate outlook. Watch for SCREC guidance on rate volatility disclosures if this trend continues into April.
Note: Limited Columbia-specific data collected today. Most articles were out-of-market building permit reports with minimal content. Brief focused on actionable national rate trends and their local implications for the Richland County and Lexington County markets.