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March 31, 2026
Today: 30-year fixed rates pulled back from 6.64% after weekend bond rally, multifamily construction surged across all geographies while single-family permits dropped 12.8% in large metro cores, and Austin's missing-middle zoning reforms offer a blueprint for Columbia affordability strategies.
Mortgage rates recovered over the weekend after hitting 6.64% on Friday, the highest since August 2025. The average top-tier 30-year fixed remains above 6.5%, but bond markets broke from typical oil price correlation as Iran war volatility created temporary relief. Too early to call a trend reversal, but buyers who paused at 6.6%+ should revisit pre-approval math this week. Mortgage News Daily
The ROAD to Housing Act cleared the Senate with bipartisan support, targeting the 37% affordability gap between median income ($85,497) and the income needed to afford a median-priced home ($117,403). The bill addresses regulatory barriers and lot availability constraints that have kept single-family starts at 767,000 annually since 2008, down from 1.4 million pre-recession. Columbia builders face the same supply chain and affordability headwinds. Watch for state-level enabling legislation that could unlock financing tools or density bonuses for workforce housing projects in Richland and Lexington counties. HousingWire
NAHB data shows single-family permits fell across all metro categories in Q4 2025 except micro counties (+1.6%), with large metro core counties down 12.8%, the steepest drop since 2023. Multifamily construction reversed two years of declines, posting gains across every geography. Large metro cores swung from -2.3% to +7.8% year-over-year, and small metro cores jumped 9.3%. Columbia sits in the small metro category. If national patterns hold locally, expect continued pressure on single-family subdivision launches while multifamily developers find stronger financing terms and cap rate compression. Buyers priced out of new single-family should expand search criteria to include townhomes and quality multifamily condos. NAHB Now, RISMedia
No direct USC housing articles today, but the multifamily surge in small metro cores (+9.3%) signals opportunity for student housing developers near campus. Fort Jackson PCS cycles align with Q2 spring selling season. Military buyers relocating in April-June typically need fast closings and prefer turnkey properties within 20 minutes of base. Flag listings in Northeast Columbia, Forest Acres, and Dentsville for active-duty clients. Spring inventory should tighten if interest rates stabilize.
Austin City Council approved missing-middle zoning reforms allowing duplexes, fourplexes, and small apartment buildings in walkable areas previously zoned single-family. The reforms contributed to Austin leading the nation in rent price declines after years of steep increases. Columbia could replicate this strategy in neighborhoods near downtown, Five Points, and Vista to unlock supply without requiring greenfield sprawl. Local builders should monitor Richland County planning commission for similar proposals. If Columbia adopts missing-middle incentives, lot assemblage near transit corridors becomes immediately more valuable. HousingWire
No local permit, foreclosure, or tax sale data in today's feed. Check Richland County public records and SCREC disciplinary notices midweek for March closings.
Wynwood (Miami) multifamily site sold for $54 million, with approved plans for 1,300 apartments using Florida's Live Local Act (40% workforce housing in exchange for density). South Carolina lacks a direct equivalent, but Columbia developers eyeing Downtown or Vista parcels should watch for state legislation mimicking this model. Workforce housing mandates paired with height/density relief could pencil on underutilized surface lots along Assembly Street or Gervais. Commercial Observer
Citi closed $69 million CMBS refi for two Florida multifamily properties at sub-6% interest-only terms, demonstrating that institutional debt remains available for stabilized multifamily at favorable pricing. Columbia investors with 90%+ occupied complexes built in the last decade should refi now before window closes. Compare CMBS conduit quotes against local bank portfolio loans. Five-year fixed-rate debt under 6% beats floating-rate risk in this cycle. Commercial Observer
Madison Realty Capital provided $121 million condo inventory loan for 110-unit Hoboken project (30% pre-sold, 85% retail pre-leased). Full life-cycle lender stayed with borrower from construction through sell-out phase. Columbia condo developers struggling to find takeout financing should cultivate relationships with lenders offering bridge-to-perm or inventory loan products. Pre-selling 25-30% of units before construction completion reduces financing risk and secures better terms. Commercial Observer
Digital Realty closed $3.25 billion data center fund backed by pension funds and sovereign wealth. Data centers are the new industrial play for institutional capital. Columbia lacks Tier 1 data center demand, but secondary markets near fiber routes (I-77 corridor, I-26 toward Charleston) could attract spec development as AI adoption scales. Industrial brokers should add hyperscale data users to outreach lists. Commercial Observer
Urban Institute report highlights single-family rental (SFR) investors' property management and rehab capacity as differentiator in affordable housing supply. Institutional SFR operators can scale renovation workflows that individual landlords cannot. Columbia property managers with in-house maintenance crews should pitch REO bulk acquisition and lease-up services to regional investors looking to deploy capital in secondary Sunbelt markets. Urban Institute
No local landlord-tenant, eviction, or rent control news. South Carolina remains landlord-friendly with minimal rent regulation. Columbia property managers should track any legislative session proposals for tenant screening restrictions or security deposit caps.
Federal judge dismissed most claims in Louisiana antitrust suit challenging NAR's three-way agreement structure. RE/MAX settled separately in buyer commission case. Post-settlement commission disclosure rules continue to reshape buyer agency agreements. Columbia agents must ensure buyer broker agreements explicitly state compensation source and amount before showing properties. SCREC has increased enforcement on inadequate disclosure. Review every buyer agreement template with broker legal counsel before April closings. RISMedia
HousingWire launched independent Mortgage Rankings using recorded transaction data rather than voluntary submissions, providing objective view of originator production by geography and loan type. Columbia loan officers can benchmark performance against local competitors. Rankings identify top producers in Richland and Lexington counties, signaling referral partnership opportunities or competitive threats. HousingWire
Lennar-KB Home merger speculation centers on $250-300 million annual cost synergies through SG&A consolidation, mirroring Lennar's 2017 CalAtlantic acquisition. KB Home's built-to-order (BTO) model (70% of deliveries) complements Lennar's standardized production platform. National builder consolidation reduces entry-level supply diversity but creates acquisition opportunities for regional builders who can offer customization at lower overhead. Columbia builders competing against national players should emphasize local decision-making and design flexibility. HousingWire
Action Items: - Revisit pre-approvals for buyers who stalled at 6.6%+ rates - Flag Northeast Columbia and Dentsville listings for Fort Jackson spring PCS - Monitor Richland County planning for missing-middle zoning proposals - Refi stabilized multifamily assets before debt window narrows - Update buyer broker agreements for SCREC disclosure compliance - Benchmark loan officer production against new HousingWire rankings