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April 9, 2026
Today: 30-year fixed mortgage rates pulled back to 6.40% after a brief ceasefire rally faded, inventory continues climbing 4.2% year-over-year, and pending sales jumped 4.6% nationally as pent-up spring demand finally surfaces.
Mortgage rates gave back most of their overnight gains from the ceasefire announcement, settling at 6.40% for top-tier borrowers by end of day Wednesday. The market rallied sharply when the two-week Iran ceasefire hit, pushing rates as low as 6.38% early Wednesday, but bond markets reversed course as the truce looked increasingly fragile. For Richland County sellers, this volatility means buyer financing costs remain elevated and unpredictable. Price your listings for a 6.5% to 7% rate environment, not the brief dip we saw this week. Mortgage News Daily
Refinance applications hit their lowest level since December 2025, down 3% week-over-week and 4% year-over-year. The 30-year fixed was at 6.51% in MBA's survey (slightly higher than retail quotes), freezing out most refi borrowers who locked in sub-4% rates during the pandemic. Purchase applications also fell 7% year-over-year, the first annual decline since January 2025. The bright spot: FHA purchase apps climbed 5% thanks to rates running 30 basis points below conventional, making FHA the best path for first-time buyers in Columbia's sub-$250K segment. ARM share also ticked up to 8.6% of applications as borrowers hunt for lower entry rates. RISMedia
National inventory grew 4.2% year-over-year in March, with homes for sale totaling 1.23 million. Pending listings surged 29.8% month-over-month and 4.6% year-over-year, the strongest monthly jump since May 2025. New listings rose 35.6% from February, signaling pent-up supply from winter storms and early-year rate uncertainty finally hit the market. The national median listing price fell 2.1% year-over-year for the 24th consecutive week of flat or negative price growth, welcome relief for affordability-strapped buyers. For Columbia agents, watch local inventory closely. If Richland County mirrors this national trend, you will see more competition for listings and softer pricing pressure through spring. RISMedia
Time on market nationally held at 2 days slower than last year. Homes in hot markets (Northeast and Midwest affordability plays) moved in 32 to 34 days, nearly a month faster than the national norm. Columbia is not on the "hottest markets" list, which means DOM locally is likely running closer to 60 days. Use aggressive pricing and strong staging to compete. Realtor.com
New listings fell 10% year-over-year for the week ending April 4, the steepest weekly decline since late January's winter storm pullback. Easter week and the mortgage rate spike combined to keep sellers on the sidelines. Year-to-date, new listings remain 2.3% below 2025 levels. This is the trend to watch: whether sellers return post-holiday or whether rate volatility keeps them locked in place. Realtor.com
No Columbia-specific deal flow data today, but national trends point to opportunities. With new listings down 10% year-over-year and inventory still climbing, the gap is being filled by stale listings, price reductions, and expired inventory. This is the zone where you find motivated sellers. Pull MLS reports for Richland County listings over 60 DOM with at least one price cut. Those sellers are feeling the pressure of higher carrying costs and extended marketing time. Structure offers around rate buydowns or seller concessions to close the affordability gap for buyers who cannot stretch to asking price at 6.5% rates.
Foreclosure and tax sale activity was not covered in today's feed, but monitor Richland County courthouse filings weekly. Rising FHA delinquency rates (noted in the Fed Minutes) suggest distressed inventory may increase over the next quarter. RISMedia
Metropolitan Properties closed $81.4 million in bridge financing for a two-property multifamily portfolio near Baltimore, combining acquisition financing for one asset with refinance of another. The deal was structured as a single cross-collateralized loan, creating operational efficiencies across the portfolio. This structure is worth noting for Columbia investors with multiple properties: bundling assets under one loan can reduce closing costs and streamline management, especially when upgrading units across multiple sites. Commercial Observer
National homebuilder sentiment shows orders jumped sharply in March, well above seasonal patterns, but incentives hit their highest levels since tracking began. Builders are buying sales with rate buydowns and price cuts, not seeing organic demand growth. For Columbia's new construction market (especially in Lexington County suburbs like Chapin and Blythewood), expect builders to keep discounting to move spec inventory. If you have buyers priced out of resale, point them to new builds with 2-1 rate buydowns that can drop effective rates below 5% for the first two years. HousingWire
The underlying risk in new construction: land prices remain elevated despite softening demand, creating a structural mismatch between what builders paid for lots 18 to 24 months ago and what buyers can afford today. Dwight Sandlin of Signature Homes (Birmingham, Alabama) called it bluntly: "The ultimate problem was the hyperbolic land prices." For Columbia investors eyeing lot purchases or land bank plays, wait. Land prices have not corrected yet, and buying today locks you into tomorrow's margin compression. HousingWire
Real estate investors are prioritizing speed over rate in 2026. A survey found investors choosing lenders who can close in 6 days with same-day pre-approval over lenders offering slightly lower rates but 30-day timelines. In Columbia's competitive investor segment (especially for Richland County duplexes and small multifamily near USC), your ability to deliver fast financing is now more valuable than a 25-basis-point rate discount. Partner with lenders offering AI-driven underwriting and 7-day closings. HousingWire
No Columbia-specific rental data today, but national trends show landlords facing tighter margins due to insurance cost increases and elevated vacancy risk in overbuilt sunbelt markets. Columbia is not overbuilt, but insurance is climbing statewide. Review your rental portfolio insurance policies now. If you have not shopped coverage in the past 12 months, you are likely overpaying. Also, tenant screening has tightened post-COVID as landlords return to stricter income verification (3x rent minimum) and credit thresholds (620+ FICO). If you manage Section 8 properties, verify that your screening criteria comply with fair housing standards around criminal history and eviction records.
The Federal Reserve's March FOMC minutes revealed the Iran conflict added major uncertainty to the economic outlook, with members split between rate cut scenarios (if labor markets weaken) and rate hike scenarios (if inflation climbs). The minutes noted housing price deceleration as a factor expected to push inflation down, but nonhousing core services inflation remains elevated. The Fed is projecting one to two 25-basis-point rate cuts before December 2026, but that is contingent on inflation moving toward the 2% target and geopolitical stability. For Columbia agents, this means: do not sell clients on rate relief coming soon. The Fed is data-dependent, and current data does not support aggressive cuts. RISMedia
A Texas county (Montgomery, just outside Houston) is moving to increase minimum residential lot sizes from 40 feet to 50 feet, effectively doubling home prices in attainable housing developments from $150K to $300K+. The move directly contradicts the spirit of Texas Senate Bill 15, which reduced minimum lot sizes to 3,000 square feet in cities over 50,000 population to increase affordability and supply. The county is exploiting a loophole: SB 15 does not apply to counties where no city exceeds 150,000 residents. The fight underscores a national tension between local revenue goals (bigger lots = higher property taxes) and housing affordability. South Carolina does not have statewide lot size mandates, but watch Richland County and Lexington County zoning boards for similar moves. If minimum lot sizes increase locally, it will kill attainable housing development and push first-time buyers further out. HousingWire
Realtor.com launched a new "Market Clock" tool that places the top 50 U.S. metros on a 12-hour clockface, from peak seller's market (12 o'clock) to peak buyer's market (6 o'clock). The tool synthesizes multiple data points (inventory, time on market, price cuts, demand) into a single indicator of buyer vs. seller leverage. Columbia is not in the top 50 metros tracked, but the framework is useful for evaluating local conditions. If homes are sitting longer, price cuts are increasing, and inventory is climbing, the market is moving toward 6 o'clock (buyer leverage). If DOM is shrinking and inventory is tight, it is moving toward 12 o'clock (seller leverage). Apply this mental model to your Richland County market updates. Realtor.com
eXp Realty must face fraud accusations related to its handling of sexual assault allegations against top recruiters, a federal judge ruled this week. Plaintiffs provided evidence that the brokerage lied about conducting an investigation into two men accused of drugging and assaulting women at company events. This is a compliance and culture story, but it also has business implications: brokerages that fail to address misconduct risk losing agents, facing lawsuits, and damaging their brand. For Columbia agents at any brokerage, this is a reminder to verify that your firm has clear policies on harassment, reporting, and investigation. If you are recruiting or being recruited, ask direct questions about safety protocols at company events. RISMedia
Bottom Line: Rates remain volatile in the 6.4% to 6.5% range, inventory is climbing but new supply is weak, and buyer demand is surfacing but fragile. Price listings for today's financing reality, target expired and reduced inventory for deal flow, and do not count on Fed rate cuts to rescue the spring market. The cavalry is not coming.