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June 9, 2026
Today: 30-year mortgage rates pushed to 6.68% (third highest in nine months), national multifamily occupancy dropped to 94.1% (lowest since 2013), and mortgage lock volume fell 9% in May as both purchase and refinance activity cooled under rate pressure.
The 30-year fixed mortgage rate climbed to 6.68% as of today, marking the third highest level in the past nine months. This follows an 8-basis-point jump last Friday after the jobs report came in stronger than expected. The rate environment remains volatile, with investors watching Wednesday's Consumer Price Index report for signals on inflation. For Richland County agents, this means buyer consultations need to address affordability head-on. Buyers who locked rates in the low 6% range last month are now facing 50+ basis points higher if they waited. Source
National mortgage lock volume declined 9% in May compared to April, though it stayed 7% higher than last year. Purchase loans accounted for 81% of all rate locks, while refinances fell to just 19% of volume (the lowest share since June 2025). Pull-through rates weakened significantly: purchase loans dropped to 76.7% (down 539 basis points from April), meaning more locked loans are falling through. Columbia-area lenders should expect slower closings and tighter underwriting as buyers react to changing rate conditions. First-time homebuyer shares declined modestly across FHA (70%) and conforming (44%) programs. Source
Buyers are regaining negotiating leverage as the market shifts from pandemic-era competition. Contingencies are back. The number of home sellers nationwide increased 47% compared to pandemic levels, giving buyers more room to include inspection, appraisal, and financing protections without risking lost deals. For Columbia agents, this means listing strategies need to assume contingencies are standard again, not exceptions. Price competitively from the start rather than testing the market high and negotiating down after inspection issues surface. Source
Adjustable-rate mortgages hit 11% of production in May, the highest level since October 2022 (excluding a March spike). Non-QM loans reached 9% of total lock volume, up 207 basis points year-over-year. For Columbia investors and higher-income buyers priced out by conforming limits, ARMs and non-QM products are gaining traction as affordability workarounds. Lenders offering DSCR programs for investor clients should market aggressively now. Borrowers are looking for alternatives. Source
National multifamily occupancy fell to 94.1%, the lowest level since 2013. This is a 200-basis-point drop from the 2022 cycle peak, driven primarily by elevated new supply but also by slower renter household formation. While Columbia hasn't seen the same oversupply as Sun Belt markets like Austin, the national trend signals softer demand conditions. Property managers should prepare for longer lease-up timelines and more aggressive concession competition, especially in newer Class A properties near USC and downtown. Source
Advertised rents increased $6 nationally in May to $1,767, but year-over-year growth is nearly flat at 0.2%. The seasonal spring leasing bump is weaker than pre-pandemic norms, and 18 of the top 30 metros are showing year-over-year rent declines. Columbia landlords should watch lease renewal pricing closely. Pushing annual increases above 3-4% could trigger higher turnover in a market where tenants have more rental options than they did two years ago. Keep units competitive on condition and amenities rather than relying on rent growth to drive returns. Source
Entrata announced a strategic collaboration with OpenAI to deploy autonomous property management agents across leasing, maintenance, renewals, and accounting. The platform serves 2.5 million apartment units and is integrating GPT-5.5 models to handle repetitive tasks without human intervention. For Columbia property managers, this is a preview of where the industry is headed. Resident communication, maintenance coordination, and lease renewals will increasingly run through AI agents. Smaller operators should evaluate whether to adopt similar tools or risk losing efficiency advantages to tech-enabled competitors. Source
Portland's inclusionary zoning experiment offers a cautionary lesson for any South Carolina jurisdiction considering affordable housing mandates. From 2017 to 2024, Portland required developments of 20+ units to set aside 10-20% as below-market affordable housing but didn't offset the cost to developers. The result: the share of projects built just under the 20-unit threshold doubled to nearly half of all multifamily projects. Developers rationally avoided the mandate by building smaller. The city added 1,967 regulated affordable units but likely suppressed far more market-rate supply. Portland fixed the policy in 2024 by adding full property tax abatements to offset costs, and Oregon just passed a state law requiring full cost offsets for any inclusionary zoning mandate. If Columbia or Richland County ever considers similar policies, insist on full cost offsets from day one or expect supply to dry up. Source
Berkadia originated a $35.2 million Freddie Mac refinance for a 394-unit multifamily complex outside Detroit. The 10-year fixed-rate loan highlights continued strong execution for well-maintained suburban multifamily assets with solid fundamentals. Columbia investors eyeing refinances on multifamily properties should target Freddie Mac for long-term, fixed-rate terms while they're still available at favorable spreads. Strong sponsorship and occupancy matter more than ever in today's underwriting environment. Source
Affinius Capital provided a $120 million refinance for a 302-unit luxury multifamily complex in San Diego's Kearny Mesa submarket. The lender cited supply constraints and consistent renter demand as reasons the property is positioned to perform even as new supply pipelines taper. For Columbia investors, this reinforces a theme: well-located properties in supply-constrained submarkets (think established neighborhoods near downtown, USC, or Lexington County schools) will continue attracting capital even in uncertain markets. Avoid oversupplied suburban fringe areas where new deliveries are flooding the market. Source
Life sciences real estate is facing a 27% national vacancy rate, but investors like Blackstone are buying distressed assets at steep discounts and waiting for the cycle to turn. Investment in R&D properties hit $13.5 billion in 2025, up 28% year-over-year. This isn't a Columbia story directly, but it signals where institutional capital is moving: into sectors with high vacancy and long-term fundamentals. Columbia commercial investors should watch for similar opportunities in office conversions or industrial flex space as those markets reset. Source
MG Developer and Vertical Developments secured a $100 million construction loan for a 74-unit luxury condo project in Coral Gables, Florida. The project already pre-sold 22 units for $41.9 million before construction completion. For Columbia developers eyeing condo projects (especially near downtown or the Vista), this underscores the importance of pre-sales. Lenders want to see demand validated before funding construction. If you're pitching a condo project, line up 25-30% pre-sold before you approach debt capital. Source
HUD opened applications for two demonstration programs: $10 million for robotics and AI in factory-built housing, and $3 million for automated permitting systems. Applications are due July 13. These programs aim to address the two biggest obstacles to housing supply: construction speed and permitting timelines. For Columbia builders and developers, this is worth watching. If HUD validates that robotics and AI can cut build times and costs, expect private capital to follow. Modular and offsite construction could become mainstream faster than most expect. Track these demonstrations for lessons on factory-built adoption. Source
The FTC finalized a rule in 2024 prohibiting fake and AI-generated reviews, testimonials, and endorsements in marketing. This includes content created by bots or fake accounts, even if the business "didn't know." Violations carry fines of $51,744 per instance. For Columbia agents and brokerages using AI tools to generate marketing content, this is a compliance landmine. Do not use AI to create fake client testimonials, synthetic video endorsements, or fabricated reviews. If you're sourcing user-generated content, audit it relentlessly to ensure real people are behind it. New York and California are adding state-level disclosure requirements for AI-generated marketing (effective June 9 and August 2, 2026, respectively). Stick to real client stories, real testimonials, and real photos. The regulatory risk isn't worth the shortcut. Source
Class Valuation partnered with Makena to provide appraisers with mobile data-collection tools ahead of the UAD 3.6 implementation deadline on November 2, 2026. The new standards require more detailed property data, including ANSI-compliant floor plans and room-level information. Appraisers using the InstaPlan app have cut inspection times from 1.3 hours to under 30 minutes for a standard 3,300-square-foot property. For Columbia lenders and appraisal management companies, this is a heads-up: appraisers are preparing now for UAD 3.6. Make sure your underwriting systems and tech stacks are ready to accept the new data formats by November. Waiting until the 11th hour will bottleneck closings. Source
Mortgage and real estate consolidation is accelerating as companies fight for market share in a low-volume, high-rate environment. Rocket acquired Redfin (50 million monthly visitors), Lower acquired Movoto (150 million annual visits), and Compass acquired Anywhere (340,000 agents). The theme: control consumer leads at scale. For Columbia independent brokerages and mortgage brokers, this creates headwinds. Leads that used to flow openly to the broader market are increasingly captured and routed internally by mega-platforms. To compete, double down on local relationships, referral networks, and community presence. The national portals will dominate online search, but they can't replicate trusted local expertise and personal referrals. Source
HousingWire acquired Keeping Current Matters (KCM), the subscription content platform used by tens of thousands of agents for listing presentations and client outreach. The deal integrates HousingWire's local market data into KCM's scripts, charts, and presentations, making them hyperlocal. For Columbia agents using KCM, this means your listing presentations and buyer consultations will now pull Richland County-specific pricing, inventory, and demand trends automatically. If you're not using KCM, evaluate whether a data-driven content platform gives you an edge in listing appointments. Sellers are more selective about who they hire in this market. Show up with local data, not national talking points. Source
National foreclosure filings are spiking, with Louisville and other markets seeing sharp increases. However, Maricopa County (Phoenix area) bucked the trend with falling foreclosure filings. The takeaway: foreclosure activity is highly local. Columbia investors should monitor Richland County court filings and trustee sale calendars for opportunities. Rising rates and economic uncertainty historically lag into foreclosure activity by 12-18 months. If national trends follow, expect more distressed inventory to surface locally in late 2026 and early 2027. Position now to move quickly when deals appear. Source
Rent-to-own arrangements are gaining attention as affordability pressures keep renters out of homeownership. These deals let renters lock in a purchase price upfront, pay an option fee (1-7% of the price), and apply part of their monthly rent toward the eventual purchase. Columbia agents should understand the structure: lease-option agreements give the renter the option to buy (but not the obligation), while lease-purchase agreements require the purchase. These can work for buyers with low credit scores who need time to qualify for a mortgage, or for buyers in fast-growing markets who want to lock in pricing early. However, Redfin's chief economist warns that renters often lose money if they can't secure financing by the lease end. Use these cautiously and only with buyers who have a clear path to mortgage approval within the lease term. Source
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