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Today: Mortgage rates climbed to 6.52% before dropping sharply on ceasefire news, Charlotte foreclosures spiked 67% (watch for Midlands spillover), and Chapin is gearing up for a legal fight over a 600-home development.
The 30-year fixed mortgage rate increased to 6.52% this week, up from 6.48% last week, following a three-year high in headline CPI and a resilient jobs report that pushed rate cut hopes further out. The Fed is nearly certain to pause at next week's meeting, and some analysts are now discussing the possibility of a rate increase this summer if inflation persists. Freddie Mac via Realtor.com
However, rates dropped sharply to one-week lows on June 11 after news broke of a permanent ceasefire agreement in the Middle East conflict. Most lenders issued mid-day rate revisions to reflect the bond market rally. The average monthly mortgage payment on a typical home (currently valued at $368,720) is $1,861 assuming 20% down, which is down 3.1% year-over-year. Mortgage News Daily
Despite elevated rates, the market is showing resilience. National inventory rose 4.6% month-over-month and 1% year-over-year to 1.36 million homes for sale in May. Thirteen of the 50 largest metros saw double-digit year-over-year inventory growth, including Charlotte (+10.5%) and Raleigh (+14.1%). Home sales rose 4.8% month-over-month to 341,929 homes sold in May, though that figure is down 2.9% year-over-year. Zillow via RISMedia
Action: Lock rates immediately if ceasefire holds. If inflation data reverses the drop, you will have missed the window. For buyer clients, emphasize that sellers are adjusting prices to attract demand. The median asking price posted its steepest year-over-year decline since 2017. For sellers with active listings, price to move now while buyer momentum is building (pending sales up for a sixth consecutive month).
Charlotte saw a 67% spike in foreclosure filings, significantly outpacing the national surge. The Charlotte region's distress is notable, and distressed inventory typically migrates to nearby markets as investors search for lower entry points. The Business Journals
First Coast (Jacksonville area) foreclosure filings climbed 35% as well, with Duval County leading the regional increase. The Business Journals
Action: Monitor Richland County and Lexington County foreclosure filings closely over the next 30-60 days. If Charlotte distress spreads, pre-foreclosure and REO opportunities will surface. Contact investor clients now to gauge interest in foreclosure acquisitions. Set up alerts for tax sale notices and auction dates.
Lake Murray luxury real estate continues to push upward. A $2.3 million "showcase home" listed near Chapin is drawing attention as a signal of where the lakefront market is headed. The property represents the high end of Lake Murray pricing and suggests strong demand for premium waterfront inventory. Post and Courier
Chapin Mayor Al McLaurin is preparing for a legal fight with Lexington County over a proposed 600-home development. The dispute centers on zoning and approval authority. The outcome will set precedent for how Chapin handles large-scale residential projects near Lake Murray. Post and Courier
Action: If you have clients eyeing Lake Murray luxury properties, now is the time to assess comps above $2 million. The $2.3M listing will influence pricing expectations across the lakefront. For investors tracking Chapin growth, monitor the legal outcome closely. A resolution favoring the county could accelerate development approvals and increase land values. A win for the town may slow large projects and tighten inventory.
No USC-specific news in today's feed, but the broader housing market dynamics apply. Fort Jackson military housing remains stable, with post residents contributing to community blood donation efforts. army.mil
Action: PCS season is approaching. If you serve Fort Jackson families, reach out now to discuss rental or purchase needs for summer transfers.
Purchase pull-through rates dropped sharply in May. Purchase loans fell 539 basis points month-over-month, and refinance pull-through dropped 1,332 basis points. This signals that borrowers are locking but not closing, likely due to rate volatility and appraisal issues. Mortgage News Daily
HOA liens are being filed every 90 seconds somewhere in the U.S. Clayton's HOA Lien Monitoring Service is available for servicers who need automated alerts on properties in their portfolios. Mortgage News Daily
Action: Review your pipeline for locked deals that have stalled. Contact borrowers to confirm they are still moving forward or if rate changes have killed the deal. For investor clients acquiring rental properties in HOA communities, verify lien status before closing. A $200 HOA lien can become a foreclosure priority over a first mortgage if ignored.