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July 15, 2026
Today: 30-year fixed mortgage rates hit 6.65%, June CPI showed unexpected cooling with core inflation at 2.6%, and South Carolina homeowners continue paying more for insurance than property taxes with a 1.92 ratio.
Mortgage rates climbed to 6.65% last week, the highest level since August 2025, then moderated slightly to 6.70% after June's Consumer Price Index came in sharply below expectations. Core CPI landed at 0.0% month-over-month (versus 0.2% forecast), while headline CPI dropped 0.4%, the largest monthly decline since April 2020. Markets responded by slashing July rate hike odds from 47% to 17%.
For Richland County buyers, this creates a narrow window. Rates recovered 5 basis points from the 6.75% peak hit Monday, but fuel prices have rebounded since June, limiting the relief. Purchase applications fell 7% week-over-week nationally and remain 2% below year-ago levels. Contact pre-approved buyers now. If rates drift lower through late July, refinance activity will spike and lender capacity will tighten for purchase loans.
Shelter inflation posted its smallest monthly increase since January 2021 at just 0.1%. That lag confirms what Columbia agents already see: the Midlands market cooled months ago while national data is just catching up. Use this in listing presentations. Sellers who remember 2024's frenzy need current comps, not six-month-old assumptions.
No direct Columbia student housing news today, but the national ground lease trend reshaping affordable housing financing could reach Columbia's off-campus development pipeline within 18 months. Safehold and institutional investors are offering 99-year ground leases as gap capital for LIHTC projects in high-cost markets. Developers pay ground rent instead of land purchase prices, freeing capital for construction.
California and Texas projects closed recently using this structure. South Carolina's pending inclusionary zoning proposals in Richland County could make ground leases attractive for mixed-income projects near USC, particularly in the Assembly Street corridor and along Harden Street. If the city adopts inclusionary requirements, developers will need creative financing tools. Ground leases lock in long-term affordability controls and reduce upfront capital requirements.
Fort Jackson PCS cycles continue through summer. Military housing demand remains stable, but elevated insurance costs are squeezing rental affordability for junior enlisted families. South Carolina ranks fourth nationally in the insurance-to-property-tax ratio at 1.92 ($259 monthly insurance versus $135 property taxes). That $259 monthly insurance cost is 13.5% of total housing budget. For rental properties near Fort Jackson, factor rising insurance premiums into rent pricing. Tenants with housing allowances are fixed-budget buyers.
Brookfield's real estate chief confirmed the firm is on track for $16 billion in acquisitions this year, heavily focused on logistics and housing. The firm completed Peakstone's public-to-private acquisition for logistics-focused industrial outdoor storage and is targeting "transformational" multifamily deals. This signals continued institutional appetite for Midlands industrial space, particularly around the inland port and I-77 corridor.
Ground leases are shifting affordable housing capital structures nationwide. Two recent deals (Santa Cruz County, 256 units; northeast Austin, 336 units) used 99-year ground leases with Safehold to close 4% LIHTC projects in high-cost markets. Land costs, unchanged by state zoning reforms, are being addressed through institutional ground lease platforms. For Columbia mixed-income developers, this is worth exploring. Richland County land costs are lower than coastal markets, but construction costs and interest rates create the same financing gaps. A ground lease can free $2-3 million in upfront capital on a 200-unit project, shifting it to construction and permanent financing.
Mixed-use deals with grocery anchors continue attracting lender interest. Affinius Capital provided $35 million to refinance a 198,000-square-foot Texas asset with H-E-B as anchor and Class A office space. Columbia's retail-office corridors along Harbison and St. Andrews Road fit this profile. Grocery-anchored retail paired with office space is financing well in 2026.
Philadelphia's Fishtown neighborhood landed $24 million in construction financing for 109 units with 14,500 square feet of ground-floor retail. Lenders noted that new supply pipelines are declining and the neighborhood is "moving back into balance." Columbia's Vista and BullStreet districts are in similar positions. New apartment supply has cooled. Projects breaking ground now will deliver into a tighter market in late 2027.
South Carolina homeowners spend $259 monthly on insurance, 13.5% of total monthly housing costs, exceeding property taxes ($135) by a 1.92 ratio. Only Tennessee, Alabama, and Colorado rank higher. This is a portfolio-level issue. Insurance represents 8.5% of housing budgets nationally but 13.5% in South Carolina. For landlords, this means tighter cash flow unless rents adjust upward. For tenants, it means less affordability.
LendingTree data shows insurance rate increases slowed in 2025 (5.9% versus 12.5% in 2024), suggesting market stabilization. But Columbia landlords cannot count on flat premiums. Climate-driven claims and inflation on building materials keep upward pressure on rates. Review insurance annually and shop carriers before renewal. Bundling policies and making home upgrades (storm shutters, roof updates, security systems) can lower bills.
Fort Jackson military housing remains a specialized rental segment. Junior enlisted families rely on housing allowances, which are fixed. Rising insurance costs squeeze their budgets without flexibility. Property managers should communicate insurance cost drivers transparently and, where possible, absorb increases to retain stable tenants. Vacancy costs exceed insurance premium increases.
Federal banking regulators issued guidance on credit risk for unauthorized workers, reminding lenders to evaluate repayment capacity through existing underwriting standards. The guidance, tied to a May executive order, does not prohibit lending based on immigration status but directs institutions to assess borrower willingness and capacity to repay. For Columbia mortgage originators, this clarifies that ability-to-repay requirements apply regardless of immigration status, and lenders can ask relevant questions without violating fair lending laws. The guidance also raises portfolio and concentration risk questions for geographic areas or industries susceptible to immigration enforcement activity. South Carolina's agricultural and construction sectors employ significant immigrant labor. Lenders should monitor concentration risk in those lending portfolios.
Zillow and Compass are escalating their antitrust and listing access dispute. Compass filed Code of Ethics complaints against Zillow in 26 states, 55 MLSs, and 30 Realtor associations, alleging false advertising. Zillow's Listing Access Standards policy blocks listings marketed privately for more than one business day before appearing on public feeds. Compass argues this misleads buyers and limits seller reach. Zillow counters that private marketing creates unfair buyer access and undermines market transparency. NAR recently published guidance stating all active listings in an MLS must be available through VOW data feeds, which could put Zillow in violation if it continues enforcing its policy.
For Columbia agents, this matters operationally. If your brokerage uses "coming soon" or pre-MLS marketing strategies that delay public syndication by more than one business day, those listings may not appear on Zillow. Educate sellers upfront. Syndication reach is a listing presentation talking point. If a seller prioritizes maximum Zillow exposure, list publicly from day one.
Keller Williams acquired the Jason Mitchell Group, a high-volume team operation, signaling a shift in brokerage strategy. Industry analysts describe this as KW adding a lead generation and conversion business model to its traditional agent recruiting and development franchise model. Compass, The Real Brokerage, and eXp have made similar acquisitions this year, building vertically integrated ecosystems that combine franchising, lead networks, owned brokerages, and in-house technology. For Columbia agents evaluating brokerage affiliation, ask how your firm generates and distributes leads and whether it invests in lead infrastructure or relies on agent self-generation. The industry is consolidating around lead-centric business models.
Markets: 30-year fixed 6.65%, June CPI core 2.6% YoY, purchase apps down 7% WoW Watch: Ground lease financing for affordable housing, insurance cost impact on rentals, Zillow listing access policy enforcement