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Today: Mortgage rates jumped to 6.71% on Iran conflict oil shock, national building permits dropped as consumer expectations weakened, and multifamily construction posted the strongest growth in the housing starts data while single-family stalled.
Mortgage rates climbed from 6.63% to 6.71% today as renewed fighting in Iran pushed fuel prices higher and bond markets sold off. Mortgage News Daily reports the 30-year fixed is heading back toward 11-month highs hit earlier this month. The good news is mortgage spreads have improved compared to 2023-2025 levels. If we were still in 2023's spread environment with today's 10-year yield at 4.60%, rates would be pushing 8%. For Columbia listings, this means the 6.50%-6.75% range is the new normal until either the Iran conflict de-escalates or the Fed pivots from its current hawkish stance. Price your listings to close in this rate environment, not in a hypothetical lower-rate future.
National building permits dropped according to the Conference Board's Leading Economic Index, with weakening consumer expectations dragging the growth index lower. The yield spread provided the only positive contribution, but it was not enough to offset the permit decline. US single-family housing starts and permits both declined in June amid higher mortgage rates, per Prop News Time. The bright spot was multifamily, which surged in June and drove overall housing starts higher according to Hardware Retailing and CRE Daily. For Columbia, this signals continued appetite for student housing and USC-adjacent multifamily development, while single-family builders face headwinds from rate-sensitive buyers.
Realtor.com's Q2 Market Clock now covers 100 metros and confirms this is the most buyer-friendly spring since 2019. Nationwide, 70% of markets favor buyers or are trending that direction, up from 52% last year. The South holds 18 of 19 buyer's markets. In 60 of the top 100 metros, listing prices per square foot are falling year-over-year. Sellers who price realistically are closing deals. Those waiting for a return to 2021 pricing are watching their listings go stale. Adjust your CMA comps to reflect current conditions, not last year's closes.
Building permit activity provides a window into near-term supply. While most of today's permit headlines cover out-of-market projects (Alabama Walmart renovations, Slovenia data), the national trend shows permits declining as rates stay elevated. For Columbia investors sourcing deals, this means less spec construction competition in the single-family space and more opportunity in the resale and distressed property pipeline. Watch for expired listings from builders who priced optimistically in Q1 and are now facing carrying costs in a 6.7% rate environment.
Multifamily construction is the standout winner in June housing starts data. GlobeSt reports multifamily rebounded while single-family stalled. For Columbia, this reinforces the USC student housing thesis. Enrollment drives off-campus demand, and Fort Jackson PCS cycles create steady military rental demand. Developers with approved multifamily projects have a green light. Single-family spec builders should pause until rates stabilize or adjust underwriting to assume 6.75% financing for buyers.
Witkoff and Monroe Capital secured $302.6 million in construction financing for a 890-unit multifamily tower in Miami. Apollo's Athene and JP Morgan provided the loan. This signals institutional capital is still flowing to multifamily projects with strong fundamentals. Columbia developers pursuing student housing or mixed-use projects near USC should highlight enrollment stability and military demand in financing pitches.
M&T Bank provided $25.5 million in bridge financing for a 125-unit New Jersey acquisition, closing in 43 days. The deal used interest-only bridge debt to fund a $33.8 million purchase. For Columbia investors eyeing portfolio acquisitions, this demonstrates lenders are still willing to move quickly on well-sponsored deals with experienced operators. Highlight your track record and local market knowledge when approaching lenders.
Commercial lease activity in New York shows tenants seeking "well-located, modernized office space," per ESRT's 30,017 SF deal with Infinium Wall Systems. In Columbia, this translates to continued demand for Class A office near USC, downtown, and the I-77 corridor. Landlords with older inventory should consider capital improvements to compete.
Compass filed ethics complaints against Zillow with 30 Realtor associations, 50+ MLSs, and regulators across 26 states. The complaints target Zillow's "off-market" labeling of listings that were previously marketed privately, arguing it constitutes false advertising and unfair treatment of buyers without insider connections. Zillow pushed back, stating the policy protects buyer fairness and transparency. For Columbia agents, this is a reminder to be explicit about listing status and exposure. If you market a listing privately before MLS entry, expect portal treatment to reflect that. Document your listing marketing plan and set client expectations accordingly.
Greystar, the largest apartment owner in the US, faces Fair Housing complaints for allegedly refusing Section 8 vouchers in seven states where that is illegal (California, Hawaii, Maryland, Michigan, New Jersey, Virginia, and Washington DC). South Carolina does not prohibit source-of-income discrimination statewide, but Columbia landlords should verify local ordinances and fair housing requirements. If you manage properties near Fort Jackson or USC, Section 8 and military vouchers can provide stable, government-backed rent. Blanket refusal policies create legal exposure and leave money on the table.
Borrower retention is widening between lender types, per RETR's analysis. Banks and credit unions retained 48.5% of borrowers in 2025, while independent mortgage banks fell to 26.9% and brokers to 28.4%. For Columbia agents, this means referring clients to lenders who prioritize relationship-based service, not transactional speed. A client who refinances or buys again with the same lender is a client who remembers you made the right referral.
Property management is shifting "from rent collectors to trusted advisers," according to Real Estate Business AU. The international trend applies locally. Columbia property managers who treat rental portfolios as commodities will lose clients to firms offering proactive maintenance, tenant retention strategies, and data-driven rent pricing. If you manage student housing, offer lease-up services timed to USC enrollment cycles. If you manage military rentals, understand PCS timelines and offer flexible lease terms.
Columbia Real Estate Brief is an independent daily market briefing for the Columbia, SC real estate market. Not financial or legal advice. All data from public RSS feeds and industry sources.