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Today: 30-year fixed mortgage rates held at 6.66%, South Carolina foreclosure filings remain elevated at one per 2,085 housing units (second-highest rate nationally), and Lake Murray luxury inventory expands with a $6.5M waterfront estate.
Mortgage rates held virtually flat this week, with the 30-year fixed at 6.66%, up just one basis point from last week, according to Freddie Mac. Rates have been stuck in the mid-6% range for the past month as inflation remains elevated at 3.7% annually - nearly double the Fed's 2% target. The July PCE report came in hotter than expected, keeping pressure on borrowing costs.
For Richland County buyers, this means continued payment pressure. A $300K home at 6.66% carries a principal and interest payment of roughly $1,915/month, compared to $1,610 at 5% rates. Sellers should price accordingly and expect longer days on market.
The national median listing price fell 2.4% year-over-year to $428,950 in July, marking nine consecutive months of declines. Inventory is growing and homes are sitting longer, giving buyers real negotiating room even where rates haven't budged. Watch for similar price softening in Columbia's suburban markets (Irmo, Lexington, Blythewood) where inventory has been building.
Fed Chair Warsh speaks Friday at Jackson Hole. Markets expect a neutral tone on inflation and rate policy. Any hawkish surprise could push mortgage rates higher; dovish commentary could bring modest relief. Either way, most buyers waiting for lower rates will likely have to wait until 2027.
South Carolina recorded the second-highest foreclosure rate in the nation in July, with one filing per 2,085 housing units, according to ATTOM's foreclosure report. Only Nevada had a higher rate. Foreclosure filings rose 10% year-over-year nationally, with completed foreclosures (REOs) up 23%.
This is not a crisis - foreclosure activity remains below pre-pandemic levels - but it signals financial pressure for some homeowners as elevated rates and inflation take their toll. For investors and agents working REO channels, watch for increased inventory in the coming months. Texas, Florida, and California led in foreclosure starts, but South Carolina's high per-capita rate suggests opportunity closer to home.
Lenders started the foreclosure process on 26,648 U.S. properties in July, up 10% from a year earlier. Completed foreclosures totaled 4,764. Agents with REO experience should reconnect with asset managers and servicers now, before the fall pipeline builds.
A 1.7-acre Lake Murray estate listed for $6.5 million, expanding luxury waterfront inventory. The Post and Courier also noted a surge in millennial homeownership in Columbia, though details were not provided in the headline-only feed. Agents working with first-time buyers should investigate what's driving this trend - are millennials finally breaking through affordability barriers, or is this concentrated in specific price bands or neighborhoods?
Short-term rental operators: verify your insurance policy actually covers STR activity. A recent BiggerPockets analysis highlights the gap between landlord policies and true STR coverage. Landlord insurance is built for long-term tenants who clean their own tub and carry renters insurance. STR insurance is commercial-grade liability that follows guests off-property.
Key differences: Landlord policies typically offer limited liability because you're rarely on-site. In an STR, you're responsible for cleaning, maintenance, and guest safety between every stay. If a guest slips on a dirty tub you were supposed to clean, that's on you. "Rental" on your policy doesn't automatically mean STR coverage. Read the contract or call your agent. If you're operating Lake Murray or Five Points STRs on a standard landlord policy, you may be uninsured when a claim hits.
South Carolina's unemployment rate dropped to 4.2% in July, the lowest since February 2025, with employed residents reaching a record high of 2,560,443 (up 73,000 year-over-year), according to SC Department of Employment and Workforce. Strong employment supports housing demand, though elevated rates and prices continue to sideline many would-be buyers.
The 2027 International Building Code and International Residential Code have been finalized, with significant changes including expanded flood-resistant design requirements to the 500-year floodplain and 500-year flood elevation. This could affect development costs and insurance requirements for new construction near the Congaree, Broad, and Saluda Rivers. Builders and developers should review the new IBC/IRC provisions before submitting plans for projects in or near floodplains. The IRC will be published in February 2027.
REMAX's parent company, Real REMAX Group, has halted growth of the Motto Mortgage franchise platform and will no longer sell new franchises. Existing Motto franchisees can mutually terminate agreements or continue operating under current terms. This consolidation follows Real Brokerage's acquisition of REMAX and signals a shift toward a single mortgage platform rather than a distributed franchise model. Agents using Motto for referrals should confirm continuity with their local office.