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Today: 30-year fixed mortgage rates held near 6.79% despite a strong jobs report, multifamily construction continues to outpace single-family nationally, and insurance costs remain a critical budget conversation for Columbia buyers.
Mortgage rates barely budged after Friday's jobs report showed 162,000 payrolls added in August, well above the 56,000 forecast. The 30-year fixed rate sat at 6.79%, up just one basis point from the prior week. Mortgage News Daily. The unemployment rate held at 4.1%. What this means for Richland County: rates aren't dropping before fall, so price your listings accordingly and prepare buyer clients for monthly payments that won't improve in September.
Mortgage applications rose 0.8% week-over-week, with purchase apps up 2% but refinance volume down 1%. The ARM share hit 8%, a five-week high, as the 5/1 ARM rate fell to 5.94%. Buyers stretching affordability in the Columbia market may be looking at ARMs to qualify. If you see ARM inquiries, make sure clients understand the reset risk in a rising-rate environment.
Nationally, multifamily construction is outpacing single-family across most metro categories, up 11.6% year-over-year in large metro core counties and 10.3% in non-metro micro counties, per NAHB data. RISMedia. Single-family construction fell 7.3% overall in non-rural areas, with large metro urban cores down 13.9%. Columbia's metro area likely mirrors this trend. Watch for multifamily development activity near USC and downtown as developers chase rental demand driven by home affordability constraints.
Institutional investor activity dropped to 27% of single-family purchases in Q2 2026, down from 28% in Q1, according to Cotality. HousingWire. Mega investors (1,000+ properties) reduced purchases by 40% year-over-year. The 21st Century Road to Housing Act's 350-home threshold for institutional owners appears to have created a chilling effect starting in January when the bill was introduced.
What this means for Columbia landlords: smaller investors (3-9 properties) may have an opening to acquire rental inventory as large players pull back. Rental demand remains strong due to high home prices and mortgage rates. If you have investor clients, this is the time to source deals before mega investors return to the market in 2027.
Insurance has moved from a minor closing step to a major affordability hurdle. Real estate professionals in Georgia, Florida, and Pennsylvania report advising buyers to get insurance quotes during the due diligence period rather than waiting until closing week. RISMedia. Age of roof is now one of the most critical factors for insurability and premium cost.
For Columbia agents: add insurance to the budget conversation early. A buyer pre-approved at $350K may find their monthly payment jumps $200-300 if the home has an aging roof or lacks impact-resistant features. Run a CLUE report during inspection to check for prior claims. Don't let insurance become a surprise that kills a deal at the finish line.
The National Flood Insurance Program (NFIP) was extended through December 11, 2026 as part of a continuing resolution. NAHB. If you have clients near the Congaree River, Lake Murray, or other flood zones, confirm their lender requirements and quote flood insurance early. The program's short-term extensions create uncertainty, but coverage remains available through year-end.