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Today: 30-year fixed rates hit 7.03% (Freddie Mac) to 7.45% (daily index), new home sales climbed 6.4% nationally in August but remain 2% below last year, and Columbia turned a Canal-side water infrastructure crisis into a riverfront development opportunity.
National rates crossed 7% for the first time since January 2025, with Freddie Mac's 30-year fixed at 7.03% and daily indices showing 7.45% as of September 24. The 10-year Treasury spiked to 5.11% (a 19-year high) driven by inflation pressure and oil above $100/barrel. The Fed raised rates a quarter point last week to 3.75-4.00%, and Governor Barr signaled "further policy adjustments are likely needed." For Richland County: half of outstanding mortgages still carry rates at or below 4%, which keeps inventory locked up. Buyers three months out from closing should budget for rates between 6.5-7.5%, a swing worth roughly $30,000 in purchasing power on a $2,000 monthly P&I budget. Source: Realtor.com, Mortgage News Daily
South Carolina mortgage rates are rising, though the extent compared to other states requires further analysis. A new study examined SC's rate trajectory but specific comparative data was not detailed in available reporting. Source: The State
New home sales nationally rose 6.4% month-over-month to 684,000 (seasonally adjusted annual rate), but remain 2% below August 2025. The median new home price dropped 5.8% year-over-year to $393,700, now below the median for existing homes. Builders are competing on price through incentives, rate buydowns, and cash-at-closing offers. Inventory held steady at 483,000 units (8.5 months supply), with builders pulling back on completions and waiting to find buyers before starting construction. Midwest led regional growth at 84.9% month-over-month, while the South grew 6.9%. For Columbia agents: new construction is now cheaper than resale on a per-unit basis, and builders are motivated. Ask about buydowns and concessions before showing existing inventory. Source: NAHB, Realtor.com
Columbia converted a Canal-side water infrastructure crisis into a riverfront redevelopment opportunity. Specific details on project scope, timeline, or investment structures were not provided in initial reporting, but this signals potential mixed-use or commercial development along the Congaree or Canal corridor. For Richland County investors: monitor zoning changes and project announcements tied to water infrastructure upgrades, particularly along underutilized industrial or waterfront parcels. Source: Smart Cities Dive
NAHB chairman Bill Owens noted builders are "using incentives and pricing adjustments to support buyers as limited existing-home inventory helps sustain the new-home market." NAHB's assistant VP for forecasting emphasized that "a sustained improvement in affordability, particularly through lower financing costs, would provide a stronger foundation for housing demand going forward." Translation: builders are cutting margins to move inventory, and the Fed's rate path is the only variable that changes the game. For Columbia agents: if you're representing buyers, negotiate hard on new construction. Builders need to close deals before year-end. Source: RISMedia
Fed Governor Barr's comments confirm the central bank remains focused on inflation control over housing affordability. His acknowledgment that half of mortgages carry rates at or below 4% validates the lock-in effect keeping resale inventory suppressed. For Richland County: existing inventory won't materially improve until rates drop below 5.5%, and Barr's hawkish stance suggests that's not happening in Q4 2026. Source: Realtor.com