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Today: 30-year fixed mortgage rates hit 7.58% (highest since November 2023), national foreclosure filings jumped 13% year-over-year, and price cuts across the US reached a four-year high as higher rates choke demand.
Mortgage rates climbed to 7.58% on Tuesday, the highest level since November 1, 2023. The average 30-year fixed rose from 7.12% to 7.30% last week before surging another 28 basis points this week, according to Mortgage Bankers Association data. Refinance applications dropped 9% week-over-week and are down 56% year-over-year. Purchase applications fell 4% for the week and are 14% below last year.
For Richland County, this means your pre-approved buyers from 30 days ago are now facing monthly payments $150-200 higher on a $350K home. Adjustable-rate mortgages hit 10.3% of applications last week - the highest share since October 2025 - as buyers hunt for any rate relief. ARMs are running about 80 basis points below fixed rates, which makes them worth discussing with cost-sensitive buyers who plan to move or refinance within 5-7 years.
National home price growth accelerated to 1.9% in July, up from 1.6% in June, per the S&P CoreLogic Case-Shiller index. But inflation ran at 3.4%, meaning real home values declined for the 14th consecutive month. Price cuts hit 20.8% of listings in September - the highest September reading since 2018 and the first time in 2026 that cuts exceeded prior-year levels. Pending sales nationally fell 4.1% year-over-year, the first negative reading in eight months.
Columbia sellers: if your listing has been live for more than two weeks without an offer, price is likely the issue. National inventory is up 5.5% year-over-year, and the data show buyers pulling back hard as rates climb. Adjust pricing now rather than chasing the market down through November.
Foreclosure filings rose 13% nationally from a year ago as more homes move into repossession. While the article doesn't break out South Carolina data, this is a leading indicator worth monitoring locally. Contact your title company or foreclosure attorney contacts and ask what their Richland/Lexington pipeline looks like. Pre-foreclosure and REO inventory can be a source of deals for investor clients, but only if you're tracking it before it hits MLS.
New home sales nationally jumped in August as builders offered aggressive incentives - rate buydowns, closing cost credits, and option upgrades - to move inventory in a 7%+ rate environment. If you're working with buyers priced out of resale, walk them through new construction options. Builders are competing hard right now and many are willing to negotiate.
The Homeownership Promise Act introduced by Oregon Senators Merkley and Wyden would create HUD-managed savings accounts matching every $1 contributed by a first-time homebuyer with $5, up to $60,000 total ($10K personal contribution max). The bill was referred to committee on September 23. This is early-stage legislation with no timeline, but it signals continued federal interest in down payment assistance. If it gains traction, it could materially expand your first-time buyer pool in 2027-2028.
NAHB is surveying single-family builders on construction cost changes across seven build stages (site work, foundations, framing, exterior, rough-ins, interior, final). If you work with custom builders or spec developers in the Columbia market, this is worth flagging - construction cost inflation directly feeds into new home pricing and resale comps.