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Looking through the articles, I notice most are not directly relevant to the Columbia, SC market - they cover national trends, other geographic markets, building permits from unrelated cities, and industry news. However, I can extract useful national context that affects local markets and identify the few items with broader applicability.
Let me structure a brief focusing on what matters for Columbia real estate professionals:
Today: 30-year fixed mortgage rates hit 7.28%, the highest in nearly three years. Payroll growth missed badly at 29,000 jobs in September with negative revisions to prior months. Mortgage applications dropped 6% as buyers pull back, and 20.8% of national listings now show price cuts, the highest since October 2022.
Mortgage rates surged past the 7% threshold and show no sign of reversing. Freddie Mac's 30-year fixed rate averaged 7.28% as of last week, up from 7.03% the prior week and 6.34% a year ago. The Mortgage Bankers Association reported the 30-year rate at 7.30% in their survey, the highest level since November 2023. That's an 18-basis-point jump in a single week - enough to cut roughly $19,000 of purchasing power on a $2,000 monthly payment budget. Source: RISMedia, Source: Realtor.com Research
Applications followed rates down. Total mortgage volume fell 6% for the week ending September 25, with purchase apps down 4% and refinances down 9%. Both hit their slowest weekly pace since 2025. The one bright spot: ARM loans now account for 10.3% of all applications, the highest share since October 2025, as borrowers look for roughly 80 basis points of savings over fixed rates. Source: Mortgage News Daily
National inventory is up, but so are prices - for now. The median existing-home price increased for the 38th consecutive month year-over-year, even as sales fell another 2% in August to an annualized rate of 3.98 million. Pending sales remain 4.7% below last year. Price cuts are appearing at the highest rate since October 2022, with 20.8% of listings showing reductions in September. For Richland County agents, this means pricing strategy matters more than it has in two years. Overpriced listings will sit, and buyers have more room to negotiate than they've had since rates first spiked in 2022. Source: HousingWire, Source: Realtor.com Research
The September jobs report came in at 29,000 payrolls added, well below the 90,000 consensus, with downward revisions stripping 60,000 jobs out of July and August. Unemployment ticked to 4.2%, though the unrounded rate barely moved (4.14% to 4.18%). The labor market isn't collapsing, but it's not accelerating either. For Columbia buyers, that means job security concerns stay manageable, but wage growth won't bail them out of affordability problems. Source: Realtor.com Research, Source: RISMedia
National data shows 20.8% of listings taking price cuts in September, the highest single-month figure since October 2022. This is the clearest signal yet that sellers are adjusting to the new rate reality. For Richland County agents working with investors or buyers waiting for deals, this is the time to revisit expired listings, watch for price reductions in the MLS, and approach FSBOs who listed in spring when rates were 80+ basis points lower. The math has changed for sellers who thought they could wait out the rate spike. Source: Realtor.com Research
MLS organizations are bracing for expanded litigation following the Sitzer/Burnett settlement. Compass CEO Robert Reffkin threatened to sue any MLS that doesn't comply with his demands by October 6. Northwest MLS just settled an antitrust case with Compass. Legal counsel at the Council of MLSs conference this week said "lawfare is now the norm" and urged MLSs to focus on risk management rather than hoping to avoid litigation. For South Carolina agents, this means MLS rules around cooperation, listing submission, and participation requirements may continue to shift. Stay current on SCREC guidance and understand your MLS's Clear Cooperation Policy, which remains under scrutiny nationally. Source: HousingWire
The nondelegated correspondent channel is gaining market share as loan officers migrate away from traditional banks and independent mortgage banks. Between January and early September, brokers posted a net gain of 327 loan officers and $6.8 billion in production, while banks lost 230 LOs and $5 billion in production. For Columbia agents working with buyers, this means your lender relationships may be shifting. The broker channel now offers competitive execution with lower overhead, which can translate to better rates or faster closings. Vet your lender partners and make sure you're not losing deals to agents who've already made that switch. Source: HousingWire
Note: Today's collection included limited Columbia-specific content. National rate and inventory trends apply directly to local market conditions. Agents should monitor Richland County MLS data for pricing and inventory shifts that mirror the national pattern of increased price cuts and slower sales velocity.