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Today: 30-year fixed hit 7.56% (near 3-year highs), small mortgages under $100K are down to 3% of originations, and Compass is suing MLSs over cooperation rules while CRMLS filed a preemptive countersuit.
National mortgage rates climbed to 7.49% for 30-year fixed conforming loans last week, the highest level in nearly three years, per the MBA. Application volume dropped 4.2% week-over-week, with refinances down 8% and purchase apps down 2%. Mortgage rates sit at nearly 3-year high
Rates briefly eased to 7.56% by midweek as bond markets followed oil prices lower, but this represents only a modest pullback from recent highs, not a meaningful trend shift. Mortgage Rates Near 1-Week Lows
For Columbia-area buyers, 7%+ rates are now the baseline. Adjust listing consultations accordingly. The ARM share hit 10.3% of applications nationally as borrowers look for lower initial payments, up from under 3% during the pandemic-era lows. That's a risk signal worth discussing with purchase clients.
Existing home sales fell 2% month-over-month and 1.2% year-over-year in September, marking the third consecutive monthly decline. Inventory grew 3.2% month-over-month and 5.9% year-over-year to 4.9 months of supply, approaching the November 2015 high of 5.1 months. New-home sales jumped 6.4% month-over-month despite construction headwinds. Econ Review: September's Key Market Data
National pending sales were flat (up 0.3%), down 4.7% year-over-year. One analyst called this "just a foreshadowing of a much slower housing market this fall." If you're holding listings priced for spring conditions, that's a problem. Price reductions are hitting 43% of listings nationally.
National median price growth decelerated for the 14th straight month to 1.9% year-over-year per Case-Shiller, trailing inflation. NAR's Housing Affordability Index improved to 104.7 from 101.2 last year, driven by the West and South (up 5.9% and 4.5% respectively). How does Richland County stack up? If local affordability hasn't improved, your buyers are stuck waiting for rate relief that isn't coming.
Small mortgages (under $100K principal) have dropped from 12% of originations in 2013-2014 to under 3% in 2025-2026. Federal legislation in the 21st Century ROAD to Housing Act aims to reverse this through lender incentives, reformed underwriting processes, and relaxed appraisal requirements. Small Mortgages are Disappearing
This matters for Columbia investors targeting lower-priced properties or rural areas. Small-dollar loans carry higher rates and are more likely used for investment properties, but the supply is shrinking. If you work with fix-and-flip or rental portfolio clients in sub-$100K markets, watch for HUD's FHA pilot program offering direct payments to lenders, adjusted loan terms, and closing cost grants. Implementation timelines are unclear, but this could unlock inventory in outer Richland and Lexington County zip codes where home prices remain below six figures.
HELOC balances nationally rose $13 billion in Q2 to $459 billion, the 17th consecutive quarterly increase and $142 billion above the Q1 2022 low. Credit card delinquency rates for borrowers 70+ hit 6.3%, the highest since Q3 2011. Seniors aren't keeping up with credit card debt. Reverse mortgages can help
Older homeowners in Columbia with substantial equity and mounting debt may be reverse mortgage candidates. HECMs (Home Equity Conversion Mortgages) for ages 62+ require no monthly mortgage payments (though property tax, insurance, and maintenance obligations remain). Borrowers can make voluntary payments on HECM lines of credit, which restores borrowing capacity and increases available funds. If you're working with senior sellers or heirs handling estate properties, this is a conversation worth having before they liquidate assets.
Non-QM loans now represent over 11% of total lock volume nationally, up 3 percentage points year-over-year per Optimal Blue. Bank statement loans make up nearly 30% of non-QM production, DSCR (debt service coverage ratio) investor loans exceed 35%. Non-QM is a fit, not a fallout
Columbia's self-employed professionals and rental property investors fit the non-QM profile. Borrowers who can't qualify conventionally due to business deductions or 1099 income should start with bank statement or P&L programs, not fail a conventional file first and restructure under time pressure. Average FICO scores in recent non-QM securitizations run mid-700s with LTVs below 60%. This is a credit-grade product for non-W-2 earners, not subprime. Adjust your origination workflow.
Champion Homes acquired Timberline Homes, its third retail acquisition in 18 months, expanding company-owned retail locations to at least 104 stores. Timberline Homes buy will push Champion deeper into retail
Manufactured housing is consolidating. Clayton Homes, Cavco Industries, and Champion Homes controlled 86.4% of Q1 production. For Columbia land buyers or rural development projects, manufactured housing supply is tightening as producers vertically integrate. If you have clients looking at land-home packages or rural acreage development, expect longer timelines and fewer independent dealer options.
CRMLS filed suit against Compass in U.S. District Court for the Southern District of New York, requesting a declaratory judgment that its Cooperation Rules don't violate antitrust law and an injunction preventing Compass from pursuing claims against CRMLS. CRMLS went on offense against Compass
This follows Compass's Sept. 8 demand letter threatening to sue CRMLS and CEO Robert Reffkin's public statements that the brokerage is "preparing a federal antitrust lawsuit against CRMLS, to stop them from fining agents for public marketing." Reffkin threatened to sue any MLS that declines to change cooperation rules by Oct. 6.
CRMLS is the first major MLS to go on offense rather than comply or ignore. The lawsuit centers on office exclusive listings (pocket listings) and whether MLSs can require brokers to input all listings to maintain cooperation. Compass argues MLS cooperation rules limit where listings can be publicly marketed. CRMLS argues Compass wants to "free ride on the comprehensive listing contributions of thousands of cooperating brokerages while hoarding its own inventory."
Watch how this plays out. If Compass wins, expect pocket listing volume to spike and MLS participation to erode. If CRMLS wins, cooperation rules hold and Compass's advantage from proprietary listing data shrinks. Either way, this is a structural fight over who controls listing data and where buyers find inventory. If you're affiliated with a smaller brokerage relying on MLS cooperation, this matters to your pipeline.
UWM now pulls both FICO and VantageScore 4.0 on every credit report and automatically applies whichever score qualifies the borrower for better pricing. UWM moves to dual-score model
Rocket Mortgage announced VantageScore 4.0 as its default credit model starting Q4 2026. In a four-month test using 1.4 million credit reports, borrowers who saved money using VantageScore saved an average of $1,600 at closing. Both moves follow FHFA's approval of VantageScore 4.0 for Fannie and Freddie conforming loans.
For originators, this is actionable now. If a borrower's FICO score puts them in a higher LLPA (loan-level price adjustment) bucket, VantageScore 4.0 may qualify them for lower pricing. UWM's dual-pull approach removes the need to choose, but if you're working with other lenders, request both scores upfront.
Realtor.com+ launched RealAssist AI, an AI layer that synthesizes client activity (chats, searches, notifications, price changes) into a Daily Digest with suggested next steps. Realtor.com+ Unveils RealAssist AI
The platform now integrates Realtors Property Resource (RPR) for property insights and market intelligence, and offers public invite links for agents to onboard groups of buyers with a single URL or QR code. Realtor.com+ is live in 21 markets serving 192,000 agents (10% of the U.S. agent market) with four more markets launching soon.
If you're managing multiple buyer clients and spending time manually updating searches or drafting follow-up messages, this is worth testing. The AI drafts messages in your tone and refines searches based on MLS data fields, but you review and approve every action.