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Today: The Freddie Mac 30-year fixed hit 7.40% (seventh straight weekly rise, highest since November 2023), but Mortgage News Daily shows the biggest one-day rate drop in three months on Oct. 8. Pending sales and price cuts point to a buyer-weak, cash-favored market, so reprice listings and rate-proof buyer budgets now. Columbia ranks No. 83 in RentCafe's renter report, which supports affordability-driven rental positioning.
Rates hit 7.40%, up 12 bps (basis points, hundredths of a percent) on the week and 110 bps year over year. The 10-year Treasury averaged 5.28%, its highest since 2002, driven by inflation expectations, bond selloffs, and deficit-funded debt issuance. Waller (Fed) signaled more hikes may be needed, so don't tell clients to wait for relief. Counsel buyers to budget a 50 bp buffer; Realtor.com research says that has an 80% chance of covering the rate move over a three-month window. Realtor.com, MND morning
Oct. 8 brought a short-term rate break. The average top-tier 30-year fixed fell 0.09%, the fastest drop in three months, as investors judged yields high enough to buy bonds. 10-year yields were still not below the 5.151% Oct. 2 intraday low in a meaningful way, and MND calls the rally "embryonic." Next week's inflation reports (Wed/Thu) are the catalyst. Have buyers pre-approved and ready to lock if numbers come in soft; float-downs are a better pitch than waiting. MND rates, MND recap
National pricing is soft. Pending sales fell year over year in August and September, sellers are cutting prices at a four-year high pace, prices are down 1.4% year over year, and inventory is up 5.4%. I have no Richland or Lexington County figures in today's data, so pull your own MLS DOM (days on market) and list-to-sale ratios before advising. Sellers priced off spring comps should expect to cut; price new listings at market on day one. Cash buyers and buyers with existing equity hold the leverage, so source offers from them. Realtor.com
Starter homes remain scarce. Roughly 300,000 fewer affordable listings exist nationally than before the pandemic, though the worst appears past. Check the Realtor.com metro data for the Columbia read before quoting it to first-time buyers. Realtor.com
Lender credit change. UWM now defaults to the best score across FICO and VantageScore 4.0 on every pull. Borderline buyers may qualify with brokers using UWM; ask your loan officers whether it improves pricing tiers. RISMedia
Weak-credit buyers have options, at a price. With rates at 7.40%, steer them to compare FHA and other routes before taking the easiest yes, which is usually the most expensive. RISMedia
Local commercial trades (NAI Columbia, Sept. 11 to Oct. 1): 2,556 SF retail on Two Notch Road sold for $1.20M (about $469/SF); 18,216 SF industrial on Planters Drive sold for $1.20M (about $66/SF); 12 acres at 1332 Pineview Drive sold for $990K (about $82,500/acre); a 33,000 SF industrial lease on Rosewood Drive. Industrial is the active segment. Use these as comps for industrial and land clients. Columbia Star
REITs are holding up despite rising rates, per experts citing strong fundamentals. Public REIT strength does not mean private cap rates (annual NOI divided by purchase price) are compressing; with the 10-year above 5%, underwrite local acquisitions with cap rates priced well above that. CNBC
BiggerPockets warns of a "lost decade" of stagnant prices and inflation-eroded returns. For investors, that means buy only on cash flow, not appreciation. BiggerPockets
Columbia ranks No. 83 of 150 in RentCafe's Best Cities for Renters 2026, behind Greenville (No. 10) and Charleston (No. 11). Strengths: average apartment size of 1,013 SF and cost of living 10.3% below average. Weaknesses: weak local economy ranking and renter income growth of 21% over five years. Rent growth has limited room; market on space and value, and avoid aggressive renewal increases that risk turnover. Columbia Star
Rate pressure keeps buyers renting. Buyers priced out at 7.40% extend lease terms, which supports occupancy for landlords. Retain good tenants rather than chase marginal rent bumps.
eXp Realty and Newrez launched Revenos Mortgage, a joint venture serving eXp agents. If you work with eXp agents, expect RESPA (Real Estate Settlement Procedures Act) affiliated business disclosure scrutiny. If you are not at eXp, expect more brokerage-affiliated lender competition. RISMedia
Real Brokerage's REMAX acquisition: Alex Vidal is the new REMAX president. REMAX agents in the Midlands should watch for franchise fee and tech changes. RISMedia
Tenant AI screening fights: Philadelphia tenants are pushing to limit AI in property management. Document the human review step in your screening process before similar proposals reach South Carolina. WHYY