Mortgage Rates Fall Below 6% for First Time in 3 Years

Boost in affordability for buyers and refinance opportunities for homeowners in the Midlands region.

Published on Feb. 27, 2026

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Mortgage rates have dipped below 6% for the first time in more than three years, providing a significant boost in affordability for homebuyers and refinance opportunities for existing homeowners in the Columbia, South Carolina market. Brokers and mortgage bankers say this 1% drop in rates could translate to a 10% discount on home prices, allowing buyers to get more house for their money.

Why it matters

The drop in mortgage rates below 6% for the first time since 2022 is a major milestone that will impact the local housing market in Columbia. Lower rates improve affordability for buyers, potentially increasing sales activity, while also opening up refinance options for existing homeowners.

The details

According to real estate broker Karen Yip, a 1% drop in interest rates can mean as much as a 10% discount on home prices. In the Columbia market, where prices are up around 2% to $279,000 on average, this rate drop will allow buyers to get more home for their money, even if prices haven't fallen. Mortgage banker Ossie Rogers of First Citizens Bank says the 10-year Treasury note played a role in the rate decrease, as mortgage rates typically follow that benchmark.

  • Mortgage rates have fallen below 6% for the first time since 2022.

The players

Karen Yip

Broker of Yip Premier Real Estate.

Ossie Rogers

Mortgage banker with First Citizens Bank.

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What they’re saying

“Rates dropping to below 6% is a humongous deal because this is the first time in three years.”

— Karen Yip, Broker (wltx.com)

“A one percent drop in an interest rate could mean as much as a 10 percent discount off the price of a house. That could mean saving a great deal on your monthly payment.”

— Karen Yip, Broker (wltx.com)

“You want the 10-year Treasury note to go down, and the mortgage rates usually go down.”

— Ossie Rogers, Mortgage Banker (wltx.com)

What’s next

Brokers and mortgage lenders expect to see increased market activity and sales in the Midlands region as a result of the lower mortgage rates, as buyers take advantage of improved affordability.

The takeaway

The drop in mortgage rates below 6% for the first time in three years is a significant development that will boost home affordability and open up refinance opportunities for homeowners in the Columbia, South Carolina market. This could translate to a 10% discount on home prices, allowing buyers to get more home for their money.