The average rate on a 30-year fixed mortgage rose 8 points to 7.03% from last week\u2019s 6.95%- the highest since January 2025. Houston Association of Realtors, Theresa Hill, says the increase will affect the bottom line, but if you\u2019re looking in Houston- you\u2019re in luck. \u201cHigher mortgage rates are creating an affordability hurdle for home buyers, but Houston is in a better position than other markets in the U.S. because our home prices have remained relatively stable and our inventory has remained stable is well- which means buyers have more to choose from.\u201d She explained. <\/p>\n
On the other side, sellers must consider higher borrowing costs with a shrinking pool of prospective buyers. \u201cIf they\u2019re wanting to sell in a relatively good time frame- they need to be realistic about their pricing from the get-go.\u201d Hill said. <\/p>\n
Buyers need to zero in on their budget and get on board with a good lender to evaluate fluctuating rates. <\/p>\n
Hill says the median price of a home is down 5K from last year averaging between $330 and $334K, with 5.3 months of inventory- showing a balanced market. <\/p>\n","protected":false},"excerpt":{"rendered":"The average rate on a 30-year fixed mortgage rose 8 points to 7.03% from last week\u2019s 6.95%- the…\n","protected":false},"author":2,"featured_media":450062,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[56166,56,58,57,66,149463,27475,223,27],"class_list":["post-450061","post","type-post","status-publish","format-standard","has-post-thumbnail","category-houston","tag-freddie-mac","tag-houston","tag-houston-headlines","tag-houston-news","tag-local","tag-mortgage-rate","tag-mortgage-rates","tag-news","tag-texas"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/450061","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=450061"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/450061\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/450062"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=450061"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=450061"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=450061"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}