Rates climbed through July and have hovered near a one-year high through the first half of August, though the most recent week brought a slight pullback. Here is where things stand right now.
What’s Happening
The average rate on a 30-year fixed mortgage climbed through July and touched its highest level in roughly a year in early August. It has since ticked down slightly, week over week, after a softer-than-expected jobs report eased some expectations around the Federal Reserve’s next move. Rates can vary meaningfully from lender to lender and borrower to borrower, so the number you are quoted may look different from the national average.
Why It Matters for Texas Buyers
A higher rate changes your monthly payment more than most buyers expect. On a typical Montgomery County or Houston-area purchase, a half-point swing in rate can shift a monthly payment by well over $100. That is why we walk every client through their real numbers before they start touring homes, not after they fall in love with one.
What We’re Telling Clients Right Now
Rates move week to week, and trying to perfectly time the market usually costs buyers more than it saves them. If you are pre-approved and the payment works today, waiting for a “better” rate is a gamble — and buying now still gives you the option to refinance later if rates drop. If you are on the fence, ask your loan officer about a temporary rate buydown or float-down option, both of which can soften the impact of today’s rates without requiring you to wait out the market.