If you have been watching mortgage rates this fall, you already know the headline: they have moved up. Freddie Mac's weekly survey put the national average 30-year fixed rate at 7.28% on October 1, up from 6.71% in early September, while Texas-specific surveys from Bankrate and NerdWallet landed in the high 6s to low 7s the same week. Here is what that means for your monthly payment, your buying power, and the way I would approach this market right now.
Where mortgage rates stand right now
The numbers vary by survey, lender, and day, which is completely normal. Bankrate's Texas survey showed a 30-year fixed average of 6.62% on October 3, NerdWallet listed a Texas APR of 7.39% on October 1, and Experian's Curinos data put the Texas average near 7.13% in September. Freddie Mac's national average reached 7.28% on October 1. The honest summary: a well-qualified Texas buyer is likely to see quotes in the high 6s to low 7s this week, and the trend since late summer has been upward.
What the rate move does to your payment
Let me show you with plain arithmetic. For a $300,000 loan at 6.6%, the principal and interest payment runs about $1,916 a month. At 7.3%, the same loan runs about $2,057 a month. That is roughly $140 more a month for the same home, before taxes and insurance. Flip it around: a $2,000-a-month principal and interest budget buys about $313,000 at 6.6% and about $292,000 at 7.3%. The move has quietly taken about $20,000 of buying power off the table for that budget.
Corpus Christi prices are holding steady
Here is the reassuring part. Redfin's median sale price for Corpus Christi has held around $270,000, up about 1.8% year over year, even as rates climbed. Inventory is up meaningfully, and homes are taking longer to sell, with median days on market running in the 68 to 80 day range across several trackers. Steady prices with more room to negotiate is exactly the combination a buyer wants to hear when the cost of money is high.
What I would do as a buyer right now
-
Get preapproved, then ask your lender about locking a rate. Locks typically run 30 to 60 days, so time the lock to your closing date.
-
Compare at least two or three lenders. Quotes for the same borrower can differ by a quarter point or more.
-
Ask about discount points and buydowns, which can lower your rate for the life of the loan.
-
Run the payment, not the price. With rates in the high 6s to low 7s, the monthly number is what your life actually feels.
-
If you are a veteran or active-duty service member, remember the VA loan's zero-down power. The rate matters, but so does not needing a down payment.
-
Keep touring. With more inventory and longer days on market, the pressure is off, so you can afford to be selective.
What sellers should know
For sellers, the rate picture is a big part of why the market has cooled. Buyers are paying more for money, so they are more careful, more selective, and more likely to negotiate. Homes that are priced right, presented beautifully, and marketed for the Coastal Bend lifestyle are still selling. The ones that linger are usually priced for last year's market, and I help sellers position for this one.
The long view
Rates move in cycles, and no one can promise when the next dip arrives. What I can tell you from years in this market: the buyers who do best run the numbers on the home they can afford today, lock when the math works, and let their life start. Waiting for a perfect rate can cost you in rent paid, in time spent, and in the years you are not living in the home you love.
If you would like to see what today's rates mean for your budget, your payment, and the homes you can actually afford, call or text me, or book a short call. It is free, it is personal, and it is the easiest first step I know. Where your dream life begins.
