Pending Home Sales Jump 4.8% as More Buyers Accept Higher Rates
Home shoppers are signing contracts at a faster pace. Pending home sales rose 3.8% from April and 4.8% from a year ago. That’s according to new data from the National Association of Realtors. Every region in the country saw gains. The South, which includes Texas, posted a 3.3% yearly increase. For Houston home buyers, this is a clear signal. Many are done waiting for lower rates. They’re moving forward with their plans. “A late spring buyer rush shows pent-up housing demand,” said NAR Chief Economist Lawrence Yun. The data is good news if you’ve been thinking about buying. It proves other buyers are finding ways to make it work. That doesn’t mean it’s easy. It just means the market is active. If you want to know where Houston mortgage rates are today, keep reading. They just got a bit more favorable.
Mortgage Rates Edge Lower as Iran Peace Deal Takes Shape
Here’s the update you’ve been waiting for. Rates are moving in the right direction. The U.S.-Iran peace deal is helping bond markets settle down. According to HousingWire’s latest rate report, 30-year conforming loans averaged 6.73% on Tuesday. That’s down 5 basis points from a week ago. FHA loans averaged 6.31%. The Fed is expected to hold rates steady at this week’s meeting. Inflation is running at 4.2%, so rate cuts aren’t coming soon. But lower oil prices could help Houston mortgage rates ease more in the months ahead. For now, rates are staying below 7%. That’s keeping buyer demand alive. “Demand has been delayed, not destroyed,” said First American Deputy Chief Economist Odeta Kushi. If you’re a first-time buyer, now is a smart time to explore your options. Bayway Mortgage can help you understand what today’s Houston mortgage rates mean for your monthly payment.
Texas Housing Demand Surges as San Antonio and Houston Lead the Way
Texas is posting some of the strongest housing numbers in the country. San Antonio-New Braunfels saw a 15.7% yearly jump in pending home sales. That was the second-biggest gain among all major U.S. metros. The trend is spreading across the state. In Houston and nearby cities like Katy and Pearland, buyer activity is picking up too. The South region as a whole saw a 3.3% yearly gain. With Houston mortgage rates near 6.73%, more buyers are choosing to act now. Some of this is driven by population growth. Some of it is buyers accepting that rates may not drop much soon. The key takeaway is simple. You’re in a market with real demand. Homes are still moving. That means you need to be ready when you find the right place. Check your financing early so you can move fast. Bayway Mortgage offers resources for first-time home buyers to help you prepare.
New 414-Acre Ranch Community Breaks Ground Near Houston
Here’s a local story that’s turning heads. A 414-acre large-lot community is breaking ground near New Waverly. That’s just north of Houston. According to the Houston Business Journal, most lots will be 10 to 15 acres. Residents can keep horses, cows and other animals on their property. That’s rare this close to a major city. Communities like this one near Richmond and Rosenberg are growing in popularity. Buyers want space and a rural feel without leaving the metro area. For investors, this shows where demand is heading. People want land, privacy and room to live. If you’re looking for acreage, keep an eye on areas north of Houston. And if you need financing for a larger property, Bayway Mortgage can help with conventional loan options that fit your needs.
Fun Fact: Houston Summers Mean Hot Days and Cool Events
Did you know Houston has one of the longest fair seasons in Texas? The Houston Livestock Show and Rodeo runs for weeks every spring. But summer is just as lively. From Galveston beach trips to outdoor concerts at The Woodlands, there’s always something to do. Houston’s diverse food scene and green spaces make it a great place to call home, no matter the season.
