Rates Hit 6.81% — Homebuyers Feel the Squeeze
Mortgage rates just hit a new high for the year. The 30-year fixed rate rose to 6.81%. That’s the highest level in over a year. According to data from the Mortgage Bankers Association, applications dropped 2.9% last week. Purchase loans fell 4%. Refinances dropped 2% too. Even with higher rates, the Houston housing market stays active. Buyers here are still making moves. But higher rates do raise your monthly costs. A $300,000 loan at 6.81% costs about $1,956 per month. At 6%, that payment was $1,799. That’s a $157 jump each month. If you’re shopping now, knowing today’s Houston mortgage rates helps you plan your budget. Rates won’t stay this high forever. But you can still find a good home in this market.
New Program Lets Buyers Put Just 1% Down
A new mortgage option could help you buy sooner. Lower just launched a program called ONE by Lower. It lets you put just 1% down on a home. The lender also gives you a grant worth 2% of the price. That grant maxes out at $4,500. You don’t have to pay it back. To qualify, your income must be at or below 80% of your area’s median. You also need a credit score of at least 620. The loan max is $375,000. This could help many first-time buyers in the Houston housing market. On a $225,000 home, you put down just $2,250. The lender gives you $4,500. Together that covers the down payment most loans need. For first-time buyers, cash at closing is the biggest hurdle. Programs like this make the Houston housing market more reachable. If you’re not sure what you qualify for, first-time buyer resources can help you find the right path.
Houston Leads the Nation in Master-Planned Sales
Houston keeps topping the charts for new home sales. Master-planned communities here sold more homes than any other metro this year. According to a report from the Houston Business Journal, these communities are bucking a national trend of slower sales. Areas like Katy and Sugar Land have some of the strongest demand. Buyers love the amenities, schools, and home values. The Houston housing market continues to show its strength. Even with higher rates, people are still buying here. That’s good news if you’re thinking about a move. New construction can offer great incentives. Things like rate buydowns and closing cost help are common right now. That can offset some of the sting from higher mortgage rates.
Energy Corridor Apartments Change Hands
Two apartment properties in the Energy Corridor just sold. The seller was Resia, a developer. The buyers focus on underperforming assets. According to a report from the Houston Business Journal, these complexes were built during a time of oversupply. That was a few years ago. Now the market looks different. For investors, this is a sign that the Houston housing market for rentals is shifting. Opportunities may be opening up in areas like Cypress and Tomball too. If rental supply drops, rents could rise. That might push more renters toward buying. Especially if mortgage rates start to fall later this year. It’s a good time to watch the local market closely and know your options.
Fun Fact: New Heights Restaurant Opening This Fall
A new farm-to-table spot is coming to the Heights. A well-known chef is opening on 19th Street this fall. The menu will focus on local ingredients and seasonal dishes. That’s just one of many new dining spots popping up around Houston this year. There’s always something new to explore in this city!
