Mortgage Rates Jump Past 6.9% After Treasury Plan Falls Short
If you’ve been watching Houston mortgage rates, you probably noticed a big shift this week. Rates on 30-year conforming loans climbed to 6.92%, according to a new report from HousingWire. Jumbo rates hit 7.14%. That’s a jump from recent weeks. The trigger? A Treasury buyback plan that starts September 9. Markets hoped it would lower borrowing costs. Instead, it had the opposite effect. For buyers in Houston, this means your monthly payment just got a bit bigger. But here’s the good news: rates are still below the peaks we saw earlier this year. And if you lock in now, you can avoid future hikes. We can help you compare current Houston mortgage rates to find a loan that fits your budget.
New Home Sales Slide as Prices Hit a Five-Year Low
Here’s one bright spot for buyers. New home sales fell 10.5% in July to 607,000 units, as HousingWire reported this week. That’s down 6.3% from last year. Builders are keeping permits low. But here’s the twist. The median sales price dropped to $393,800. That’s the lowest level since July 2021. So while fewer homes are selling, the ones that do are more affordable. For Houston homebuyers, this is a chance to find deals. Builders want to move inventory. They may offer price cuts or rate buydowns. If you’re a first-time buyer, now could be a smart time to look. Talk to a local lender first. You’ll want to know your budget before you start shopping.
Houston Home Prices Keep Rising, But Inflation Still Bites
Home values in the Houston area keep going up. The latest Case-Shiller data shows national home prices rose 2.1% year over year in June, according to a report from HousingWire. The national index hit 336.66. That’s up 0.4% from May. Here in Houston, prices are climbing too. Cities like Katy and Sugar Land are seeing steady gains. But there’s a catch. Inflation is running at 3.5% year over year. So home prices are rising slower than the cost of everything else. That’s actually good for buyers. Your buying power isn’t shrinking as fast. And with Houston mortgage rates near 6.9%, you can still lock in a rate that makes sense. At Bayway Mortgage, we help buyers run the numbers. It’s all about finding a payment that works for you.
Building Costs Jump 6.7% — What It Means for Houston New Construction
Thinking about a new build in Cypress or Tomball? You might see higher prices ahead. Building material costs climbed 6.7%, according to the National Association of Home Builders. Small builders are feeling the squeeze the most. They can’t buy materials in bulk like the big guys. So those costs get passed to you. That could mean higher prices on new construction homes. But here’s the flip side. Existing homes in places like Pearland and League City may look more attractive. They’re already built, and you won’t pay a builder’s markup. Plus, you can move in faster. If you’re comparing new builds with resale homes, factor in material costs. A slightly older home might save you thousands. We can help you run the math on both options.
Fun Fact: The Houston Ship Channel Turns 110 This Year
Did you know the Houston Ship Channel opened in 1914? That’s over a century of trade and growth for our city. It connects Houston to the Gulf of Mexico. Today, it’s one of the busiest ports in the world. That’s one reason our economy stays strong. It also means we get amazing seafood and international food scenes. Living in Houston means you’re part of something big. Whether you’re buying your first home or your next one, there’s always something new to discover here.
