Three Weeks Up. Here's How Buyers Close the Gap Without Waiting. (Sept 11)

Mortgage rates rose for a third straight week. Freddie Mac's September 10 survey put the 30-year fixed at 6.76%, up from 6.71%, and the 15-year at 6.09%, up from 6.04%. A year ago those averages were 6.35% and 5.50%, so the 30-year is now about four-tenths of a point above where it sat last September.

Let me put a number on that gap. A $350,000 loan at 6.76% runs about $2,272 a month in principal and interest. The same loan at last year's 6.35% runs about $2,178. That's roughly $94 a month. It's real, and I won't pretend otherwise.

Here's what I want you to notice, though. The buyers I'm working with right now aren't closing that gap by waiting for a lower rate. They're closing it at the negotiating table.

The Houston market has more homes on the market and longer days on market than it did two years ago, which means sellers are more willing to talk about closing help. A seller credit toward your closing costs can be used to buy down your rate, either for the first year or two or permanently, depending on how your lender structures it. Ask your loan officer to run both versions. On a $350,000 loan, a credit of a few thousand dollars can take a meaningful bite out of that $94, and unlike waiting, it doesn't cost you the house.

Freddie Mac's chief economist, Sam Khater, made a related point this week: shopping around and getting multiple quotes can potentially save buyers thousands. Two lenders quoting the same borrower on the same day can land a quarter point apart. That spread is bigger than any single week's move in the survey, and it's entirely within your control.

Standard caveat, and I mean it: these are national averages for borrowers with strong credit and 20% down. I'm a real estate broker and REALTOR®, not a lender, so your credit, loan type, and down payment all move the number. Get a real quote before you plan around it.

So my advice this week is practical. Get pre-approved so you can negotiate from strength. Build your budget on the all-in payment with Texas property taxes and insurance folded in, not the rate alone. Shop at least two or three lenders. And when we find the right house, let me work the seller side for the credit that gets your payment where it needs to be. That's a plan you can act on today, and it doesn't depend on guessing where rates go next.

If you're weighing a move anywhere in the Houston area, I'm glad to talk it through with no obligation. Reach me, Kevan Pewitt, at Houston Prime Realty. Call or text (281) 500-7077.

Read more on the Houston Prime Realty blog

• Pre-Qualification vs. Pre-Approval: What's the Difference? — Get the verified letter Houston sellers actually trust before you shop.
• What Is a Mortgage Pre-Approval Letter? — The first real step to buying, and what lenders check.
• How Much Down Payment Do You Really Need to Buy in Houston? — The real 2026 minimums for FHA, VA, USDA, and conventional loans.
• How Texas Property Taxes Affect Your Monthly Mortgage Payment — Why your Houston payment runs higher than the rate alone suggests.
• Closing Costs in Texas: Who Pays What? — Seller credits, who pays what, and how to budget the 2-5% beyond your down payment.