Rates Just Crossed 7%. Here's What I'm Telling My Buyers.This week Freddie Mac's average 30-year mortgage rate hit 7.03%. That's the fifth weekly increase in a row and the first time above 7% since
Rates just crossed 7%. Here's What I'm Telling My Buyers
Dated: September 24 2026
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Rates Just Crossed 7%. Here's What I'm Telling My Buyers.
This week Freddie Mac's average 30-year mortgage rate hit 7.03%. That's the fifth weekly increase in a row and the first time above 7% since January 2025. If you've been watching the headlines and feeling your dream home slip away, I get it. But the headline isn't the whole story, and a few things matter more than the number on the news.
1. Rent the rate, own the house.
You can refinance a rate later. You can't go back and buy a house at an old price. If a home fits your life and your budget works at today's payment, a lower rate later is a bonus you can grab. Just don't count on it. Build your budget around the payment you'll actually make now, not the refinance you hope for.
2. Know what half a point really costs.
On a $300,000 loan, going from 6.5% to 7% adds about $105 a month in principal and interest. That's real money, but it isn't the end of the world. Once you know the actual dollar figure, you can make a clear decision instead of a scared one.
3. In Corpus Christi, watch taxes and insurance too.
Here on the Coastal Bend, property taxes and windstorm/flood insurance can move your monthly payment as much as the rate does, sometimes more. Two homes at the same price can have very different payments. Before you fall in love with a house, I'll help you get real insurance quotes and look at the tax history.
4. Ask the seller to help with your rate.
When rates go up, fewer buyers are shopping, and that gives you leverage. Instead of just asking for a lower price, ask for seller-paid closing costs or a rate buydown. A 2-1 buydown or permanent points can drop your payment more than a small price cut would. Your lender can run both options side by side.
5. Look at every loan type, not just conventional.
FHA, VA, and first-time buyer assistance programs each have different rates, down payment rules, and costs. For our military families, VA loans often come with competitive rates and no down payment. A good lender will walk you through all of them.
6. Get pre-approved before you get discouraged.
Most people guess their buying power from headlines. Then they sit down with a lender and find out their numbers look better (or clearer) than they feared. A real pre-approval turns worry into a plan.
The bottom line: Higher rates mean you have to be more strategic, not that you have to give up. If you're thinking about buying on the South Side this year, let's sit down with real numbers for your situation. No pressure, just clarity. And let's get you moving!
Tamara Van Zalen
I didn't start in real estate. I started on stage, performing in theater, and then in a classroom, teaching elementary and middle school students everything from core subjects to art. It's an unusual ....
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