Texas Market & Mortgage Rate Update: Rates Ease to 7.24% While Price Cuts Hit a Record
Monday, November 2, 2026
Mortgage rates eased again last week, while price cuts and seller incentives are giving many buyers more ways to negotiate.
The headline numbers: Freddie Mac’s national 30-year fixed average moved to 7.24%, and Redfin reported a record 22% of active listings had a price cut in the four weeks ending October 11.
Here’s what that could mean for you, whether you’re buying, selling, or simply keeping an eye on the Texas market.
Where are mortgage rates this week?
Freddie Mac’s Primary Mortgage Market Survey reported these national averages for the week ending October 29:
30-year fixed: 7.24%, down from 7.32% the prior week
15-year fixed: 6.60%, down from 6.68%
The 10-year Treasury yield, one market measure investors watch, also eased from above 5% earlier in October. It closed at 4.98% on October 29, according to Federal Reserve data on FRED.
That’s a welcome move, but it’s not a promise that mortgage rates will keep falling. Rates can change, and your actual quote depends on your loan details, credit, down payment, property, and other factors. Freddie Mac’s figure is a national benchmark, not a personalized offer.
Stay informed. If you’re comparing wholesale lender mortgage rates, look at the full loan terms and estimated payment, not just one advertised number. I can help you compare options across our network of 100+ wholesale lenders.
Is Texas becoming a buyer’s market?
In many areas, buyers have more room to compare homes and negotiate than they did in the rush of recent years. But Texas is not one single market. Local inventory, pricing, and competition vary by metro and neighborhood.
The Texas REALTORS® Q3 2026 report put the statewide median price at $333,628, down 0.4% from a year earlier. In Dallas, Houston, Austin, and San Antonio, reported median prices were down roughly 1% to 1.2% year over year. The statewide result is a little different from the August snapshot: the Texas Real Estate Research Center’s October report put the August median at $330,000 and described statewide prices as essentially flat.
A rough Q3 supply snapshot shows why local context matters:
DFW: about 4.5 months of supply
Houston: about 5.5 to 5.6 months
Austin: roughly 5.0 to 5.7 months
San Antonio: roughly 6 to 8 months, among the looser markets
These are broad estimates, not a forecast for a specific home. Report dates and methods can differ. The practical takeaway is that buyers in areas with more listings may have more choices, and sellers may need to be flexible on price or terms.
For another useful measure, the Texas Real Estate Research Center reported that August homes sold after an average of 65 days on market, while unsold listings averaged 95 days. Its report also found a median seller price cut of $14,900. That’s a reminder to compare a home with current local listings and recent sales, not just its original asking price.
What does a record share of price cuts tell buyers and sellers?
Redfin reported that 22% of active U.S. listings had a price cut in the four weeks ending October 11-the highest share in its data. That is a national figure, not a Texas-only statistic, but it reflects a broader shift: some sellers are adjusting expectations as homes take longer to sell.
Seller concessions are also common. In its August analysis, Redfin found concessions in 44.7% of U.S. home sales. These can include help with closing costs, repairs, or a mortgage-rate buydown. About 15.8% of sales included both a price reduction and a concession.
Redfin’s metro-level estimates show concessions appearing in 53.3% of Dallas sales, 58.5% in Houston, 51.7% in Austin, and 54.2% in San Antonio. These figures describe Redfin’s analysis, not a guarantee that a seller will offer an incentive on any particular home.
Could a rate buydown help more than a price cut?
Good question. It can, especially if your main concern is the monthly payment. A seller-paid buydown directs money toward reducing the buyer’s payment for a set period. A price cut lowers the purchase price and loan amount, which usually creates a smaller but lasting monthly reduction.
Here’s an illustration, not a quote:
On a $350,000 home with 20% down, a $10,000 price reduction lowers the loan amount by about $8,000. At a 7.24% 30-year rate, that could reduce principal-and-interest by roughly $55 per month.
On a $280,000 loan at 7.24%, an eligible 2-1 temporary buydown could reduce principal-and-interest by roughly $360 per month in year one and $190 per month in year two. After that, the payment returns to the note-rate amount.
The buydown can provide more monthly relief at the start, but it is temporary. The price reduction lasts for the life of the loan. Actual buydown costs, eligibility, payment schedule, and seller-credit limits depend on the loan and contract.
The right choice depends on your priorities, how long you expect to keep the loan, and what the seller is willing to contribute. I help buyers compare both options with real loan figures before they decide.
You can also read our guide to seller concessions and rate buydowns in Texas.
What should buyers and sellers do next?
If you’re buying: Get a clear payment estimate and preapproval before you make an offer. Then discuss whether a lower price, seller-paid closing costs, or a buydown best supports your budget. More listings can create opportunity, but a home still needs to fit your finances.
If you’re selling: Price against current competition, not last year’s peak. A well-structured concession may help reach buyers who are focused on monthly payments. Before offering a specific incentive, confirm what the buyer’s loan can use and how the terms affect your net proceeds.
If you already have a loan offer: Ask for a second opinion. One quote does not show every lender option. I can review the terms and shop our lender network for a comparison.
I don’t offer a guess about what your loan should cost. I offer a clear review, practical options, and personal follow-through. Our service standards include a 96% approval rate, a 98% on-time closing record, and a 12-day clear to close. We’re available 8 AM–8 PM, 365 days a year, and calls are returned in under 60 minutes.
Want a clear answer about your options?
Rates and housing conditions can shift quickly. Let’s look at your numbers and talk through what makes sense, without pressure to commit.
Comments