Texas Market & Mortgage Rate Update: Rates Fall a Third Week to 7.18% as Buyer Payments Hit a Five-Week Low
Monday, November 9, 2026
Good news for your payment check: mortgage rates eased for a third straight week, and home prices are softening in parts of the market. At the same time, fewer sellers are putting homes up for sale.
That mix can give you room to negotiate, but the number of new homes to choose from is thinning. Here’s what this week’s data means for Texas buyers and sellers.
What happened to mortgage rates this week?
Freddie Mac’s national Primary Mortgage Market Survey reported:
30-year fixed: 7.18% for the week ending November 5, down from 7.24% the prior week
15-year fixed: 6.57%
That’s a third consecutive weekly decline for the 30-year average. The 10-year Treasury yield, a market indicator that can influence mortgage pricing, was 4.84% on November 5 and around 4.86% on November 6, according to FRED Treasury data.
A lower national average is encouraging, but it is not a personal rate quote. Your available rate depends on factors like credit, down payment, loan type, points, lender, and lock timing. I can help you compare current wholesale lender mortgage rates across more than 100 lenders, then explain the options in plain English.
Why is the payment check improving?
For the four weeks ending November 1, Redfin reported a U.S. median sale price of $388,604, down 0.4% year over year. That marked the third straight week of annual price declines after three years of increases.
Redfin’s seasonally adjusted median monthly mortgage payment fell to $2,777, its lowest level in five weeks. It had reached $2,811 in early October. Redfin calculated that payment using a 7.24% mortgage rate, so it’s a national estimate, not a Texas quote or a payment based on this week’s 7.18% Freddie Mac reading. Prices and rates both eased, helping bring the estimated payment down.
A few other signals show a slower market:
Pending sales fell 0.6% week over week, to the lowest level in Redfin’s records dating back to 2021.
New listings dropped 1.5% week over week, to their lowest level since January.
Active listings were up 2.1% year over year.
Supply reached 4.6 months, compared with 4 months a year earlier.
Homes took a median of 50 days to sell.
The average sale-to-list ratio was 98.3%.
For buyers, slower sales and a longer selling timeline can mean more opportunity to ask questions, compare homes, and negotiate. For sellers, fewer new listings could mean less fresh competition, but the buyers who are active still care about the monthly payment.
What does the national update mean in Texas?
Texas conditions vary by city, and the latest statewide figures come from August data in the Texas Real Estate Research Center’s October Housing Insight. The report puts the statewide median sales price at $330,000, with homes averaging 65 days on market. Active inventory stood at 5.3 months of supply.
The statewide price measure was essentially flat year over year in August, ending a 15-month run of annual declines. Local markets weren’t identical: Fort Worth recorded a modest 0.6% year-over-year price gain, Houston was up 0.7%, and Dallas was down around 1%.
More recent metro-level figures from Redfin for the four weeks ending November 1 show Austin among the metros with the biggest year-over-year median sale-price drops, at 5.8%. New listings fell year over year in several Texas cities:
San Antonio: down 17.7%
Dallas: down 13.5%
Austin: down 13.3%
Fort Worth: down 8%
The takeaway: Buyers may have negotiating room, but fewer newly listed homes can limit fresh choices. Some homeowners may also be waiting to sell because a move could mean taking on a new mortgage at today’s rates. More leverage does not necessarily mean a large selection in every neighborhood.
What does this mean if you’re buying?
You don’t have to wait for rates to reach a certain number before you check your options. A small move can help, but the right home, a manageable payment, and a dependable financing plan matter more than trying to guess the market’s next move.
Illustrative payment math: On a $350,000 home with 20% down, the loan amount would be $280,000. At 7.18% on a 30-year fixed loan, principal and interest would be roughly $1,898 per month.
That estimate does not include property taxes, homeowners insurance, mortgage insurance, or any HOA costs. Your actual payment will depend on your loan and the property.
For comparison, the six-week rate move from 7.32% to 7.18% saves roughly $24 per month on that $280,000 loan, assuming the same loan term and other factors. Helpful? Yes. A reason to base a major decision on a rate forecast? No.
A seller-paid 2-1 buydown can have a larger short-term effect. In this illustration, it could reduce the first-year principal-and-interest payment by roughly $350 per month compared with the full note-rate payment. The payment rises in year two and then returns to the note-rate payment schedule. You still need to qualify using the full note-rate payment, and the lender must confirm eligibility, cost, and concession limits.
If you’re comparing home purchase loans, I can shop options through 100+ wholesale lenders, without extra lender overlays from our team. Let’s look at the numbers before you make an offer.
What should sellers focus on now?
In a payment-conscious market, the monthly cost deserves attention alongside the list price. A strategic price adjustment can help. So can a seller-paid closing-cost contribution or eligible rate buydown, depending on the buyer’s loan and the seller’s goals.
Redfin reported that 44.7% of U.S. home sales in the three months ending August 31 included seller concessions such as help with closing costs, repairs, or a rate buydown. 15.8% included both a price cut and a concession. These are national figures, not a recommendation that every Texas seller offer an incentive.
For Texas sellers, the Texas Real Estate Research Center reported a median seller price cut of $14,900 in August, roughly 4% of the initial list price. That’s a reminder to look carefully at what buyers are responding to. Sometimes a payment-focused offer may help a listing stand out more than another price reduction alone.
I’ve also written about seller concessions and rate buydowns as a Texas listing strategy. The right approach depends on the home, comparable sales, the seller’s net proceeds, and what a buyer’s loan allows.
How can you get a clear answer on your numbers?
Rates and market conditions can change. I’ll help you understand what’s current, compare choices, and see how a purchase or offer fits your plans, without pressure or confusing half-answers.
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If you’re buying, selling, or reviewing a loan offer, ask. You can book a free mortgage consultation or request a free second opinion on a loan offer. It’s a low-pressure way to get clear numbers and a plan.
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