DALLAS, TX — Mortgage rates have moved above 7%, reaching a nearly two-year high and forcing North Texas homebuyers to rethink what they can afford. The increase comes at a time when housing costs are already strained by taxes, insurance and higher home values, making the full price of ownership harder to manage.
Local Realtors say the jump is not a surprise, but it still changes how people approach the market. For some buyers, the higher borrowing cost will be enough to delay a purchase. For others, it may reduce the number of competing offers and create openings on homes that would have drawn more attention when rates were lower.
Why Realtors Say the Rate Jump Was Not Unexpected
Brent Myers, director for the Greater Fort Worth Association of Realtors, said many people in the industry saw the move coming. He said higher rates have a real effect on how real estate deals are handled, because even small changes can reshape what buyers qualify for and how quickly they act.
Myers tied the increase to inflation, saying the broader effort to slow rising prices has helped push borrowing costs higher. His view is that the market has adjusted before, and buyers who remain active will need to pay closer attention to monthly payment changes rather than just the asking price of a house…