Mortgage Rates Have Dropped Three Weeks in a Row: What It Means for Houston Buyers

by Ruby Miranda

Good news for buyers: mortgage rates have eased for three straight weeks. According to Freddie Mac’s weekly survey released November 5, 2026, the average 30-year fixed rate dipped to 7.18%, down from 7.24% the week before and from roughly 7.5% a few weeks earlier. Rates are still higher than a year ago (about 6.22%), but the trend is moving in the right direction.

Why This Matters

Even small rate drops change your monthly payment. On a $300,000 loan, every quarter-point drop saves roughly $50 a month in principal and interest. Combine an easing rate with sellers who are offering concessions in today’s slower market, and buyers have more tools than they did this summer.

Smart Moves for Buyers Right Now

Get pre-approved first. A real pre-approval tells you your true budget and makes your offer stronger.
Ask for seller concessions. With Houston inventory at about 5.5 months, many sellers will help with closing costs or a rate buydown.
Look into down payment assistance. Texas programs from TSAHC and TDHCA, plus local programs, can help eligible buyers with down payment and closing costs.
Ask about a Mortgage Credit Certificate (MCC). An MCC is a federal tax credit that can put money back in your pocket every year you live in the home.
Do not try to time the bottom. If you buy the right home at the right price, you may be able to refinance later if rates fall further. You cannot go back and buy at today’s price.

Get Your Numbers

Every buyer’s situation is different. Our preferred lender, Cliff Saunders with New American Funding, can run your real numbers, including grants and tax credits. Start your pre-approval or learn about the MCC.

Rate data: Freddie Mac Primary Mortgage Market Survey, week of November 5, 2026. Rates change daily and vary by borrower.

Ready to Talk About Your Move?

Ruby Miranda and The Queen Team at Keller Williams Summit help buyers and sellers across Harris, Galveston, Brazoria and Chambers counties, including Deer Park, Pasadena, La Porte, Pearland, Baytown, League City and Clear Lake. Call or text 832-830-2055, schedule an appointment, search homes or get your free home value. Se habla español.

The Queen Team | Keller Williams Summit, 106 E San Augustine St, Suite 200, Deer Park, TX 77536. Mortgage information is provided for education only; for loan options and current rates, contact our preferred lender Cliff Saunders, New American Funding (NMLS #230688; NAF NMLS #6606). Not a commitment to lend; all loans subject to credit approval. Equal Housing Opportunity.