Keller Williams Heritage Real Estate Agent breaks down rise in fixed mortgage rates, impacts on local housing market

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Real Estate Agent Ronnie Trevino with Keller Williams Heritage joined Leading SA to help break down the rise in interest rates for a 30-year-fixed mortgage and the impacts on the local housing market.

– The current average 30-year fixed mortgage interest rate is higher than 7%, which is a huge swing from the sub-3% rates we saw during the pandemic. So what impact are we seeing on the local housing market?

Even though San Antonio home prices have increased, it is still a lower cost of living than in other parts of the state. However, the fact remains that interest rates are a big factor in home sales, and 7% is higher than most current buyers are used to seeing. Other than earlier this year, it is the highest average the country has seen since 2001.“

 

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