Rates have fallen recently, giving prospective homebuyers an extra incentive to purchase homes. But is now the right time for you? Let’s consider how the rate change has impacted the Dallas-Fort Worth market.

A Window of Affordability 

This significant drop in rates is a compelling reason to buy now. The weekly average for a 30-year fixed mortgage recently fell to its lowest level in nearly a year, settling in the mid-6% range. That could mean significant savings.

For example, on a $400,000 loan, even a 0.5% decrease can reduce your monthly payment by over $125, potentially saving you tens of thousands of dollars over the life of a 30-year mortgage.

More Homes, More Choices in Texas

It’s looking like a buyer’s market and homebuyers may have the advantage for the first time in years. This is true nationally, with more sellers than buyers creating the widest gap since 2013. And it’s true locally. Active listings in Texas recently reached a 14-year high. In the Dallas-Fort Worth area, housing inventory is at its highest level in more than a decade.

The days of rampant bidding wars are gone. This means increased choices, less pressure, and more time to find the home that fits your needs.

Negotiating Power Is Back

With inventory climbing, considerable leverage is shifting toward buyers. Sellers are more motivated to make concessions. Sale prices coming below asking – a rarity just a year ago – are becoming more common.

In this market, sellers are more willing to compromise on price and terms, including closing costs or repairs. This negotiating power can significantly lower your upfront costs.

What If Rates Go Lower? 

Some buyers hesitate, hoping for even lower rates. But waiting is a gamble.

Where do experts think rates are heading? The consensus is that they will hold steady in the mid-6% range through 2025. Some forecasters, including Fannie Mae and the National Association of Realtors, predict a slight decrease in 2026. Others, including the Mortgage Bankers Association, expect today’s rates to remain in place through next year.

A future rate drop, however, doesn’t necessarily benefit buyers; conditions could flip back to a competitive seller’s market. If rates drop in the future, refinancing is always an option.

Ready to explore your options? The Decker Group can help you find the financing that fits your needs. Call us at (972) 591-3097 or connect with us online.

Please note: this is accurate information as of the date of publishing. Rates and statistics may change thereafter.