Manor: How Mortgage Rates Affect Buying Power in November

What does a 7.18% mortgage rate mean for a buyer in Manor today? With the median closed price at $313,366 across 36 sales in October, the monthly principal and interest payment on a standard loan with 20% down is approximately $1,698. This figure serves as the baseline for understanding how rate fluctuations impact affordability in this market. ALEX Intelligence modeled two common buydown scenarios to show how buyers can temporarily reduce their payments. A 3-2-1 buydown, which costs $11,592 upfront (about 3.7% of the home price), would lower the initial payment to $1,223 in year one and $1,373 in year two. A 2-1 buydown, costing $5,892 (roughly 1.9% of the price), offers a slightly smaller reduction, starting at $1,373 in year one before rising to $1,532 in year two. These calculations assume a standard 30-year fixed loan and do not include taxes or insurance. While the median price in Manor has dropped 7.3% compared to last October, the current rate environment means that financing costs remain a significant portion of the monthly budget. Buyers should weigh the upfront cost of a buydown against their ability to qualify for the higher initial payment if they choose not to use one. The data reflects single-family home sales with prices net of seller-paid concessions. All model outputs are ALEX Intelligence estimates, not appraisals. Want a closer look? Reply or call George at 713.918.9951 and we'll set up a showing. Data from Unlock MLS. Information deemed reliable but not guaranteed. Model outputs are ALEX Intelligence estimates, not appraisals. Read more Central Texas market data on the ALEX blog: https://alex-companies.com/blog