Mortgage rates rose sharply in 2022. This made homes less affordable and caused many buyers and sellers to put their plans on hold.

Since then, rates have settled into a more familiar range, usually between 6% and 7%. According to Freddie Mac, the average rate for a 30-year fixed mortgage was 6.65% on August 20, 2026.

These rates are higher than the unusually low rates offered during the pandemic. However, more stable rates make it easier for buyers and sellers to plan.

What Is the Federal Reserve Doing?

At its July meeting, the Federal Reserve kept its key interest rate between 3.50% and 3.75%. The Fed is watching inflation, employment and the overall economy before making its next decision.

Many people believe the Fed directly controls mortgage rates, but it does not.

The Fed controls a short-term interest rate that affects credit cards, home equity lines and other types of borrowing. Mortgage rates are affected by several factors, including inflation, the bond market and the economy.

Why Haven’t Mortgage Rates Dropped More?

Mortgage rates are based partly on what investors think may happen in the future.

If investors are worried about inflation, government spending or the economy, mortgage rates may stay higher. This can happen even if the Fed lowers its rate.

That is why waiting for the Fed to cut rates may not lead to the lower mortgage payment a buyer expects. A future rate cut may already be included in today’s mortgage rates.

Buyers Have Options

Many buyers are no longer waiting for rates to return to pandemic levels. They are looking for ways to buy under today’s conditions.

Options may include:

Refinancing may be possible in the future, but it is never guaranteed. Buyers should make sure they can afford the payment they agree to today.

What Do Current Rates Mean for Sellers?

Mortgage rates affect sellers too. Buyers are paying close attention to their monthly payments, so the asking price matters more than ever.

An overpriced home may be removed from a buyer’s list before they ever schedule a showing. A home that is priced correctly and presented well is more likely to attract serious buyers and stronger offers.

The Market Has Adjusted

Rates between 6% and 7% may not feel low, but they have become more predictable. This helps buyers compare realistic loan options. It also helps sellers understand what today’s buyers can afford.

The housing market has not stopped. People still buy and sell because of new jobs, marriages, growing families, retirement, military moves and other life changes.

The right strategy simply matters more now.

No one can predict the exact day mortgage rates will rise or fall. Waiting for the “perfect” rate could mean missing the right home or delaying an important move.

The better approach is to understand today’s market, review your options and build a plan around your own goals.

Because the strategy that worked yesterday may not be the strategy that works today.

If you are thinking about buying or selling in the Wichita Falls area, the Debra West Team can help you understand the market, review the numbers and choose the right strategy for your move.

THE DEBRA WEST TEAM  |  RE/MAX ELITE GROUP