Mortgage Rates Hit 7.40% Then Eased: The San Antonio Purchase Power Math

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Where rates sit, week by week

Freddie Mac's weekly survey moved from 7.28% on October 1 to 7.40% on October 8, held at 7.40% on October 15, and eased to 7.32% on October 22, the latest reading. That mid-month 7.40% was the highest level since late 2023, higher than the 7.28% that already marked the previous multi-year high at the start of October. A 12 basis point spread between the start and the end of the month sounds small, and in payment dollars it mostly is: on a $270,000 loan, which is 10% down on a $300,000 purchase, the difference between 7.28% and 7.40% is about $22 a month. The month's real story is that rates stayed above 7% the entire time, which is the environment buyers are actually working in, not a temporary spike.

The rate that matters is the one on your lock confirmation, not the one in a headline.

What the rate does to a San Antonio payment

At 7.32%, a $300,000 purchase with 10% down means a $270,000 loan and principal and interest of about $1,855 a month; with 20% down, the $240,000 loan lands near $1,648. Property taxes and insurance add roughly $600 to $800 a month on a home in that range in the San Antonio area, so the total payment lands between about $2,450 and $2,650 before any HOA dues or MUD taxes. The useful way to use this: decide the monthly number you can carry first, then back into the price and down payment that fit it. I walk buyers through this with their real numbers, because the gap between the rate on a screen and the payment in your budget is where the anxiety lives.

Does a 0.12% swing change the decision?

No. A $15 to $22 monthly difference is not a buying or waiting signal, and neither is a single weekly reading. What changes decisions is the total payment at today's rate against the payment you were quoted last time you checked. Waiting for a materially lower rate has not paid off so far this year, with the October readings the highest since late 2023, and prices and inventory move on their own calendar while you wait. If the payment at 7.32% fits, the timing question is about the home and the neighborhood, not the rate tick.

The honest play for buyers this fall

• Get pre-approved now, with the rate quote in writing, so the payment you plan around is the payment that exists.
• Ask your lender how long the rate lock lasts before you start shopping; 30 and 60 day locks are the usual range, and a longer lock at a small premium can protect a rate through a longer search.
• Compare two or three lender quotes on the same day, because at the same rate the fees can differ by thousands.
• Run the numbers at the payment that fits, and let the home and the neighborhood, not the basis points, decide the shortlist.
• If your timeline is flexible, keep looking but keep the pre-approval current, because a rate quote has an expiration date.

Frequently asked questions