For the first time since September 2022, the 30-year fixed-rate mortgage has dropped below 6%, averaging 5.98% this week according to Freddie Mac. For San Antonio buyers who have been waiting on the sidelines, this is the moment they've been watching for.
"Mortgage rates falling below 6% is a big psychological and financial milestone," says Nadia Evangelou, NAR's principal economist. "That's a confidence trigger for buyers, especially those holding out for rates to start with a five again." On a $400,000 home, today's rates bring monthly payments down to approximately $1,910 — putting roughly $2,000 back into a buyer's pocket annually compared to a year ago.
What This Means for San Antonio
The local impact could be significant. According to NAR's Metro Market Dashboard projections for the San Antonio-New Braunfels market, the drop to 6% mortgage rates is expected to bring 48.1% of all local households into mortgage-qualifying territory — an increase of 4.4%. That translates to an additional 43,663 households who can now afford the median-priced San Antonio home, currently at $296,000.
Applying NAR's historical 10% activity rate, the San Antonio-New Braunfels market could see approximately 4,366 additional home sales over the next 12 to 18 months — a meaningful surge of new buyer activity heading into the spring selling season.
Nationally, NAR estimates 5.5 million additional households now qualify for a mortgage — including 1.6 million renters who could become first-time buyers.
The Bottom Line
Lower rates mean more buyers, more competition, and renewed momentum for the San Antonio real estate market.
Ready to take advantage of today's improved mortgage rates in San Antonio? Whether you're a first-time buyer finally ready to make your move or a seller looking to capitalize on renewed buyer demand, contact me today for a free consultation and a personalized strategy built around the latest San Antonio real estate market data.
