Mortgage Rates This Week: What 7.18% Means for Your Monthly Payment in San Antonio

You see a mortgage rate on the news and it sounds like a number for economists. It is really a number about your monthly budget. So let's turn this week's rate into dollars you can plan around.

I am Betsy Nava-Flores, a Broker Associate and REALTOR® with Harvest Real Estate Group (eXp Realty, LLC), and I have helped people buy and sell homes around San Antonio for 26 years. This update covers the latest weekly rates, what they do to a monthly payment, and what they mean for you whether you are buying or selling. It is general information, not lending advice.

Here is where rates stood in the Freddie Mac Primary Mortgage Market Survey, released on November 5, 2026:

• 30-year fixed: 7.18% on average, down from 7.24% the week before.
• 15-year fixed: 6.57% on average, down from 6.60% the week before.
• A year ago: the 30-year fixed averaged 6.22% and the 15-year averaged 5.50%.

The November 5 drop was the third weekly decline in a row for the 30-year rate, which Freddie Mac had at 7.32% on October 22, 2026. Rates are easing, slowly, but they are still about a full point higher than this time last year.

These are national weekly averages. The rate you are offered depends on your credit, your down payment, your loan type, and the day you lock.

A rate only matters once it becomes a payment. Here is principal and interest on a 30-year fixed loan at this week's average, compared with the average a year ago:

• $250,000 loan: about $1,694 a month at 7.18%, compared with about $1,534 at 6.22%.
• $300,000 loan: about $2,032 a month at 7.18%, compared with about $1,841 at 6.22%.
• $350,000 loan: about $2,371 a month at 7.18%, compared with about $2,148 at 6.22%.

On a $300,000 loan, that is roughly $191 more each month than a buyer with the same loan would have paid a year ago. This week's small dip, from 7.24% to 7.18%, trims about $12 a month off that same loan. Small moves add up, but they are not worth waiting months for on their own.

These figures cover principal and interest only. Property taxes, homeowners insurance, mortgage insurance, and any HOA dues come on top, and in Texas property taxes can be a large share of the payment. Ask your lender for a full estimate on a real address before you set your budget.

The 15-year rate is lower, but the payment is higher because you pay the loan off in half the time. On a $300,000 loan, a 15-year fixed at 6.57% comes to about $2,625 a month in principal and interest, compared with about $2,032 for a 30-year at 7.18%.

The difference shows up over the life of the loan. If you kept each loan to the end, the 30-year would cost about $432,000 in interest and the 15-year about $172,000. The 30-year gives you a lower payment and more breathing room each month. The 15-year builds equity faster if your budget can carry it. Neither one is right for everyone, and a lender can run both on your numbers.

• Start with the payment, not the price. Decide the monthly number you are comfortable with, then work backward to a price range. Your lender can show you how far that number goes at today's rate.
• Ask about a buydown. A seller credit can pay to lower your rate. On a $300,000 loan, cutting the rate from 7.18% to 6.93% would save about $50 a month, and cutting it to 6.68% would save about $100. Ask your lender what each one costs and compare it with the same money taken off the price.
• Compare loan types. Conventional, FHA, VA, and USDA loans price differently. If you have served, my page on VA and military home buyers explains how VA loans can change the math.
• Buy a payment you can carry today. Refinancing later may be an option if rates fall, but it has costs and it is never guaranteed.

If this is your first home, my guide for first-time home buyers in San Antonio walks through the basics, and why November and December can be a smart time to buy covers the holiday-season side of this market.

Higher rates shrink what many buyers can afford each month, so they shop more carefully and compare more homes. That puts more weight on pricing your home right from the first day and on making it easy for a buyer to say yes.

• Price to today's buyer. A buyer qualifying at 7.18% has less room than one who shopped a year ago at 6.22%. A home valuation built on current sales tells you where that buyer is.
• Think about a rate buydown offer. Offering a credit toward a buyer's rate can lower their payment more than a small price cut does, and it can help your home stand out. It is a cost to you, so compare it against your other options.
• Watch the trend. Three straight weekly declines may bring a few more buyers back. No one can promise rates keep falling, so plan around the market you have today.

My page on selling your home in San Antonio explains how I price and market a home in a market like this one.

Should I wait for rates to drop before I buy? Maybe, maybe not. Waiting can make sense if your budget does not work today. If it does, a home you like at a price that fits may matter more than a fraction of a point, and prices and competition can change while you wait.

Where does the weekly rate come from? Freddie Mac publishes its survey every Thursday. It reflects average rates on loans to borrowers with strong credit and a 20% down payment, so your quote may differ.

Who gives me my actual rate? A lender does. I can connect you with lenders I trust, and you can compare more than one.

If you want to know what this week's rates mean for your own budget, or for the buyers who will see your home, call or text me at 210-889-7495 or send me a note through the contact page. We will look at real numbers together, and I will tell you plainly if waiting makes more sense for you.

Rates quoted are Freddie Mac national weekly averages as of November 5, 2026. Payment examples are principal and interest only and are estimates, not a loan offer. Talk with a licensed lender about your own situation.