Average rate on a 30-year mortgage climbs to highest level in 13 months - AP News

That's up from 6.66 percent last week and above the 6.50 percent average from a year ago. The last time rates sat this high was July 31, 2025, when they hit 6.72 percent. For anyone shopping for a house in Lubbock right now, that's not just a number on a chart.

Higher rates translate directly into larger monthly payments, which shrinks what buyers can afford. Freddie Mac notes the increase can add hundreds of dollars a month in costs depending on the loan size. That kind of pressure tends to push people out of the market entirely, and it's one reason home sales across the country have stayed sluggish through the year.

For folks in Lubbock looking to move out of a rental near Texas Tech or upgrade from a starter home in Tech Terrace, the math just got harder. Sellers aren't necessarily seeing a windfall either, because fewer qualified buyers means less competition and slower deals.

Spread across a typical 30-year loan, that shift adds up to tens of thousands of dollars in total interest paid.