Fed hike follows earlier shifts in Cooke County housing

More homes to choose from and lower asking prices preceded September’s Federal Reserve rate increase in Cooke County, Realtor.com’s August data show. The Fed’s Sept. 16 decision came as mortgage borrowing was already becoming more expensive nationally, according to Freddie Mac’s weekly records.

For buyers, higher mortgage rates mean larger monthly payments when the amount borrowed and other loan terms remain equal, Dallas Fed researchers explain. The researchers also explain that the added expense can reduce demand for homes. The policy announcement, however, does not establish how September’s increase affected Texoma prices or purchases.

With inflation still elevated, policymakers unanimously backed a quarter-percentage-point increase in their benchmark rate, the Fed’s statement said.

Freddie Mac’s national mortgage survey recorded increases in consecutive weeks before the decision and further gains afterward. By mid-October, its average rate for a 30-year fixed mortgage stood at about 7.4%. Those averages do not identify the terms available to a particular local borrower.

Locally, the August listing figures document changes already underway. Compared with a year earlier, Cooke County had more properties advertised for sale, while the median asking price declined. Properties also spent longer on the market, according to Realtor.com.

| Cooke County measure | August 2026 | Annual change |

| --- | ---: | ---: |

| Median listing price | $381,950 | Down 15.57% |

| Active listings | 694 | Up 13.46% |

| Median days on market | 81 | Up 25.52% |

The price measure reflects what sellers asked, rather than what buyers paid at closing. These records establish when the changes occurred without establishing their cause.

Mortgage pricing reflects expectations in long-term financial markets, including the outlook for inflation and future interest rates, according to the St. Louis Fed. That helps explain why borrowing costs can shift ahead of a policy announcement. In their May analysis, Dallas Fed researchers reported that the policy rate had declined since mid-September 2024, while mortgage rates remained close to their earlier level.

Weak housing activity also appeared in the Dallas Fed’s Sept. 2 Beige Book. The report said builders offered discounts and mortgage-rate buydowns that reduced profit margins below pre-pandemic levels. Housing contacts cited in the report expected little near-term improvement.

State results were less uniform. Texas REALTORS reported that the second-quarter statewide median sale price matched the previous year’s level, while completed sales increased in most metropolitan markets.

For existing homeowners, a fixed-rate loan keeps the interest rate established at origination, the Consumer Financial Protection Bureau explains. According to the bureau, an adjustable-rate loan can reset based on its index and the adjustment schedule in its contract.