Rates do not change what a house is worth to a cash buyer, but most Dallas buyers finance, so rates change what they can pay. When rates fall, buyers stretch and prices firm up. When rates rise, the first thing that gives is the pace of sales, then the price.
The payment math
On a $450,000 loan, each one point change in the rate moves the monthly payment by roughly $300 to $315 at current rates (about $301 to $313 from 7.40 percent). That is the difference between qualifying and not qualifying for a lot of buyers.
For sellers
If rates drop, more buyers appear and you can hold price. If rates rise, you compete on price or on terms, like a rate buydown credit that costs less than a price cut and makes the payment work for the buyer.
For buyers
Marry the house, date the rate is a sales line, but the math behind it is real. You can refinance a rate. You cannot refinance a neighborhood. Buy the right house at a price that works today and treat a lower rate later as upside.