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Another thought about this is that there are two ways to create Text.

a)  If you initially drag a rectangle you get a square area and that is going to be Paragraph Text  (it keeps the big rectangle)

b) If you click in one spot, that is where the text will start and it is called Point text (its bounding box is just around the text)

You can convert from one type to the other by right clicking in the desired Text Layer in the Layers Panel (to the right side of the selected Layer) and in the dropdown you can convert to the other type of text.

Not sure if this is what you want yet thought it was worth mentioning.

John Wheeler