If you’re planning on buying a home in Texas, you’ll want to go for the best mortgage rate possible. Your mortgage rate will depend on a few different factors, including your level of income, your credit score, your debt-to-income ratio, and how much down payment you can offer.
Some ways to improve your mortgage rate in Texas are to make sure all of your documentation is in order, check your credit before you apply for a home loan, and get preapproved by a reputable mortgage lender.
Here’s a quick look at current Texas mortgage rates:
| Loan Program | Mortgage Rate | APR* | 1 Day Change |
|---|---|---|---|
| Conventional 30 year fixed | 6.572% | 6.652% | -0.02% |
| Conventional 20 year fixed | 6.467% | 6.571% | -0.09% |
| Conventional 15 year fixed | 5.986% | 6.12% | +0.08% |
| Conventional 10 year fixed | 5.786% | 5.999% | Unchanged |
| Conventional 7 year ARM | 6.636% | 7.248% | +0.15% |
| Conventional 5 year ARM | 6.651% | 7.365% | +0.06% |
| VA 30 year fixed | 6.099% | 6.228% | +0.15% |
| VA 15 year fixed | 5.741% | 5.932% | +0.25% |
| VA 5 year ARM | 6.375% | 6.639% | -0.08% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
Pondering the possibility of buying a home in Texas? This could bethe year you decide “bigger is better” and mosey on down to the Lone Star State. Here’s what you need to know:
Everything is bigger in Texas, and that includes the population, which just tipped over the 26 million mark. The residents of the great state tend to cluster; one in every four or five lives in the state’s biggest and best cities:
Next, find out how much home you can afford. Texas ranks 21st in US homes for sale at average price, and 4th for homes over $1,000,000. Getting preapproved can help you know what your budget is before you go house hunting.
If you are a first-time home buyer, you may be able to qualify for assistance through a program administered by the Texas Department of Housing and Community Affairs (TDHCA).
My First Texas Home offers 30-year, fixed-interest rate mortgages with down payment and closing cost assistance of up to 5% of the mortgage amount. This is provided as a no-interest, no-monthly-payment second lien that doesn’t need to be repaid until the home is sold, refinanced or paid off. My First Texas Home loans qualify for the Texas Mortgage Credit Certificate program to reduce your federal taxes.
In order to be eligible for this program, first-time home buyers have to:
If you need to refinance a home in Texas to take advantage of favorable Texas mortgage rates, you can do any of the following:
You may think about a streamlined refinance if you qualify by having a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.