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Written by Jeff Ostrowski Jeff Ostrowski
Edited by Suzanne De Vita Suzanne De Vita
Edited by Suzanne De Vita Suzanne De Vita
On Monday, March 11, 2024, the national average 30-year fixed mortgage APR is 7.00%. The national average 30-year fixed refinance APR is 6.99%, according... to Bankrate's latest survey of the nation's largest mortgage lenders.
On this page
- Current mortgage interest rates in Texas
- Mortgage statistics for Texas
- Mortgage options in Texas
- First-time homebuyer programs in Texas
- How to find the best mortgage rate in Texas for you
- Compare mortgage lenders side by side
- Additional Texas mortgage resources
How to compare mortgage offers
Comparison-shopping for a mortgage isn’t just smart — it’s crucial to get the most competitive rate and mortgage terms. Even a 0.1 difference in an interest rate can save thousands of dollars over the life of the loan. Bankrate’s mortgage rate table allows you to easily compare personalized rates from our marketplace of trusted lenders. Here is how to compare mortgage offers on Bankrate in 3 easy steps:
- Determine the right type of mortgage: There are a lot of options in home loans, so it’s important to research and decide what type of mortgage might be best for you, given your finances and your short- and long-term goals.
- Gather necessary documentation: In order for lenders to give you the most accurate quote, you will need to provide paperwork once connected with a lender that verifies your income, assets, debts and employment.
- Compare mortgage offers online: Bankrate helps you easily compare mortgage offers by using our mortgage rate table below. Our rate table filters allow you to plug in general information about your finances and location to receive tailored offers. As you weigh offers, be sure to consider APRs, lender fees and closing costs to ensure you’re making accurate comparisons — and maximizing your savings potential.
The Bankrate Promise
Bankrate has helped people make smarter financial decisions for 40+ years. Our mortgage rate tables allow users to easily compare offers from trusted lenders and get personalized quotes in under 2 minutes. While our priority is editorial integrity, these pages may contain references to products from our partners. Here is how we make money.
On This Page
On This Page
- Current mortgage interest rates in Texas
- Mortgage statistics for Texas
- Mortgage options in Texas
- First-time homebuyer programs in Texas
- How to find the best mortgage rate in Texas for you
- Compare mortgage lenders side by side
- Additional Texas mortgage resources
Current mortgage interest rates in Texas
As of Monday, March 11, 2024, current interest rates in Texas are 7.07% for a 30-year fixed mortgage and 6.55% for a 15-year fixed mortgage.
The median home sale price in the state was down 1.5 percent year-over-year as of the third quarter of 2023, according to Texas Realtors, the state’s Realtor group. Despite the dip, most of the state’s biggest cities saw prices rise. Those gains, coupled with today’s higher mortgage rate environment, continue to make housing affordability a challenge.
Refinance rates in Texas
While mortgage refinance rates have more than doubled since the pandemic, many Texas homeowners have much more tappable equity now. With a cash-out mortgage refinance, you could take advantage of this asset to help further your financial goals.
Learn more: Why and how to do a cash-out refinance
Texas mortgage rate trends
While mortgage rates are difficult to predict, the current consensus is for rates to remain well above historical lows for the foreseeable future, including in Texas.
Learn more: Latest mortgage rate forecast
National mortgage rates by loan type
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.95% | 7.00% |
| 15-Year Fixed Rate | 6.47% | 6.55% |
| 5-1 ARM | 6.43% | 7.73% |
| 30-Year Fixed Rate FHA | 6.76% | 6.80% |
| 30-Year Fixed Rate VA | 6.91% | 6.96% |
| 30-Year Fixed Rate Jumbo | 7.03% | 7.08% |
Rates as of Monday, March 11, 2024 at 6:30 AM
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate | 6.94% | 6.99% |
| 15-Year Fixed Rate | 6.52% | 6.60% |
| 5-1 ARM | 6.30% | 7.62% |
| 30-Year Fixed Rate FHA | 6.79% | 6.83% |
| 30-Year Fixed Rate VA | 7.48% | 7.51% |
| 30-Year Fixed Rate Jumbo | 7.02% | 7.08% |
Rates as of Monday, March 11, 2024 at 6:30 AM
Mortgage statistics for Texas
Texas is home to a diverse economy. Houston and Dallas are two of the nation’s largest metro areas, and Austin is a burgeoning tech hub. Here are some statistics about mortgages and the housing market in The Lone Star State:
- Homeownership rate, Q4 2023: 63.2%
- Median down payment, Dec. 2023: $12,583
- Median home sales price, Q3 2023: $340,000
Sources: ATTOM, Texas Realtors, U.S. Census Bureau
Mortgage options in Texas
If you’re looking to get a mortgage in Texas, you have several options, depending on what you qualify for:
- Texas conventional mortgages: To qualify for a conventional mortgage, you’ll generally need a minimum credit score of 620 and adebt-to-income(DTI) ratio less than 45 percent. If you make a down payment of less than 20 percent, you’ll need to payprivate mortgage insurance(PMI), as well.
- Texas FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to secure a loan insured by the Federal Housing Administration (FHA). A credit score of at least 580 can help you get anFHA loanwith a down payment of just 3.5 percent. You can still get an FHA loan with a credit score of 500, but that requires a 10 percent down payment. With an FHA loan, you’ll typically need a DTI between 31 percent to 41 percent. FHA loans generally have lower interest rates than conventional loans.
- Texas VA loans: If you’re a veteran or active-duty member of the military, you may qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 2.15 percent to start.
Learn more: Types of home loans
First-time homebuyer programs in Texas
If you’re looking to purchase your first home in The Lone Star State, you could be eligible for one or more first-time homebuyer programs. Most help buyers who haven’t owned a home in the past three years. Learn more about Texas first-time homebuyer programs:
- My First Texas Home: Managed by the Texas Department of Housing and Community Affairs (TDHCA), the My First Texas Home program offers mortgages designed with smaller monthly payments. The program also provides small loans to help homebuyers cover down payments and closing costs. These can be worth up to 5 percent of your mortgage.You can find a participating lender online.
- Homes Sweet Texas Home Loan Program: You don’t need to be a first-time homebuyer to take advantage of the Homes Sweet Texas Home Loan program, which offers 30-year fixed-rate mortgages and down payment assistance grants worth up to 5 percent of the loan amount. You don’t need to pay the grants back, but you do need to meet certain income limits, which vary by county.You can find a participating lender online.
- Homes for Texas Heroes Home Loan Program: The Homes for Texas Heroes Home Loan Program is open to police officers, veterans, teachers, corrections officers and emergency medical services personnel. The benefits are the same as those in the Homes Sweet Texas Home Loan Program.
- Mortgage credit certificate (MCC): Mortgage credit certificates offered by the Texas State Affordable Housing Corporation (TSAHC) let you take tax credits based on how much you pay in interest on your mortgage each year.
Learn more: Texas first-time homebuyer assistance programs
How to find the best mortgage rate in Texas for you
- Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
- Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
- Step 3: Know your mortgage options - There are a few different types of mortgages.
- Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
- Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.
Learn more: How to get a mortgage
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
3.6
Rating: 3.6 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.98 stars out of 5
5.0
562reviews
Read full lender review
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Rating: 4.5 stars out of 5
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
Rating: 4.94 stars out of 5
4.9
1061reviews
Read full lender review
Additional Texas mortgage resources
- Texas loan limits by county: Learn the conforming loan limit for your city or town.
- Best mortgage lenders in Texas: Find out Bankrate’s top picks.
- Texas housing market overview: Know what to expect as a homebuyer or seller in Texas.
- Cost to buy a house in Texas: Home prices vary widely across the state. Narrow down your budget here.
- Homeowners insurance in Texas: Compare policies from a variety of providers.
