Today's Mortgage Rates in Texas

Today's 30-year mortgage rate in Texas is an average of 6.88%, slightly lower than the national average of 6.90% for the same type of mortgage. Texas offers various programs to help homebuyers reduce the costs of securing a mortgage, including the Homes for Texas Heroes Program and the Home Sweet Texas Home Loan Program.

We'll guide you through the intricacies of the current 30-year mortgage rate in Texas and dive into how interest rates can differ depending on your loan type and credit score. We provide insights into the mortgage types available, how different rate structures work, the lenders you can choose from and the mortgage programs offered in Texas. With this information, you can confidently navigate the process of financing your home.

In Texas, the current mortgage rate for a 30-year fixed mortgage in July 2024 is 6.88% — an increase from June's average APR of 6.61%. For a loan amount of $250,000 with a 20% down payment, the rate increase can mean an extra $12,917 in total interest over the life of your loan, not including additional expenses like property taxes and HOA fees.

Rates can adjust daily due to economic news and Federal Reserve actions. The line chart below shows rate trends across several months, allowing you to see the pattern of change and prepare for your mortgage endeavors.

Understanding the current mortgage rate in Texas aids your budget planning.

First-time homebuyers and those looking to refinance can make savvy decisions based on today's mortgage interest rates in Texas:

Purchase rates and refinance rates in Texas are clearly different. If you're buying a new home, the current mortgage rate for a 30-year fixed mortgage is 6.88%. Conversely, choosing to refinance that same loan type comes with a higher rate of 8.15%.

A 30-year fixed-rate mortgage in Texas is usually higher than a 15-year fixed-rate mortgage. You're paying for the long-term stability and the luxury of lower monthly payments, but the trade-off is more interest over time. With a 15-year loan, the shorter term means lower interest costs, but they come with higher monthly payments.

To understand what you might pay, reviewing mortgage loan types in Texas is a smart move. Use a mortgage calculator to see how different rates and terms will affect your monthly mortgage payment. This gives you a clear picture of what you can afford before you commit to a loan.

In Texas, if your credit score is 740 or higher and you want to make a down payment between 5% and 20%, the average APR for a 30-year fixed mortgage is 7.31%. On the other hand, if your score is below 680, you might see an average APR jump to 8.01%.

Your credit score impacts the mortgage rates you may qualify for in Texas. Check out our interactive table to explore the rates you might get based on your credit score and down payment:

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages at 6.54%. Knowing your options can give you a better chance at selecting a loan that aligns with your financial circumstances. These are the various mortgage loan types available in Texas:

Rocket, Truist and Bank of America are solid options for securing a mortgage in Texas, given their state availability, Better Business Bureau accreditation and homeowner assistance programs. While these lenders stand out, you might find other lenders in Texas that fit your financial needs.

Your mortgage rate in Texas can vary depending on which lender you choose. Different lenders offer diverse mortgage options and loan terms, which include varying rates. By comparing rates from several lenders in Texas, you can ensure you land the most favorable deal.

Homeownership has hidden costs that may impact your budget. In Texas, you can get help from the Texas State Affordable Housing Corporation. It provides mortgage programs tailored to assist you.

Understanding today's mortgage rates in Texas is vital for anyone purchasing a home in the Lone Star State. We've answered your pressing questions to help you navigate the mortgage landscape with confidence.