Today's Mortgage Rates in Texas (September 2024)
Updated: September 12, 2024
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Today's 30-year mortgage rate in Texas is at 5.99%, which is close to the national average of 6.46% for the same kind of loan. 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.
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Texas. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated on September 2024.
In Texas, the current mortgage rate for a 30-year fixed mortgage in September 2024 is 5.99%, a decrease from August's average APR of 6.03%. For a loan amount of $250,000 with a 20% down payment, this rate decrease can mean a lower total cost of about $2,038 over the life of your loan, not including additional expenses like property taxes and HOA fees.
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:
First-time homebuyers
First-time homebuyers in Texas can use current mortgage rates to compare offers and spot competitive rates.
Homeowners with mortgages
Homeowners in Texas can consider a mortgage refinance if current rates are lower than they currently pay.
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 5.99%. Conversely, choosing to refinance that same loan type comes with a higher rate of 6.42%.
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.
| 5.03% | APR5.24% |
An interest rate is the percentage lenders charge you annually to borrow money for a mortgage. In Texas, you can expect to pay a 5.92% average mortgage interest rate for a 30-year fixed mortgage.
APR stands for annual percentage rate and reflects the total cost of a loan, including the interest rate and other fees like mortgage points. In Texas, the average APR for a 30-year fixed mortgage is 5.99%, giving you a broader picture of your mortgage's yearly expense.
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 currently 6.47%. On the other hand, if your score is below 680, you might see an average APR jump to 7.36%.
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.
| 10-year Fixed | APR5.38% |
| 15-year Fixed | APR5.36% |
| 20-year Fixed | APR6.01% |
| 30-year Fixed | APR6.22% |
| 5-year ARM | APR7.54% |
| 7-year ARM | APR7.48% |
In September 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Texas at 5.75%. 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:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Texas |
|---|---|---|---|
Conventional Loans | Conventional loans in Texas are a traditional financing option not guaranteed by the government. | Rates for a conventional loan may vary more broadly based on credit score and down payment. | 5.99% |
FHA Loans | FHA loans in Texas are backed by the Federal Housing Administration, making them accessible to many buyers. | FHA loans tend to have lower requirements but may come with higher mortgage insurance costs. | 6.48% |
VA Loans | VA loans in Texas are available to military service members and offer benefits like no down payment. | VA loan rates are often competitive, reflecting the government backing and no down payment feature. | 5.75% |
USDA Loans | USDA loans in Texas support rural homebuying, backed by the United States Department of Agriculture. | USDA loan rates can be lower due to government backing and the goal to support rural homeownership. | currently unavailable |
Jumbo Loans | Jumbo loans in Texas are for amounts that exceed conventional loan limits, catering to luxury homebuyers. | Jumbo loan rates may be higher due to the larger loan amounts and increased lender risk. | 6.36% |
Mortgage rates in Texas come in two types: fixed and adjustable.
In September 2024, Texas offers an average APR of 5.99% for a 30-year fixed-rate loan and 7.35% for a seven-year adjustable-rate mortgage.
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.
Rocket provides various mortgage products, including FHA, conventional and VA loans. Notably, it sets its minimum credit score at 620 for conventional loans and as low as 580 for FHA and VA loans. Prospective homeowners can start their home-buying journey with as little as a 3.5% down payment for FHA loans; no down payment is required for VA loans.
Rocket extends customer service hours from 8:30 a.m. to 9:00 p.m. ET Monday to Friday and from 9:00 a.m. to 4:00 p.m. ET on Saturdays, available via phone or chat to assist borrowers. It offers homeowners assistance programs to make it easier to own a home, including ONE+, HomeReady, HomePossible and Freddie Mac BorrowSmart Access, tailored to meet the various needs of homebuyers.
Pros
Cons
Truist is known for its mortgage products in Texas, providing conventional, VA, FHA and jumbo loans. The lender does not publicly disclose its minimum credit score requirements, which suggests a more personalized approach to qualifying potential borrowers. The minimum down payment varies, with some states offering rates as low as 3%, though it does not specify which mortgage product this applies to.
Truist ensures that customer support is available, with customer service hours extending from 8 a.m. to 8 p.m. ET from Monday to Friday and 8 a.m. to 5 p.m. ET on Saturdays through various channels, including phone, social media and in-person meetings. It also offers homeowners assistance programs, including a Doctor Loan, Construction to Permanent Loans and Affordable Lending Options.
Pros
Cons
Bank of America is a recognized name when it comes to mortgage lending in Texas, offering services online and in person. It caters to various needs with different mortgage options like fixed-rate and adjustable-rate mortgages. For buyers seeking a larger loan, it provides jumbo loans. Government-backed FHA and VA loans support those with lower down payments or connected to the military.
Buyers can start with as little as 3% down payment for the Affordable Loan Solution Mortgage, and veterans can enjoy the benefit of no down payment with VA Loans. Note that information about minimum credit scores for these mortgage options is not readily disclosed. It also offers assistance through programs like America’s Home Grant® and Down Payment Grant to help homeowners cover costs. Customer service is available from 8 a.m. to 10 p.m. ET on weekdays and from 8 a.m. until 6:30 p.m. ET on Saturdays, accessible online, over the phone or in person.
Pros
Cons
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.
Program | Content |
|---|---|
Homes for Texas Heroes Program | The Homes for Texas Heroes Program helps Texas teachers, police, firefighters, EMS and veterans with home loans and down payment. Options include a non-repayable grant or deferred loan. First homes can receive a tax-saving Mortgage Credit Certificate, which is free for Texas Heroes using both benefits. The required minimum credit score is 620, and income criteria apply. |
Home Sweet Texas Home Loan Program | The Home Sweet Texas Home Loan Program is aimed at families with low and moderate income. They can benefit from down payment aid as either a grant or a deferred loan, forgiven if they don't sell or refinance within three years. A quick online quiz checks your eligibility. First-time homebuyers may get a tax-reducing Mortgage Credit Certificate. |
Down Payment Assistance for Repeat and Existing Homeowners | The Down Payment Assistance for Repeat and Existing Homeowners offers a mortgage loan and funds for down payment. Choose a non-repayable grant or a deferred forgivable loan, which requires repayment only if selling or refinancing within three years. Down payment amounts vary based on various factors, including your chosen assistance, home cost and borrowing amount. |
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.
Current average APRs in Texas vary based on the loan type and other factors. For example, as of September 2024, a seven-year ARM conforming loan has an average APR of 7.35%, while the 30-year fixed jumbo loan's average APR is 6.36%.
Texas mortgage rates are generally competitive compared to national rates. For instance, in September 2024, the average APR for a five-year adjustable-rate mortgage in Texas was 7.44%, compared to the national average of 7.93%.
Your credit score significantly influences the mortgage rates you're offered. Higher credit scores usually lead to lower mortgage rates since they indicate a lower risk to lenders.
Mortgage programs in Texas, such as the Homes for Texas Heroes Program, Home Sweet Texas Home Loan Program and Down Payment Assistance for Repeat and Existing Homeowners, provide financial assistance to homebuyers.
To secure the best possible mortgage rates in Texas, consider making a larger down payment, improving your credit score and shopping around with multiple lenders for competitive rates.
Today's refinance rates in Texas are, on average, 5.73% for a 15-year fixed loan and 6.42% for a 30-year fixed loan.
To calculate your mortgage payments, you should use a mortgage calculator for Texas, which can help you estimate your monthly payments based on the loan amount, term and interest rate.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
