For Texas homeowners looking to refinance their mortgage, MoneyGeek has compiled the most accurate mortgage refinance rates available. You can find Texas's current average refinance rates in the table below.
Today’s Refinance Rates in Texas
Most people refinance their mortgages to consolidate debts and lower their interest rates. The average monthly mortgage payment in Lone Star State is $1,137, which is $22 lesser than the national average.
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Brett Holzhauer, CPFC
Personal Finance Journalist
Brett Holzhauer is a Certified Personal Finance Counselor (CPFC) and a personal finance reporter at MoneyGeek. He has written for several leading publications, including Forbes Advisor, LendingTree, CNBC and ValuePenguin. Holzhauer has a journalism and mass communications degree from the Walter Cronkite School of Journalism and Mass Communications at Arizona State University.
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Brett Holzhauer, CPFC
Personal Finance Journalist
Brett Holzhauer is a Certified Personal Finance Counselor (CPFC) and a personal finance reporter at MoneyGeek. He has written for several leading publications, including Forbes Advisor, LendingTree, CNBC and ValuePenguin. Holzhauer has a journalism and mass communications degree from the Walter Cronkite School of Journalism and Mass Communications at Arizona State University.
Updated: January 18, 2024
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Current Refinance Rates in Texas
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Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in Texas?
Compared to the national average interest rates, Texas' current refinance rates are lower. For a 15-year fixed-rate loan, 4.92% is the current national average rate, while Texas only has 4.25%. 30-year fixed-rate loan stands at 5.81% on the national average and only 5.06% in the state. Meanwhile, a 5/1 ARM has a 4.41% rate nationwide whereas only 4.14% statewide.
The definition of a good interest rate on a mortgage is subjective as it depends on several variables such as the length and amount of the loan, credit score and income-to-debt ratio. To ensure you're getting the best deal according to your unique profile, it's imperative to shop around for several lenders and compare their available rates.
Furthermore, interest rates for mortgages fluctuate daily. This means that the quote given to you by a lender can change quickly. So, if you find a refinance rate in Texas that you're comfortable with, don't wait too long.
Estimate Your New Monthly Mortgage Payment
Below is MoneyGeek's mortgage refinance payment calculator that can estimate your new monthly payment. Utilize Texas' average rates that we provided when entering your mortgage information. Note that several factors can impact interest rates, including credit score, mortgage term, loan amount and debt-to-income ratio. So, be aware of them when calculating your mortgage interest rates.
By Mandy Sleight, Licensed Insurance Agent
Frequently Asked Questions About Refinance Rates in Texas
For a better understanding of what you need to know about refinancing your home, MoneyGeek compiled the most frequently asked questions about Texas mortgage refinance rates.
Your unique profile and current average rates will determine what refinance rate you get. Texas' average refinance rates range from 4.14% to 5.06% for 15- and 30-year fixed-rate loan and 5/1 ARM. You can use these average rates as a benchmark when comparing quotes and selecting a lender.
The purpose of refinancing is to reduce costs, but a bad rate defeats that purpose. In this case, refinancing your mortgage at a higher rate than your current rate may not be beneficial.
The average interest rate on a 30-year fixed-rate loan in the Lone Star State is 5.06%. A good refinance interest rate should either be equal to or lower than this value.
On average, Texas' 15-year fixed-rate mortgages have a 4.25% interest rate. If you can find a loan at or near this rate, that would be ideal.
Texas's average 5/1 ARM has an interest rate of 4.14%. If your interest rate is similar to or lower than this average, you have a good deal on hand.
Read More on Mortgages
sources
- FRED. "Mortgage Rates." Accessed July 13, 2022.