Current Texas Mortgage And Refinance Rates

Understanding mortgage and refinance rates is key when navigating the Texas housing market. These rates aren’t set in stone, though. They fluctuate based on factors like 10-year Treasury yields, economic conditions, Federal Reserve policy and inflation.

To help you understand these fluctuations, we summarized the current Texas mortgage and refinance rates, plus rate trends and tips for getting the best mortgage rates in Texas. Keeping an eye on current rates can be advantageous whether you want to buy your dream home or refinance your current mortgage. Even a small change in rates can impact your monthly payments and the overall cost of borrowing.

Today’s Mortgage Rates in Texas

Texas’s average APR on a 30-year mortgage climbed 0.021 points to 6.681% over the past week, according to data from the Mortgage Research Center. The rate is basically flat over the last 90 days and up 0.111 points over the last 30 days.

The state’s average APR for the benchmark 15-year fixed mortgage rose 0.029 points to 5.693% over the past week. Over the last 90 days, the rate is down 0.057 points; it’s up 0.133 points over the last 30 days.

The average APR for a 30-year jumbo mortgage rose 0.025 points to 6.955% since last week. It’s down 0.252 points over the last 90 days and up 0.022 points over the last 30 days.

30-year fixed-rate mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.681%.
• Last week. 6.66%.

15-year fixed-rate mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.693%.
• Last week. 5.664%.

30-year fixed-rate jumbo mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.955%.
• Last week. 6.93%.

Today’s Refinance Rates in Texas

Texas’s average APR for the benchmark 30-year fixed refinance mortgage rose 0.04 points to 6.746% compared to a week ago. The rate is down 0.013 points over the last 90 days and up 0.114 points over the last 30 days.

The average APR in the state on a 15-year refinanced mortgage increased 0.026 points to 5.69% weekly. Over the last 90 days, the rate is down 0.058 points over the last 90 days; it’s up 0.129 points over the last 30 days.

For jumbo 30-year refinanced mortgages, the average APR dropped 0.012 points to 7.009% week-to-week. It’s down 0.234 points over the last 90 days and up 0.054 points over the last 30 days.

30-year fixed-rate refinance mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.746%.
• Last week. 6.706%.

15-year fixed-rate refinance mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.69%.
• Last week. 5.664%.

30-year fixed-rate jumbo refinance mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 7.009%.
• Last week. 7.021%.

Texas Mortgage Rate Trends

Understanding the patterns and changes in Texas mortgage interest rates over time can empower you to make informed decisions about financing when purchasing a new home, refinancing or shopping for a second mortgage. Depending on your qualifications, analyzing Texas mortgage rate trends may help you save over the life of the loan.

Mortgage rates in Texas have have held roughly flat over the last three months, as have national rates.

Texas Mortgage Rates vs. National Mortgage Rates

Although state mortgage rates generally follow changes in the national average, they do vary by state.

Today’s average mortgage rate in Texas is 6.681%, while the national average rate is 6.763%. That’s -0.082 percentage points lower than the national average.

Texas’s mortgage refinance rate today is 6.746% versus the national average of 6.805% – 0.059 percentage points lower than the national average.

Use the chart below to explore the differences between states.

Buying a House in Texas

Buying a home in Texas can be an exciting adventure. With its diverse landscapes, rich culture and low cost of living, Texas has something for everyone. Whether you’re looking for a bustling city neighborhood or a quiet rural area, knowing the local real estate market and what’s involved in buying a home is important. Working with a local real estate agent can help you navigate the process and find the perfect home for you. Likewise, staying informed about the market and local rules can simplify your home-buying journey and make it easier to close on a house.

How to Get the Best Mortgage Rates in Texas

You’ll need to do a bit of planning and research to get the best mortgage rates in Texas. Current interest rates and trends can vary widely across different regions, so start by understanding what to expect in your area. Then, shop around to compare offers from multiple lenders, including banks, credit unions and online mortgage providers.

You may also qualify for more favorable rates if you maintain a strong credit score, provide a substantial down payment and demonstrate a stable financial history. Consult with a local mortgage broker or financial advisor who’s familiar with the Texas housing market to gain valuable insights and navigate the process more efficiently. By staying informed and proactive, you can find a mortgage rate that best fits your financial situation and home-buying goals.