Updated: December 13, 2024
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Today's 30-year mortgage rate in Texas is 6.41%, below the national average of 6.83%. Texas offers various programs to help homebuyers reduce their mortgage costs, 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 in December 2024.
In December 2024, Texas' average APR for a 30-year fixed mortgage is 6.41%, slightly down from 6.67% the previous month. For a $250,000 loan with a 20% down payment, this rate decrease can mean a lower total interest cost of about $3,813 over the life of the loan, excluding property taxes and HOA fees.
Rates shift often due to changing economic conditions and Federal Reserve actions. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in mortgage rates can significantly impact your finances. Stay updated on Texas' current rates to calculate your potential monthly payments and budget effectively.
First-time homebuyers and those looking to refinance can make savvy decisions based on today's mortgage interest rates in Texas:
First-time homebuyers can use current mortgage rates to compare offers and spot competitive rates.
Homeowners in Texas can consider a mortgage refinance if current rates are lower than what they currently pay.
In Texas, purchase rates and refinance rates differ. The current rate for buying a home with a 30-year fixed mortgage is 6.41%, while refinancing comes with a slightly higher rate of 6.56%.
A 30-year fixed-rate mortgage typically has a higher rate than a 15-year one. The longer term offers lower monthly payments but more interest overall, while a 15-year loan saves on interest but has higher payments.
Review mortgage types in Texas and use a mortgage calculator to see how different rates and terms affect your monthly payments and affordability.
| 6.06% | 6.37% |
An interest rate is the percentage lenders charge to lend money for a mortgage. Texas' average rate for a 30-year fixed mortgage is 6.33%.
An APR (annual percentage rate) includes interest rates and additional fees, like mortgage points. The average APR for a 30-year fixed mortgage in Texas is 6.41%, providing a clearer view of your loan's total yearly cost.
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 6.85%. With a score below 680, the average APR jumps to 7.80%.
Your credit score impacts the mortgage rates for which you may qualify. Check out the table below to explore the rates you might get based on your credit score and down payment.
| 10-year Fixed | 6.06% |
| 15-year Fixed | 6.11% |
| 20-year Fixed | 6.57% |
| 30-year Fixed | 6.85% |
| 5-year ARM | 7.80% |
| 7-year ARM | 7.67% |
In December 2024, VA loans have the lowest average APR of 6.07% for 30-year fixed-rate mortgages in Texas. Knowing your options can give you a better chance at selecting a loan that aligns with your financial circumstances. Here are the mortgage types in Texas:
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Texas |
|---|---|---|---|
Conventional Loans | A conventional loan in Texas is a mortgage not insured by the government. | Credit score and down payment size affect rates for conventional loans. | 6.41% |
FHA Loans | An FHA loan in Texas is backed by the Federal Housing Administration. | FHA loans often have lower credit requirements, impacting rates. | 7.97% |
VA Loans | VA loans in Texas are guaranteed by the U.S. Department of Veterans Affairs. | VA loans offer competitive rates due to government backing. | 6.07% |
USDA Loans | USDA loans in Texas are offered to rural property owners by the United States Department of Agriculture. | USDA loans feature low rates for qualified rural and suburban buyers. | currently unavailable |
Jumbo Loans | A jumbo loan in Texas exceeds the conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loans typically have higher rates because they involve larger sums. | 6.42% |
Mortgage rates come in two types: fixed and adjustable.
In December 2024, Texas' average APR for a 30-year fixed-rate loan is 6.41%. For a seven-year adjustable-rate mortgage, it's 7.20%.
Rocket Mortgage, Truist and Bank of America are to mortgage lenders in Texas, given their state presence, Better Business Bureau (BBB) accreditation and homeowner assistance programs. While these are reliable options, other lenders might better suit your needs.
Mortgage rates differ across lenders, with each offering various loan types and terms. Comparing rates from multiple lenders helps you find the best deal.
Rocket Mortgage provides various mortgage products, including FHA, conventional and VA loans. It requires a minimum credit score of 620 for conventional loans and 580 for FHA and VA loans. With as little as 3.5% down for FHA loans, or no down payment for VA loans, the lender makes homeownership accessible.
Customer service is available via phone or chat from 8:30 a.m. to 9 p.m. ET Monday through Friday and 9 a.m. to 4 p.m. ET on Saturdays. Rocket Mortgage offers homeowners assistance programs like ONE+, HomeReady, HomePossible, and Freddie Mac BorrowSmart Access to support various homebuyer needs.
Pros
Cons
Truist provides conventional, VA, FHA and jumbo loans, but it doesn't publicly disclose minimum credit score requirements, indicating a more personalized qualification process. The down payment minimum varies, with some states offering as low as 3%, though this isn't specified for specific loan types.
Customer support is available by phone, social media and in-person meetings from 8 a.m. to 8 p.m. ET Monday through Friday and 8 a.m. to 5 p.m. ET Saturday. Truist also provides homeowners assistance programs such as doctor loans, construction-to-permanent loans and affordable lending options.
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Cons
Bank of America offers a range of mortgage options, including fixed-rate, adjustable-rate, jumbo, FHA and VA loans. Buyers can start with as little as a 3% down payment for the Affordable Loan Solution, and veterans can benefit from no down payment with VA loans.
The bank provides assistance through programs like America’s Home Grant® and Down Payment Grant. Customer service is available from 8 a.m. to 10 p.m. ET on weekdays and 8 a.m. to 6:30 p.m. ET on Saturdays, and it can be accessed online, over the phone or in person.
Pros
Cons
Homeownership has hidden costs that may impact your budget. You can get help from the Texas State Affordable Housing Corporation, which provides mortgage programs to assist homebuyers.
Program | Description |
|---|---|
Helps teachers, police, firefighters, EMS and veterans with home loans and down payments. 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. | |
Caters to low and moderate-income families. 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. | |
Offers a mortgage and funds for the 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 mortgage rates is crucial for anyone buying a home in Texas. We answered your top questions to help you find the best deal for your home purchase.
Current average APRs in Texas vary depending on the loan type and other factors. As of December 2024, for example, a 30-year fixed-rate mortgage for conforming loans has an average APR of 6.41%, while the average APR for a seven-year ARM jumbo loan is 6.97%.
The current average APRs for mortgages in Texas slightly differ from the national rates. For instance, a 30-year fixed-rate mortgage has an average rate of 6.41% in Texas compared to 6.83% nationally as of December 2024. The 15-year fixed-rate mortgage in Texas stands at an average rate of 5.83%, while it is 6.12% at the national level.
Your credit score plays a significant role in determining the low mortgage rates you can qualify for in Texas. A higher credit score generally grants access to more favorable rates.
Texas offers several mortgage programs to assist homebuyers, including the Homes for Texas Heroes Program, Home Sweet Texas Home Loan Program and Down Payment Assistance for Repeat and Existing Homeowners.
To secure the best mortgage rate in Texas, consider placing a larger down payment, maintaining a strong credit score and shopping around with multiple lenders to compare offers.
Today's average refinance rates in Texas as of December 2024 are 5.94% for a 15-year fixed and 6.56% for a 30-year fixed conforming loan.
A mortgage calculator for Texas can help you calculate your mortgage payments, estimating your monthly expenses based on loan amount, interest rate and other factors.
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.
