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.
