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Texas Mortgage Rates

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Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders and find the one that best suits your needs.

Overview of Texas Mortgages

Texas mortgage rates tend to be close to or below the national average, which means your monthly mortgage payments should be relatively reasonable. No Texas counties have conforming loan limits beyond the standard $510,400 limit.

Today's Mortgage Rates in Texas

Product Today Last Week Change
30 year fixed 3.41% 3.40% +0.01
15 year fixed 2.65% 2.68% -0.02
5/1 ARM 3.00% 3.00% 0.00
30 yr fixed mtg refi 3.38% 3.38% 0.00
15 yr fixed mtg refi 2.65% 2.68% -0.02
7/1 ARM refi 3.63% 3.63% 0.00
15 yr jumbo fixed mtg refi 2.98% 2.98% 0.00

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Historical Mortgage Rates in Texas

Photo Credit: ©iStock.com/SoleilC

Texas Mortgage Rates Quick Facts

  • Median Home Value: $151,500 (U.S. Census Bureau)
  • Loan Funding Rate: 48.73% (CFPB)
  • Average Mortgage Rate: 4.57% (FHFA)
  • Homeownership Rate: 62.7% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,549 (U.S. Census Bureau)

Texas, the largest state in the continental U.S., has a sizable mortgage market. Texas mortgage rates are generally a little lower than the average U.S. rate.

A financial advisor in Texas can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

Texas Historic Mortgage Rates

YearTexas RateU.S. Rate
198214.4814.73
198312.4112.26
198411.9811.99
198511.2011.17
19869.839.79
19879.208.95
19889.488.98
19899.929.81
19909.899.74
19919.179.07
19928.027.83
19937.056.93
19947.557.31
19957.647.69
19967.667.58
19977.577.52
19986.996.97
19997.237.14
20008.037.86
20017.016.94
20026.616.44
20035.815.67
20045.945.68
20055.985.85
20066.716.54
20076.546.42
20086.156.06
20095.045.05
20104.764.81
20114.524.56
20123.593.65
20133.803.84
20144.084.13
20153.793.88
20163.663.73
20173.984.03
20184.574.56

Texas Mortgages Overview

Getting a mortgage in Texas is a more consumer-friendly process than in some other states. The state government has put consumer protections in place that help prevent foreclosure. Also, the state did not allow home equity loans until 1997. Even now, the rules that govern Texas mortgages are designed to limit the risk that homeowners can take on.

The biggest example of this special feature of the Texas mortgage market is the fact that in Texas, the total of all mortgage debt on a home can’t legally exceed 80% of the home’s market value. That means that you can’t pile on, say, a second mortgage and a home equity loan and end up owing way more than your home is worth, as residents in some states did before the foreclosure crisis.

So, if you only have 20% equity in your home you won’t be allowed to get a home equity loan at all because the mortgage debt on your home is at that 80% cut-off. You can calculate the home equity loan you can legally have on your home by multiplying the home’s value by 0.8 and then subtracting the amount you still owe on the home. You can’t have more than one home equity loan on a single home and neither can you take out more than one home equity loan in a single year.

Texas law also imposes limits on lenders in the Texas mortgage market. Fees and costs are capped at 3% of the loan principal, for example, and rush loan jobs are forbidden. Even after closing on a mortgage you have three days to change your mind and cancel the transaction without having to pay a penalty for doing so.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Anderson$510,400$331,760
Andrews$510,400$331,760
Angelina$510,400$331,760
Aransas$510,400$331,760
Archer$510,400$331,760
Armstrong$510,400$331,760
Atascosa$510,400$393,300
Austin$510,400$331,760
Bailey$510,400$331,760
Bandera$510,400$393,300
Bastrop$510,400$404,800
Baylor$510,400$331,760
Bee$510,400$331,760
Bell$510,400$331,760
Bexar$510,400$393,300
Blanco$510,400$331,760
Borden$510,400$331,760
Bosque$510,400$331,760
Bowie$510,400$331,760
Brazoria$510,400$331,760
Brazos$510,400$331,760
Brewster$510,400$331,760
Briscoe$510,400$331,760
Brooks$510,400$331,760
Brown$510,400$331,760
Burleson$510,400$331,760
Burnet$510,400$331,760
Caldwell$510,400$404,800
Calhoun$510,400$331,760
Callahan$510,400$331,760
Cameron$510,400$331,760
Camp$510,400$331,760
Carson$510,400$331,760
Cass$510,400$331,760
Castro$510,400$331,760
Chambers$510,400$331,760
Cherokee$510,400$331,760
Childress$510,400$331,760
Clay$510,400$331,760
Cochran$510,400$331,760
Coke$510,400$331,760
Coleman$510,400$331,760
Collin$510,400$404,800
Collingsworth$510,400$331,760
Colorado$510,400$331,760
Comal$510,400$393,300
Comanche$510,400$331,760
Concho$510,400$331,760
Cooke$510,400$331,760
Coryell$510,400$331,760
Cottle$510,400$331,760
Crane$510,400$331,760
Crockett$510,400$331,760
Crosby$510,400$331,760
Culberson$510,400$331,760
Dallam$510,400$331,760
Dallas$510,400$404,800
Dawson$510,400$331,760
Deaf Smith$510,400$331,760
Delta$510,400$331,760
Denton$510,400$404,800
De Witt$510,400$331,760
Dickens$510,400$331,760
Dimmit$510,400$331,760
Donley$510,400$331,760
Duval$510,400$331,760
Eastland$510,400$331,760
Ector$510,400$331,760
Edwards$510,400$331,760
Ellis$510,400$404,800
El Paso$510,400$331,760
Erath$510,400$331,760
Falls$510,400$331,760
Fannin$510,400$331,760
Fayette$510,400$331,760
Fisher$510,400$331,760
Floyd$510,400$331,760
Foard$510,400$331,760
Fort Bend$510,400$331,760
Franklin$510,400$331,760
Freestone$510,400$331,760
Frio$510,400$331,760
Gaines$510,400$331,760
Galveston$510,400$331,760
Garza$510,400$331,760
Gillespie$510,400$331,760
Glasscock$510,400$331,760
Goliad$510,400$331,760
Gonzales$510,400$331,760
Gray$510,400$331,760
Grayson$510,400$331,760
Gregg$510,400$331,760
Grimes$510,400$331,760
Guadalupe$510,400$393,300
Hale$510,400$331,760
Hall$510,400$331,760
Hamilton$510,400$331,760
Hansford$510,400$331,760
Hardeman$510,400$331,760
Hardin$510,400$331,760
Harris$510,400$331,760
Harrison$510,400$331,760
Hartley$510,400$331,760
Haskell$510,400$331,760
Hays$510,400$404,800
Hemphill$510,400$331,760
Henderson$510,400$331,760
Hidalgo$510,400$331,760
Hill$510,400$331,760
Hockley$510,400$331,760
Hood$510,400$331,760
Hopkins$510,400$331,760
Houston$510,400$331,760
Howard$510,400$331,760
Hudspeth$510,400$331,760
Hunt$510,400$404,800
Hutchinson$510,400$331,760
Irion$510,400$331,760
Jack$510,400$331,760
Jackson$510,400$331,760
Jasper$510,400$331,760
Jeff Davis$510,400$331,760
Jefferson$510,400$331,760
Jim Hogg$510,400$331,760
Jim Wells$510,400$331,760
Johnson$510,400$404,800
Jones$510,400$331,760
Karnes$510,400$331,760
Kaufman$510,400$404,800
Kendall$510,400$393,300
Kenedy$510,400$331,760
Kent$510,400$331,760
Kerr$510,400$331,760
Kimble$510,400$331,760
King$510,400$331,760
Kinney$510,400$331,760
Kleberg$510,400$331,760
Knox$510,400$331,760
Lamar$510,400$331,760
Lamb$510,400$331,760
Lampasas$510,400$331,760
La Salle$510,400$331,760
Lavaca$510,400$331,760
Lee$510,400$331,760
Leon$510,400$331,760
Liberty$510,400$331,760
Limestone$510,400$331,760
Lipscomb$510,400$331,760
Live Oak$510,400$331,760
Llano$510,400$331,760
Loving$510,400$331,760
Lubbock$510,400$331,760
Lynn$510,400$331,760
Mcculloch$510,400$331,760
Mclennan$510,400$331,760
Mcmullen$510,400$331,760
Madison$510,400$331,760
Marion$510,400$331,760
Martin$510,400$341,550
Mason$510,400$331,760
Matagorda$510,400$331,760
Maverick$510,400$331,760
Medina$510,400$393,300
Menard$510,400$331,760
Midland$510,400$341,550
Milam$510,400$331,760
Mills$510,400$331,760
Mitchell$510,400$331,760
Montague$510,400$331,760
Montgomery$510,400$331,760
Moore$510,400$331,760
Morris$510,400$331,760
Motley$510,400$331,760
Nacogdoches$510,400$331,760
Navarro$510,400$331,760
Newton$510,400$331,760
Nolan$510,400$331,760
Nueces$510,400$331,760
Ochiltree$510,400$331,760
Oldham$510,400$331,760
Orange$510,400$331,760
Palo Pinto$510,400$331,760
Panola$510,400$331,760
Parker$510,400$404,800
Parmer$510,400$331,760
Pecos$510,400$331,760
Polk$510,400$331,760
Potter$510,400$331,760
Presidio$510,400$331,760
Rains$510,400$331,760
Randall$510,400$331,760
Reagan$510,400$331,760
Real$510,400$331,760
Red River$510,400$331,760
Reeves$510,400$331,760
Refugio$510,400$331,760
Roberts$510,400$331,760
Robertson$510,400$331,760
Rockwall$510,400$404,800
Runnels$510,400$331,760
Rusk$510,400$331,760
Sabine$510,400$331,760
San Augustine$510,400$331,760
San Jacinto$510,400$331,760
San Patricio$510,400$331,760
San Saba$510,400$331,760
Schleicher$510,400$331,760
Scurry$510,400$331,760
Shackelford$510,400$331,760
Shelby$510,400$331,760
Sherman$510,400$331,760
Smith$510,400$331,760
Somervell$510,400$331,760
Starr$510,400$331,760
Stephens$510,400$331,760
Sterling$510,400$331,760
Stonewall$510,400$331,760
Sutton$510,400$331,760
Swisher$510,400$331,760
Tarrant$510,400$404,800
Taylor$510,400$331,760
Terrell$510,400$331,760
Terry$510,400$331,760
Throckmorton$510,400$331,760
Titus$510,400$331,760
Tom Green$510,400$331,760
Travis$510,400$404,800
Trinity$510,400$331,760
Tyler$510,400$331,760
Upshur$510,400$331,760
Upton$510,400$331,760
Uvalde$510,400$331,760
Val Verde$510,400$331,760
Van Zandt$510,400$331,760
Victoria$510,400$331,760
Walker$510,400$331,760
Waller$510,400$331,760
Ward$510,400$331,760
Washington$510,400$331,760
Webb$510,400$331,760
Wharton$510,400$331,760
Wheeler$510,400$331,760
Wichita$510,400$331,760
Wilbarger$510,400$331,760
Willacy$510,400$331,760
Williamson$510,400$404,800
Wilson$510,400$393,300
Winkler$510,400$331,760
Wise$510,400$404,800
Wood$510,400$331,760
Yoakum$510,400$331,760
Young$510,400$331,760
Zapata$510,400$331,760
Zavala$510,400$331,760

Another stand-out feature of the Texas mortgage market is that Texas is a non-recourse state. That means that if you go through foreclosure and you owe your lender more than your home is worth the lender can’t go after you for the “deficiency,” the difference between what you owe the bank and what the bank can now get for your home on the market.

Foreclosures can be either judicial or non-judicial in Texas. If you have a traditional mortgage document your lender will probably have to go through judicial foreclosure to reclaim the home and this can be a lengthy process. You may instead have a deed of trust, which allows the lender to do a “power of sale” foreclosure.

With a “power of sale” clause in your mortgage or deed of trust you’re authorizing the lender to sell the home to recoup money if you default on your mortgage. This sale process, generally done by public auction, goes much more quickly than judicial foreclosure. However, Texas law requires that the bank give borrowers 20 days and plenty of notice to make delinquent payments before foreclosing. You can also bid on your own home during a foreclosure auction in Texas.

30-Year Fixed Mortgage Rates in Texas

Most homeowners in the U.S. opt for a fixed-rate, 30-year mortgage and Texas is no exception. Interest rates on fixed-rate 30-year loans are generally higher than for mortgages with a 15-year term, but 15-year loans often come with monthly payments that are too high for regular borrowers. Why? Because with a 15-year mortgage you have half as much time to pay off the same amount of debt.

The average Texas rate for a fixed 30-year mortgage is 3.74%.

Texas Jumbo Loan Rates

In general, the conforming limit for mortgages in the U.S. is $510,400. Any loan above that is considered a “non-conforming” or “jumbo loan” and may come with higher interest rates to compensate for the extra risk that the bank is taking on by lending such a large sum of money. Plus, conforming loans can be sold on to Freddie Mac or Fannie Mae but jumbo loans cannot.

In certain high-cost counties in the country there are higher conforming loan limits. Texas, however, has no counties where the conforming loan limit exceeds $510,400 for a single-family home.

The average Texas jumbo loan rate is 4.23%.

Texas ARM Loan Rates

An ARM is an adjustable-rate mortgage. Unlike a fixed-rate loan, where the interest rate on your mortgage debt stays the same throughout the life of the loan, adjustable-rate mortgages have interest rates that can adjust.

With an ARM you’ll generally get a low introductory interest rate, lower than the rates you may see for fixed-rate loans. However, after a period of one, three, five, seven or 10 years depending on the terms of your loan, that introductory rate will end and your interest rate will change. It will likely increase, though the size of the increase will be capped in the terms of your loan. Adjustable-rate mortgages are riskier for borrowers, but if you’re confident you can re-sell the home before the low introductory rate ends you may deem an ARM worth it.

The average rate for an ARM in Texas is 3.99%.

Texas Mortgage Resources

The Texas Department of Housing and Community Affairs (TDHCA) offers mortgage help for first-time homebuyers. There are two main programs that the TDHCA offers. The first is called My First Texas Home. Through My First Texas Home, eligible applicants can get 30-year fixed, low-interest-rate mortgages. Up to 5% of the home loan amount will be available to help with a down payment or closing costs.

Available Resources

ResourceProblem or IssueWho Qualifies
Texas Department of Housing and Community Affairs - My First Texas Home ProgramDown payment assistance for first-time homebuyers, closing cost assistance and competitive interest rates are available through the My First Texas Home Program.To qualify, Texans must meet the income and purchase price limits for the area where they intend to purchase a home.
Texas Department of Housing and Community Affairs - Mortgage Credit CertificateThe Texas Mortgage Credit Certificate provides qualified borrowers with up to $2,000 per year in a federal income tax credit based on mortgage interest paid in the tax year.Applicants must be first-time homebuyers and must meet income and purchase price limits.
Department of Housing and Urban Development (HUD)Housing counseling, foreclosure avoidance counseling.Homeowners who are delinquent on mortgage payments are eligible for free housing counseling from HUD-approved counseling agencies in Texas.

The other benefit TDHCA offers is a Mortgage Credit Certificate. With a Texas Mortgage Credit Certificate, qualified borrowers get up to $2,000 per year in a federal income tax credit that’s based on the mortgage interest paid that year. It’s an extra benefit at tax season that complements the Mortgage Interest Tax Deduction. The low-interest mortgage loan from My First Texas Home and Texas Mortgage Credit Certificate can be combined or used separately.

To take advantage of TDHCA’s programs, you must be a first-time homebuyer who hasn’t owned a home as your primary residence in the last three years. You won’t be able to get TDHCA help with an investment property or summer house.

There are also income limits (up to 115% of the area median family income) and limits on the purchase price of qualifying homes (the limit varies by county). Wealthy Texans and those who want to buy mansions should look elsewhere. There are also minimum credit score and maximum debt-to-income ratio requirements to qualify for the home-buying help from TDHCA.

TDHCA doesn’t actually issue you a home mortgage. Instead, they work with participating lenders throughout the state and limit the fees those lenders can charge you. If you qualify and choose to participate you will be required to participate in homebuyer education and you will not be allowed to rent out the home you buy through the program.

If your income is a little higher, don’t assume you don’t qualify. In certain targeted areas that have historically been economically depressed, TDHCA allows a higher income and purchase price limits to entice development. You can check area limits on the table above. The TDHCA website offers links to foreclosure prevention resources through the federal government and groups like the Homeownership Preservation Foundation.

Texas Mortgage Taxes

Qualified applicants can get a Texas Mortgage Credit Certificate that will give them a tax credit when they file their federal income taxes. Remember that a tax credit is a dollar-for-dollar reduction in your tax liability (the amount you owe the government). If you have more money in tax credits than in tax liability your refund will increase by that amount. A tax deduction, by contrast, reduces your taxable income.

Even if you don’t qualify for a Texas Mortgage Credit Certificate, you can still deduct your mortgage interest on your federal income tax return. Texas has no state income tax, so no state-level deduction is necessary.

Though it doesn’t have a state income tax, Texas does have property taxes. In fact, Texas has some of the highest property tax rates in the U.S. The average effective property tax rate in Texas is 1.83%, the sixth-highest rate in the country. Texas does not have real estate transfer taxes, which are taxes imposed on the transfer of the title to real estate property within a given municipality, county or state. That means you won’t owe extra taxes when it comes time to sell your home.

Texas Mortgage Refinance

Ready to refinance your Texas mortgage? If you already receive a Mortgage Credit Certificate for your existing mortgage you can apply to continue receiving that credit after you refinance to a new mortgage. You’ll need to fill out the TDHCA Mortgage Credit Certificate Program’s “Refinance of MCC Loan Application” with details of your refinance such as the balance owed on your original loan and the new loan amount. If your application is approved you will continue to receive the MCC credit at the same rate as your original credit.

Whether or not you qualify for a Texas MCC, you may qualify for refinance help from Fannie Mae. You can apply to refinance through Fannie Mae's High Loan-to-Value Refinance Option. Note that the Home Affordable Refinance Program, or HARP, is no longer in existence.

See Mortgage Rates in These Other States

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2017 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset