What Are Today’s Mortgage Rates in Texas?
For Saturday, July 02, 2022, here are the current mortgage rates in Texas. The average 30-year fixed mortgage rate is 5.580%. The average 30-year fixed mortgage refinance rate is 5.570%. Today, the average 15-year fixed mortgage rate is 4.840%.
Looking at variable rate loans, the average 5/1 adjustable-rate mortgage (ARM) rate is %.
This information is from Bankrate’s latest survey of the nation’s largest mortgage lenders.
Current Mortgage Rates in Texas
| Loan Type | Rate |
|---|---|
| 30-year Fixed | 5.580% |
| 15-year Fixed | 4.840% |
| 5/1 ARM | % |
| 30-Year Refi | 5.570% |
First-Time Homebuyer Programs in Texas
Texas has a number of state-level first-time homebuyer assistance programs. However, there are also a wide range of city and county-specific programs that offer down payment or closing cost assistance. So be sure to talk with a local lender, real estate agent, or housing agency to learn more about what is available in your area.
There are a handful of first-time homebuyer loans offered through the Texas State Affordable Housing Corporation (TSAHC). These programs provide 30-year mortgages and up to 5% in down payment and closing cost assistance to qualified buyers. To be eligible, you must meet the property value and income limits, as well as have a minimum credit score requirement of 620.
The programs are:
- My First Texas Home – First-time homeowners and veterans
- My Choice Texas Home – Not required to be a first-time buyer
- Homes Sweet Texas Home Loan Program – Not required to be a first-time buyer
- Homes for Texas Heroes Loan Program – Available for qualified professions: teachers, firefighters, police officers, emergency medical services personnel, veterans
These loans are issued by an extensive network of approved lenders. You can find participating lenders for the My First Texas Home and My Choice Texas Home programs here. And the mortgage lenders approved for the other programs can be found here.
Texas Mortgage Taxes
On average, Texas has one of the highest average property tax rates in the country at 1.60%, according to the Tax Foundation. However, property tax rates are set by local governments, so what you pay varies depending on where you live within Texas.
You can deduct the mortgage interest you pay from your federal taxes, but only if you’re itemizing your deductions instead of taking the standard deduction. Texas doesn’t have state income taxes, so you don’t need to worry about state-level tax deductions.
First-time buyers and veterans may be eligible for the Texas Mortgage Credit Certificate Program. If you qualify, you can receive up to $2,000 a year in federal income tax credits.
Texas Mortgage Refinancing
The process for you refinancing your existing mortgage in Texas is roughly the same as in other states. You’ll want to shop around to find the mortgage lender with the best refinance rate and the lowest fees. Your credit score and loan-to-value ratio (LTV) will have a big impact on what interest rate you can qualify for. Aim for a credit score above 740 and a LTV of 80% or less.
Texas does have different rules for cash-out refinance loans for a primary single-family residence. You can only cash-out your equity for up to 80% of your home’s value. Also, certain fees on these types of loans are limited to 2% of the loan amount. But this limit doesn’t include some fees, such as discount points, title fees, and appraisal costs.
Conforming and FHA Loan Limits by County
Conforming loans meet certain guidelines set by the Federal Housing Finance Agency (FHFA). The main rule conforming mortgages must adhere to is a limit for the loan balance. This cap varies depending on the type of property and the home values of the surrounding area.
The 2022 conforming loan limits for Texas are:
TEXAS 2022 CONFORMING LOAN LIMITS BY COUNTY
| County | Single-family Property |
| Anderson | $647,200 |
| Andrews | $647,200 |
| Angelina | $647,200 |
| Aransas | $647,200 |
| Archer | $647,200 |
| Armstrong | $647,200 |
| Atascosa | $647,200 |
| Austin | $647,200 |
| Bailey | $647,200 |
| Bandera | $647,200 |
| Bastrop | $647,200 |
| Baylor | $647,200 |
| Bee | $647,200 |
| Bell | $647,200 |
| Bexar | $647,200 |
| Blanco | $647,200 |
| Borden | $647,200 |
| Bosque | $647,200 |
| Bowie | $647,200 |
| Brazoria | $647,200 |
| Brazos | $647,200 |
| Brewster | $647,200 |
| Briscoe | $647,200 |
| Brooks | $647,200 |
| Brown | $647,200 |
| Burleson | $647,200 |
| Burnet | $647,200 |
| Caldwell | $647,200 |
| Calhoun | $647,200 |
| Callahan | $647,200 |
| Cameron | $647,200 |
| Camp | $647,200 |
| Carson | $647,200 |
| Cass | $647,200 |
| Castro | $647,200 |
| Chambers | $647,200 |
| Cherokee | $647,200 |
| Childress | $647,200 |
| Clay | $647,200 |
| Cochran | $647,200 |
| Coke | $647,200 |
| Coleman | $647,200 |
| Collin | $647,200 |
| Collingsworth | $647,200 |
| Colorado | $647,200 |
| Comal | $647,200 |
| Comanche | $647,200 |
| Concho | $647,200 |
| Cooke | $647,200 |
| Coryell | $647,200 |
| Cottle | $647,200 |
| Crane | $647,200 |
| Crockett | $647,200 |
| Crosby | $647,200 |
| Culberson | $647,200 |
| Dallam | $647,200 |
| Dallas | $647,200 |
| Dawson | $647,200 |
| Deaf Smith | $647,200 |
| Delta | $647,200 |
| Denton | $647,200 |
| De Witt | $647,200 |
| Dickens | $647,200 |
| Dimmit | $647,200 |
| Donley | $647,200 |
| Duval | $647,200 |
| Eastland | $647,200 |
| Ector | $647,200 |
| Edwards | $647,200 |
| Ellis | $647,200 |
| El Paso | $647,200 |
| Erath | $647,200 |
| Falls | $647,200 |
| Fannin | $647,200 |
| Fayette | $647,200 |
| Fisher | $647,200 |
| Floyd | $647,200 |
| Foard | $647,200 |
| Fort Bend | $647,200 |
| Franklin | $647,200 |
| Freestone | $647,200 |
| Frio | $647,200 |
| Gaines | $647,200 |
| Galveston | $647,200 |
| Garza | $647,200 |
| Gillespie | $647,200 |
| Glasscock | $647,200 |
| Goliad | $647,200 |
| Gonzales | $647,200 |
| Gray | $647,200 |
| Grayson | $647,200 |
| Gregg | $647,200 |
| Grimes | $647,200 |
| Guadalupe | $647,200 |
| Hale | $647,200 |
| Hall | $647,200 |
| Hamilton | $647,200 |
| Hansford | $647,200 |
| Hardeman | $647,200 |
| Hardin | $647,200 |
| Harris | $647,200 |
| Harrison | $647,200 |
| Hartley | $647,200 |
| Haskell | $647,200 |
| Hays | $647,200 |
| Hemphill | $647,200 |
| Henderson | $647,200 |
| Hidalgo | $647,200 |
| Hill | $647,200 |
| Hockley | $647,200 |
| Hood | $647,200 |
| Hopkins | $647,200 |
| Houston | $647,200 |
| Howard | $647,200 |
| Hudspeth | $647,200 |
| Hunt | $647,200 |
| Hutchinson | $647,200 |
| Irion | $647,200 |
| Jack | $647,200 |
| Jackson | $647,200 |
| Jasper | $647,200 |
| Jeff Davis | $647,200 |
| Jefferson | $647,200 |
| Jim Hogg | $647,200 |
| Jim Wells | $647,200 |
| Johnson | $647,200 |
| Jones | $647,200 |
| Karnes | $647,200 |
| Kaufman | $647,200 |
| Kendall | $647,200 |
| Kenedy | $647,200 |
| Kent | $647,200 |
| Kerr | $647,200 |
| Kimble | $647,200 |
| King | $647,200 |
| Kinney | $647,200 |
| Kleberg | $647,200 |
| Knox | $647,200 |
| Lamar | $647,200 |
| Lamb | $647,200 |
| Lampasas | $647,200 |
| La Salle | $647,200 |
| Lavaca | $647,200 |
| Lee | $647,200 |
| Leon | $647,200 |
| Liberty | $647,200 |
| Limestone | $647,200 |
| Lipscomb | $647,200 |
| Live Oak | $647,200 |
| Llano | $647,200 |
| Loving | $647,200 |
| Lubbock | $647,200 |
| Lynn | $647,200 |
| Mcculloch | $647,200 |
| Mclennan | $647,200 |
| Mcmullen | $647,200 |
| Madison | $647,200 |
| Marion | $647,200 |
| Martin | $647,200 |
| Mason | $647,200 |
| Matagorda | $647,200 |
| Maverick | $647,200 |
| Medina | $647,200 |
| Menard | $647,200 |
| Midland | $647,200 |
| Milam | $647,200 |
| Mills | $647,200 |
| Mitchell | $647,200 |
| Montague | $647,200 |
| Montgomery | $647,200 |
| Moore | $647,200 |
| Morris | $647,200 |
| Motley | $647,200 |
| Nacogdoches | $647,200 |
| Navarro | $647,200 |
| Newton | $647,200 |
| Nolan | $647,200 |
| Nueces | $647,200 |
| Ochiltree | $647,200 |
| Oldham | $647,200 |
| Orange | $647,200 |
| Palo Pinto | $647,200 |
| Panola | $647,200 |
| Parker | $647,200 |
| Parmer | $647,200 |
| Pecos | $647,200 |
| Polk | $647,200 |
| Potter | $647,200 |
| Presidio | $647,200 |
| Rains | $647,200 |
| Randall | $647,200 |
| Reagan | $647,200 |
| Real | $647,200 |
| Red River | $647,200 |
| Reeves | $647,200 |
| Refugio | $647,200 |
| Roberts | $647,200 |
| Robertson | $647,200 |
| Rockwall | $647,200 |
| Runnels | $647,200 |
| Rusk | $647,200 |
| Sabine | $647,200 |
| San Augustine | $647,200 |
| San Jacinto | $647,200 |
| San Patricio | $647,200 |
| San Saba | $647,200 |
| Schleicher | $647,200 |
| Scurry | $647,200 |
| Shackelford | $647,200 |
| Shelby | $647,200 |
| Sherman | $647,200 |
| Smith | $647,200 |
| Somervell | $647,200 |
| Starr | $647,200 |
| Stephens | $647,200 |
| Sterling | $647,200 |
| Stonewall | $647,200 |
| Sutton | $647,200 |
| Swisher | $647,200 |
| Tarrant | $647,200 |
| Taylor | $647,200 |
| Terrell | $647,200 |
| Terry | $647,200 |
| Throckmorton | $647,200 |
| Titus | $647,200 |
| Tom Green | $647,200 |
| Travis | $647,200 |
| Trinity | $647,200 |
| Tyler | $647,200 |
| Upshur | $647,200 |
| Upton | $647,200 |
| Uvalde | $647,200 |
| Val Verde | $647,200 |
| Van Zandt | $647,200 |
| Victoria | $647,200 |
| Walker | $647,200 |
| Waller | $647,200 |
| Ward | $647,200 |
| Washington | $647,200 |
| Webb | $647,200 |
| Wharton | $647,200 |
| Wheeler | $647,200 |
| Wichita | $647,200 |
| Wilbarger | $647,200 |
| Willacy | $647,200 |
| Williamson | $647,200 |
| Wilson | $647,200 |
| Winkler | $647,200 |
| Wise | $647,200 |
| Wood | $647,200 |
| Yoakum | $647,200 |
| Young | $647,200 |
| Zapata | $647,200 |
| Zavala | $647,200 |
If you’re considering an FHA loan, which is a mortgage backed by the Federal Housing Administration, your loan balance will need to fall within the 2022 FHA loan limits for the area.
Here are the mortgage amount requirements for FHA loans in Texas broken down by county:
TEXAS 2022 FHA LOAN LIMITS BY COUNTY
| County | Single-family Property |
| Anderson | $420,680 |
| Andrews | $420,680 |
| Angelina | $420,680 |
| Aransas | $420,680 |
| Archer | $420,680 |
| Armstrong | $420,680 |
| Atascosa | $393,300 |
| Austin | $420,680 |
| Bailey | $420,680 |
| Bandera | $393,300 |
| Bastrop | $404,800 |
| Baylor | $420,680 |
| Bee | $420,680 |
| Bell | $420,680 |
| Bexar | $393,300 |
| Blanco | $420,680 |
| Borden | $420,680 |
| Bosque | $420,680 |
| Bowie | $420,680 |
| Brazoria | $420,680 |
| Brazos | $420,680 |
| Brewster | $420,680 |
| Briscoe | $420,680 |
| Brooks | $420,680 |
| Brown | $420,680 |
| Burleson | $420,680 |
| Burnet | $420,680 |
| Caldwell | $404,800 |
| Calhoun | $420,680 |
| Callahan | $420,680 |
| Cameron | $420,680 |
| Camp | $420,680 |
| Carson | $420,680 |
| Cass | $420,680 |
| Castro | $420,680 |
| Chambers | $420,680 |
| Cherokee | $420,680 |
| Childress | $420,680 |
| Clay | $420,680 |
| Cochran | $420,680 |
| Coke | $420,680 |
| Coleman | $420,680 |
| Collin | $404,800 |
| Collingsworth | $420,680 |
| Colorado | $420,680 |
| Comal | $393,300 |
| Comanche | $420,680 |
| Concho | $420,680 |
| Cooke | $420,680 |
| Coryell | $420,680 |
| Cottle | $420,680 |
| Crane | $420,680 |
| Crockett | $420,680 |
| Crosby | $420,680 |
| Culberson | $420,680 |
| Dallam | $420,680 |
| Dallas | $404,800 |
| Dawson | $420,680 |
| Deaf Smith | $420,680 |
| Delta | $420,680 |
| Denton | $404,800 |
| De Witt | $420,680 |
| Dickens | $420,680 |
| Dimmit | $420,680 |
| Donley | $420,680 |
| Duval | $420,680 |
| Eastland | $420,680 |
| Ector | $420,680 |
| Edwards | $420,680 |
| Ellis | $404,800 |
| El Paso | $420,680 |
| Erath | $420,680 |
| Falls | $420,680 |
| Fannin | $420,680 |
| Fayette | $420,680 |
| Fisher | $420,680 |
| Floyd | $420,680 |
| Foard | $420,680 |
| Fort Bend | $420,680 |
| Franklin | $420,680 |
| Freestone | $420,680 |
| Frio | $420,680 |
| Gaines | $420,680 |
| Galveston | $420,680 |
| Garza | $420,680 |
| Gillespie | $420,680 |
| Glasscock | $420,680 |
| Goliad | $420,680 |
| Gonzales | $420,680 |
| Gray | $420,680 |
| Grayson | $420,680 |
| Gregg | $420,680 |
| Grimes | $420,680 |
| Guadalupe | $420,680 |
| Hale | $420,680 |
| Hall | $420,680 |
| Hamilton | $420,680 |
| Hansford | $420,680 |
| Hardeman | $420,680 |
| Hardin | $420,680 |
| Harris | $420,680 |
| Harrison | $420,680 |
| Hartley | $420,680 |
| Haskell | $420,680 |
| Hays | $404,800 |
| Hemphill | $420,680 |
| Henderson | $420,680 |
| Hidalgo | $420,680 |
| Hill | $420,680 |
| Hockley | $420,680 |
| Hood | $420,680 |
| Hopkins | $420,680 |
| Houston | $420,680 |
| Howard | $420,680 |
| Hudspeth | $420,680 |
| Hunt | $404,800 |
| Hutchinson | $420,680 |
| Irion | $420,680 |
| Jack | $420,680 |
| Jackson | $420,680 |
| Jasper | $420,680 |
| Jeff Davis | $420,680 |
| Jefferson | $420,680 |
| Jim Hogg | $420,680 |
| Jim Wells | $420,680 |
| Johnson | $404,800 |
| Jones | $420,680 |
| Karnes | $420,680 |
| Kaufman | $404,800 |
| Kendall | $420,680 |
| Kenedy | $420,680 |
| Kent | $420,680 |
| Kerr | $420,680 |
| Kimble | $420,680 |
| King | $420,680 |
| Kinney | $420,680 |
| Kleberg | $420,680 |
| Knox | $420,680 |
| Lamar | $420,680 |
| Lamb | $420,680 |
| Lampasas | $420,680 |
| La Salle | $420,680 |
| Lavaca | $420,680 |
| Lee | $420,680 |
| Leon | $420,680 |
| Liberty | $420,680 |
| Limestone | $420,680 |
| Lipscomb | $420,680 |
| Live Oak | $420,680 |
| Llano | $420,680 |
| Loving | $420,680 |
| Lubbock | $420,680 |
| Lynn | $420,680 |
| Mcculloch | $420,680 |
| Mclennan | $420,680 |
| Mcmullen | $420,680 |
| Madison | $420,680 |
| Marion | $420,680 |
| Martin | $341,550 |
| Mason | $420,680 |
| Matagorda | $420,680 |
| Maverick | $420,680 |
| Medina | $393,300 |
| Menard | $420,680 |
| Midland | $420,680 |
| Milam | $420,680 |
| Mills | $420,680 |
| Mitchell | $420,680 |
| Montague | $420,680 |
| Montgomery | $420,680 |
| Moore | $420,680 |
| Morris | $420,680 |
| Motley | $420,680 |
| Nacogdoches | $420,680 |
| Navarro | $420,680 |
| Newton | $420,680 |
| Nolan | $420,680 |
| Nueces | $420,680 |
| Ochiltree | $420,680 |
| Oldham | $420,680 |
| Orange | $420,680 |
| Palo Pinto | $420,680 |
| Panola | $420,680 |
| Parker | $404,800 |
| Parmer | $420,680 |
| Pecos | $420,680 |
| Polk | $420,680 |
| Potter | $420,680 |
| Presidio | $420,680 |
| Rains | $420,680 |
| Randall | $420,680 |
| Reagan | $420,680 |
| Real | $420,680 |
| Red River | $420,680 |
| Reeves | $420,680 |
| Refugio | $420,680 |
| Roberts | $420,680 |
| Robertson | $420,680 |
| Rockwall | $404,800 |
| Runnels | $420,680 |
| Rusk | $420,680 |
| Sabine | $420,680 |
| San Augustine | $420,680 |
| San Jacinto | $420,680 |
| San Patricio | $420,680 |
| San Saba | $420,680 |
| Schleicher | $420,680 |
| Scurry | $420,680 |
| Shackelford | $420,680 |
| Shelby | $420,680 |
| Sherman | $420,680 |
| Smith | $420,680 |
| Somervell | $420,680 |
| Starr | $420,680 |
| Stephens | $420,680 |
| Sterling | $420,680 |
| Stonewall | $420,680 |
| Sutton | $420,680 |
| Swisher | $420,680 |
| Tarrant | $404,800 |
| Taylor | $420,680 |
| Terrell | $420,680 |
| Terry | $420,680 |
| Throckmorton | $420,680 |
| Titus | $420,680 |
| Tom Green | $420,680 |
| Travis | $389,850 |
| Trinity | $420,680 |
| Tyler | $420,680 |
| Upshur | $420,680 |
| Upton | $420,680 |
| Uvalde | $420,680 |
| Val Verde | $420,680 |
| Van Zandt | $420,680 |
| Victoria | $420,680 |
| Walker | $420,680 |
| Waller | $420,680 |
| Ward | $420,680 |
| Washington | $420,680 |
| Webb | $420,680 |
| Wharton | $420,680 |
| Wheeler | $420,680 |
| Wichita | $420,680 |
| Wilbarger | $420,680 |
| Willacy | $420,680 |
| Williamson | $404,800 |
| Wilson | $393,300 |
| Winkler | $420,680 |
| Wise | $404,800 |
| Wood | $420,680 |
| Yoakum | $420,680 |
| Young | $420,680 |
| Zapata | $420,680 |
| Zavala | $420,680 |
The Latest Housing News
What’s Going On With Rising Mortgage Rates?
The surge in mortgage rates so far this year is due to a variety of economic factors. Persistently high inflation is a big one, Jacob Channel, senior economic analyst at LendingTree told us. May’s inflation report shows 8.6% inflation and the highest in 40 years. In response, the Federal Reserve increased its benchmark short-term interest rate to combat that inflation. The Fed raised rates by 50 basis points in May and by 75 points in June, since inflation remained higher than expected.
Recently, we saw mortgage rates surge after the inflation report and ahead of the Fed’s announcement. “I think what we’re seeing is that lenders had already anticipated that the Fed was going to raise the fed funds rate by 75 basis points and they began to preemptively push mortgage rates up,” Jacob Channel, senior economist at LendingTree, told us.
Financial markets are still responding to other global factors that can affect the economy, namely China’s COVID lockdown and Russia’s invasion of Ukraine. “We have a lot of factors like that that are putting upward pressure on mortgage rates,” Channel says. “The volatility has been through the roof,” Shashank Shekhar, founder and CEO of InstaMortgage, told us. “The market has been adjusting to a new news cycle practically every single day.”
What Can Homebuyers Do About Rising Mortgage Rates?
A higher mortgage rate leads to a higher monthly payment, which can eat into your total buying power. But, experts also point out that these 5.5+% rates we are seeing right now are still considered normal from a historical perspective. It was only a few short years ago when a “good rate” was around 5%.
Rising mortgage rates also mean the rate you might be quoted one day could be significantly different than one you get the next day. Experts caution against trying to time the market to get the best rate. “If you think you’re going to like the rate, lock it,” Jennifer Beeston, senior vice president of mortgage lending at Guaranteed Rate, told us. “Because it’s probably going to change in 20 minutes.”
Be sure to get quotes from different lenders to ensure you’re getting the best deal, experts say. “The rate highly impacts your monthly affordability for as long as you will hold this home,” Skylar Olsen, principal economist at Tomo, a digital real estate and mortgage company, told us. “It is actually a critical piece of this decision, and that takes shopping around.”
What Can Homebuyers Do About Rising Home Prices?
When thinking about your mortgage rate, it’s also important to consider what’s happening to housing prices. According to data from Realtor.com, the median U.S. home listing price was $447,000 in May 2022, another all-time high. Experts say the big uptick in prices is due to a mismatch between supply and demand: There are a lot of people trying to buy houses, and there aren’t enough houses to go around. That means you probably shouldn’t wait around and hope for the market to crash. “I don’t think buyers should be betting on any really significant price declines,” Robert Dietz, chief economist at the National Association of Home Builders, told us.
What you can do is think beyond just the mortgage rate. Be sure you’re in a good position to buy a house. “The most important thing that any would-be homebuyer should do is take stock of where they are personally,” said Channel. “Do I have enough cash to make my mortgage payments, to put money down on a down payment? Is my credit score good?” Then, be patient and be creative with your home search. Don’t rush for the first houses you see, he says. Look in unexpected places. One possibility is the U.S. Department of Housing and Urban Development’s page of foreclosed homes. “The more you plan and the more diligent you are before you really even start going out house hunting actively, the easier it is to navigate a housing market that is as hot and fast as this one,” Channel says.
It’s more important than ever to shop around for a mortgage when you’re in the market for a house, said Channel. When rates aren’t going up as dramatically as they are now, quotes from different lenders can regularly vary by half a percentage point. With the market moving so quickly, that could be even higher.
NextAdvisor’s Top 10 Mortgage Lenders.
