Compare mortgage rates and closing costs for leading lenders in Texas. Review free, personalized mortgage rates for Texas based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
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November 11, 2019
The current average rate for a 30 year fixed rate mortgage in Texas is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Texas is $193,380
The median household income for Texas is $60,406
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Texas is $35,878
The home price you can afford to buy based on household income in Texas is 168% of the median home value which means housing prices are affordable. Texas ranks 16 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Texas is affordable
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index