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Compare Lubbock, TX mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Lubbock.
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Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Compare Today's Lubbock, TX Mortgage Rates
December 2, 2023
Current mortgage rates in Lubbock, TX are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)
Mortgage Program
Today's Lubbock, TX Rates
National Average
Comparison
30 Year Fixed Rate
%
7.440%
15 Year Fixed Rate
%
6.760%
5/1 Adjustable Rate Mortgage
%
6.750%
How Affordable is Housing in Lubbock, Texas?
Below we provide helpful information on the real estate market, home prices and housing affordability in Lubbock. Understand how much you need to earn to afford a home in Lubbock, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Lubbock fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Lubbock is right for you.
The median home value for Lubbock, TX is $202,994
Based on current mortgage rates and a 10% down payment, you need to make $42,348 per year to buy the median priced home in Lubbock
With this income, you could qualify for a $182,695 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Lubbock is $981
The median household income for Lubbock, TX is $58,642
Based on this income, you can afford a home valued at approximately $281,099
The home price you can afford to buy based on household income in Lubbock is 138% of the median home value which means housing prices are average.
Lubbock ranks 206 out of 254 counties in Texas and 2,156 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Lubbock, TX is average
Loan Limits for Lubbock, Texas
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Lubbock below.
Conforming loan limits for Lubbock, TX
1 unit:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for Lubbock, TX
1 unit:$472,030
2 units:$604,400
3 units:$730,525
4 units:$907,900
VA loan limits for Lubbock, TX
1 unit:$726,200
Additional Mortgage Resources for Lubbock, TX Residents