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McAllen

Current Mortgage Rates in McAllen, Texas

Compare mortgage rates and fees for leading lenders in McAllen, TX. 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 lender offering the best mortgage rates in McAllen.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in McAllen. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in McAllen, TX as of July 5, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's McAllen, TX Mortgage Rates Compare?

July 5, 2020

The current average rate for a 30 year fixed rate mortgage in McAllen 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%

Mortgage Program
Today's
McAllen, TX Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in McAllen, Texas?

Below we provide helpful information on the real estate market, home prices and housing affordability in McAllen. Understand how much you need to earn to afford a home in McAllen, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in McAllen 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 McAllen is right for you.

The median home value for McAllen, TX (Hidalgo County) is $98,432

Based on current mortgage rates and a 10% down payment, you need to make $17,715 per year to buy the median priced home in McAllen

With this income, you could qualify for a $88,589 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 McAllen is $410

The median household income for McAllen, TX (Hidalgo County) is $39,124

Based on this income, you can afford a home valued at approximately $217,387

The home price you can afford to buy based on household income in McAllen is 221% of the median home value which means housing prices are affordable. McAllen (Hidalgo County) ranks 149 out of 254 counties in Texas and 1,155 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in McAllen, TX is affordable

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Loan Limits for McAllen, Texas

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for McAllen (Hidalgo County) below.

Conforming loan limits for McAllen, TX

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for McAllen, TX

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for McAllen, TX

1 unit: $510,400

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