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Waco

Current Mortgage Rates in Waco, Texas

Compare mortgage rates and fees for leading lenders in Waco, 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 Waco.

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

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Mortgage Rates in Waco, TX as of February 24, 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 Waco, TX Mortgage Rates Compare?

February 24, 2020

The current average rate for a 30 year fixed rate mortgage in Waco 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
Waco, 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 Waco, Texas?

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

The median home value for Waco, TX (McLennan County) is $167,885

Based on current mortgage rates and a 10% down payment, you need to make $30,215 per year to buy the median priced home in Waco

With this income, you could qualify for a $151,096 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 Waco is $700

The median household income for Waco, TX (McLennan County) is $48,790

Based on this income, you can afford a home valued at approximately $271,094

The home price you can afford to buy based on household income in Waco is 161% of the median home value which means housing prices are average. Waco (McLennan County) ranks 234 out of 254 counties in Texas and 2,326 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Waco, TX is average

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Loan Limits for Waco, Texas

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

Conforming loan limits for Waco, TX

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

FHA loan limits for Waco, TX

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

VA loan limits for Waco, TX

1 unit: $510,400

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