Today's Mortgage Rates In Dallas, Texas

Today's Mortgage Rates In Dallas, Texas

The city of Dallas is known for its sports teams, bustling economy, and rich culture. It’s an attractive place to live – and similar to the rest of America, the housing market has been quite hot over the last few years.

Still, according to the U.S. News & World Report, the Dallas-Fort Worth area remains affordable, offering better value than similar-sized metro areas across the United States.

If you’re considering moving to D-Town, understanding current mortgage rates is vital for making informed decisions and getting the most bang for your buck.

How Affordable Is Housing in Dallas, Texas?

Although parts of DFW can be expensive, the area offers numerous developments, and the suburban regions are filled with family homes. Combine that with the strong economy and job market, and it’s a great place for families.

Like any growing urban area, housing prices vary due to several variables.

• Median Home Prices in Dallas: Analyzing listings and recent sales provides insights into average home prices in Dallas, giving you perspective on the local market’s pricing trends.
• Average Monthly Mortgage Payments in Dallas: Examining typical monthly mortgage payments for homeowners in Dallas offers a glimpse at what it costs to own a home in various parts of the DFW area.
• Affordability Factors to Consider in Dallas: Income levels, job growth, and overall cost of living determine affordability trends.

Mortgage Rate Trends in Dallas, Texas

No one can predict the future – and as The Guardian illustrates, the U.S. housing market remains hotter than ever – but the unique blend of city and rural life keeps the DFW area mortgage rates more affordable than other metro areas in the country.

The U.S. News & World Report suggests that the Dallas metro area’s population growth and business activity keep the demand for housing strong – and that even if the U.S. sees a recession, the DFW housing market will remain strong.

These are all just educated guesses, though. Potential buyers must educate themselves as much as possible.

Factors Affecting Mortgage Rates in San Antonio, Texas

The variables affecting mortgage rates in Dallas aren’t too dissimilar to other major metropolitan areas in the United States. But due to the powerful economy, job market, and housing supply, the DFW is weathering the hot market better than other parts of the country, particularly the coasts.

• National Economic Conditions
• Supply and Demand of the Local Housing Market
• Borrower Profiles (Credit Scores, Financial Portfolios, and Loan-to-Value Ratios)
• Mortgage Types and Terms

How to Find the Best Mortgage Rate in Dallas, Texas

Conventional wisdom says that if you’re considering a mortgage, explore your options and get at least three offers. That first offer might be what you choose in the end, but knowing that will only come with research. Search for the best mortgage, and it could save you thousands of dollars over the course of your loan. 

Mortgage Options for Dallas, Texas

If you want to buy a house in Dallas, you have various mortgage options to consider. Here are a few of the primary choices. 

• Texas Conventional Mortgages: With a minimum credit score of 620 and a debt-to-income ratio of less than 45 percent, you can acquire a conventional mortgage. If you can, make a down payment of 20 percent – or else private mortgage insurance may be required.
• Texas FHA Loans: For those with worse credit, the Federal Housing Administration (FHA) offers loans for borrowers with credit scores as low as 500.  
• Texas VA loans: A benefit for veterans or active-duty military members is they may qualify for a mortgage backed by the Department of Veterans Affairs (VA). These often require no down payment or mortgage insurance. (You may have to pay a funding fee ranging from 2.3 to 3.6 percent.)

First-Time Homebuyer Programs in Dallas, Texas

The State of Texas offers first-time homebuyers multiple programs to make achieving that financial dream a reality. These Lone Star State programs provide assistance and benefits to help individuals and families get their first home. So if the DFW area is where you’re making your jump into ownership, you’re in an advantageous position.

• My First Texas Home: The My First Texas Home program can be worth up to 5 percent of your mortgage amount and geared towards helping reduce down payments and closing costs. They’re managed by the Texas Department of Housing and Community Affairs (TDHCA).
• Homes Sweet Texas Home Loan Program: The Homes Sweet Texas Home Loan Program is for first-time home buyers and repeat buyers, offering 30-year fixed-rate mortgages and down payment assistance grants. These grants require certain income limits but do not require repayment.
• Homes for Texas Heroes Home Loan Program: The Homes for Texas Heroes Home Loan Program provides similar benefits to the Homes Sweet Texas Home Loan Program, but is specifically designed for police officers, veterans, teachers, corrections officers, and emergency medical services personnel.
• TSAHC Mortgage Credit Certificates: The Texas State Affordable Housing Corporation offers mortgage credit certificates that can yield significant savings by providing tax credits based on the mortgage interest paid each year.

Seeking the Best Mortgage Rates in Dallas Requires Diligence and Research

Making informed decisions about homeownership in Dallas requires careful evaluation of your financial situation and goals on top of a thorough understanding of the market. At Texas United, we provide our clients with the best mortgage options in the Dallas market. Start exploring your options today!