Current mortgage rates · week of July 9, 2026
| Week | 30-yr / 15-yr fixed |
| July 9, 2026 | 6.49% / 5.82% |
| July 2, 2026 | 6.43% / 5.79% |
| June 25, 2026 | 6.49% / 5.84% |
| June 18, 2026 | 6.47% / 5.81% |
| June 11, 2026 | 6.52% / 5.84% |
| June 4, 2026 | 6.48% / 5.79% |
| May 28, 2026 | 6.53% / 5.87% |
| May 21, 2026 | 6.51% / 5.85% |
U.S. weekly averages — Freddie Mac Primary Mortgage Market Survey via FRED.
Texas Mortgage Overview
Texas has always been a popular place to live. It has a diverse culture, affordable housing, and incredible scenery and weather. With the average housing prices around $172,000, it's easy to see why 28 million people live here.
If you're ready to buy a home in Texas, here are your loan options.
Texas conventional loans
If you have great credit, apply for a conventional loan. You need just a 660 credit score and a 3
- 5 percent down payment. Borrowers pay PMI with less than 20 percent down on the home, but the rates are affordable. You can cancel PMI once you owe less than 80 percent of the home's value. Conventional loans don't have hard requirements, with a 36 - 40 percent debt ratio and stable income, you could get some of today's best rates.
Texas FHA loans
If you can't get a conventional loan, look at the FHA loan. You don't need perfect credit. Borrowers secure loans with credit scores of 580 and 3.5 percent down or 500 - 579 and 10 percent down. Either way, you're on your way to owning your first home. FHA loans have great rates. You pay mortgage insurance for the life of the loan, but it's often worth it.
Texas VA loans
Military veterans can get 100 percent financing with a VA loan. The credit score requirements are low (620) and the debt ratio requirement is as high as 50 percent. There is not any mortgage insurance, but you will pay an upfront funding fee for the VA loan.
Texas USDA loans
USDA loans are for low to moderate-income families who don't qualify for the above loans. USDA loans are for borrowers with credit scores of at least 640 and a debt ratio of 41 percent or less. It's a great program for first-time homebuyers or anyone who hasn't owned a home in the last three years.
First-Time Homebuyer
Programs in Texas
My First Texas Home
This 30-year low interest loan and up to 5 percent of the loan amount in down payment assistance, you can buy your first home. You must meet the income guidelines and have a minimum 620 credit score to qualify.
Tax Mortgage Credit Certificate Program
With the MCC you get a dollar-for-dollar tax credit on mortgage interest paid for the year for the life of your loan. You can deduct up to $2,000 per year which puts more money in your pocket for homeownership costs.
Home for Texas Heroes
If you work in public service, you may qualify for the Homes for Texas Heroes programs which provides a 30-year fixed-rate mortgage and down payment assistance up to 5 percent of the loan amount. Teachers, police officers, veterans, firefighters, and corrections officers are among the eligible applicants.
Texas mortgage FAQ
- Which mortgage loans can you get in Texas?
- Texas offers conventional loans (660 credit score, 3 to 5 percent down, 36 to 40 percent debt ratio), FHA loans (580 score with 3.5 percent down or 500-579 with 10 percent down), VA loans with 100 percent financing, a 620 score, and debt ratios as high as 50 percent, and USDA loans for low to moderate-income buyers with a 640 score and a 41 percent debt ratio or less.
- What first-time buyer programs are offered in Texas?
- My First Texas Home pairs a 30-year low-interest loan with down payment assistance of up to 5 percent of the loan amount for buyers with at least a 620 credit score who meet income guidelines. The Mortgage Credit Certificate program provides a dollar-for-dollar tax credit on mortgage interest for the life of the loan, and Homes for Texas Heroes gives public servants a 30-year fixed rate plus up to 5 percent assistance.
- What credit score do Texas lenders look for?
- It varies by loan type. Conventional loans in Texas generally require a 660 credit score, FHA loans accept 580 with 3.5 percent down or 500 to 579 with 10 percent down, VA loans set the bar around 620, and USDA loans require at least 640. The My First Texas Home program also asks for a minimum 620 score.