Buying a home in Texas right now? You’re probably hearing all kinds of things about mortgage rates,Current mortgage trends in Texas housing demand, and what the market’s doing next. The Texas mortgage market trends are shifting, and if you’re not paying attention, you could miss out on some big opportunities—or walk into a financial decision that doesn’t work in your favor.
The truth is, mortgage rates aren’t what they were a couple of years ago. They’re moving, adjusting, sometimes stubborn, and absolutely impacting homebuyers across the state. Whether you’re locking in your first home or adding to your real estate portfolio, here’s what’s happening right now with Texas mortgage market trends.
Where Are Mortgage Rates in Texas Right Now?
Rates have been a rollercoaster. Some days, they inch up. Other days, they cool off just enough to give buyers a breather. But what everyone wants to know is: Are mortgage rates going down in 2024?
Let’s talk facts:
- Current rates: 30-year fixed mortgage rates in Texas hover between 6.5% to 7.2%, depending on credit score and lender.
- Rate expectations: Experts predict minor dips, but nothing drastic enough to create a frenzy.
- Mortgage demand: Buyers are still jumping in—especially in cities like Austin, Dallas, and Houston—despite rate fluctuations.
Now, if you’re waiting for rates to plummet like they did in 2020, that ship has sailed. But locking in a rate before another climb? That’s a move worth considering.
Is It a Buyer’s or Seller’s Market?
Depends on where you’re looking. Texas housing markets aren’t one-size-fits-all. While some cities are heating up with heavy competition, others are seeing a slowdown.
Hot markets: Austin, Dallas, and parts of Houston are still in high demand. More buyers = more competition.
Cooler markets: Smaller cities and rural areas have more inventory, which means better pricing leverage for buyers.
Sellers are pricing their homes a little more realistically now. Homes that sit too long on the market are getting price cuts, creating some solid deals for buyers willing to negotiate.
Are Home Prices Going Up or Down in 2024?
Depends on what part of Texas we’re talking about.
- Austin saw insane growth over the last few years, but prices have started stabilizing.
- Dallas prices are steady, but buyer demand keeps competition strong.
- Houston’s market is still expanding, but some areas are seeing price adjustments.
The bottom line? Prices aren’t crashing. But if you’re smart about your timing and location, you can find solid deals.
Texas Loan Programs That Can Save You Money
If rising rates are stressing you out, Texas offers some solid mortgage programs to make things easier.
- Texas FHA Loans: Lower down payments, great for first-time buyers.
- VA Loans: Zero down for eligible military buyers.
- Texas Conventional Loans: Ideal for buyers with strong credit looking for better interest rates.
- First-Time Homebuyer Programs: Extra assistance for buyers struggling with down payments.
Should You Buy Now or Wait?
Here’s the deal:
- If you find a home you love and can afford it, locking in now makes sense.
- If you wait for rates to drop, you might face more competition when that finally happens.
- Refinancing later is always an option if rates improve down the road.
The Texas mortgage market trends are constantly shifting, but smart buyers are staying ahead.
FAQs
Will Texas mortgage rates go down in 2024?
Some experts think they’ll dip slightly, but don’t expect massive drops. Rates are expected to stay between 6.5%-7.2% for most of the year.
How much do I need for a down payment?
Depends on the loan type. Conventional loans typically require 3-20%, FHA loans need at least 3.5%, and VA loans may not need a down payment at all.
Is Texas real estate still a good investment?
Yes. Even with rate changes, Texas markets remain strong due to job growth and demand. Smart buying strategies matter more than trying to time the market perfectly.
Conclusion
The Texas mortgage market trends will keep adjusting, but knowing what’s happening now sets you up for success.
