Best mortgage rates in Dallas Texas

@yasmin.eichmann  As of July 2024, mortgage rates in Dallas, Texas, vary based on factors such as loan type, credit score, down payment amount, and the lender you choose. Here are some insights:

30-Year Fixed-Rate Mortgages:

• Rates typically range from around 6.25% to 6.75% for conventional loans​ (LendingTree)​​ (NerdWallet: Finance smarter)​.
• FHA loans and VA loans might offer slightly lower rates, especially for those who qualify under specific programs like the TDHCA (Texas Department of Housing and Community Affairs) and TSAHC (Texas State Affordable Housing Corporation) which also provide down payment assistance​ (Total Mortgage)​.

15-Year Fixed-Rate Mortgages:

• These generally offer lower rates compared to 30-year loans, ranging from approximately 5.75% to 6.25%​ (NerdWallet: Finance smarter)​.

Adjustable-Rate Mortgages (ARMs):

• Initial rates for 5/1 ARMs can be as low as 5.50% to 6.00%, depending on the lender and borrower's profile​ (LendingTree)​.

Factors Influencing Rates:

• A higher credit score (above 780) typically results in the best rates.
• Larger down payments (20% or more) can also help secure lower rates.
• Loan programs like FHA, VA, and USDA might offer more favorable terms for eligible borrowers​ (LendingTree)​​ (LendingTree)​​ (Total Mortgage)​.

Best Practices:

• Shop around and get quotes from multiple lenders on the same day to ensure accurate comparisons.
• Consider the annual percentage rate (APR) in addition to the interest rate, as APR includes lender fees and other costs​ (LendingTree)​​ (LendingTree)​.

For a comprehensive view, platforms like LendingTree, NerdWallet, and Total Mortgage provide detailed comparisons and additional resources to help you find the best mortgage rates in Dallas​ (LendingTree)​​ (LendingTree)​​ (NerdWallet: Finance smarter)​​ (Total Mortgage)​.