Texas mortgage rates today reflect the nationwide rates – they are rising, but it is expected to decline in 2023. If you look at the current mortgage rates, it has risen to an average of 6.73% from 6.55% about a week ago. Adjustable and fixed rates are rising as the Federal Reserve keeps a close rein on its monetary policy.
Current mortgage rates today
The question is whether Americans can afford to take on mortgages with the rising rates. Compared to the beginning of 2022, mortgage rates today are almost twice as high as at the beginning of the last year. There is good news, though, as rates are expected to dip in the later part of 2023. Here are the current rates as of this publication:
- 10-year fixed – 5.97%
- 15-year fixed – 6.02%
- 20-year fixed – 6.77%
- 30-year fixed – 6.73%
All the current rates are up from last week’s fixed mortgage rates. Even ARM or Adjustable Rate Mortgage, 5/1 and 10/1 (except for the 7/1 ARM), rates are up. Regarding FHA loans (5.98%), VA loans (6.08%), and jumbo loans (6.78%) – these have also risen.
Mortgage rates are expected to drop lower later this year.
Chief real estate economists and professionals expect a drop in mortgage rates later in 2023 as they expect a “modest recession” to happen. Fannie Mae is forecasting a 6.3% drop and can even go as low as 6% by the end of 2023. Part of their forecast is an expectation of a slowdown in house purchases even if mortgage rates are projected to decrease.
Freddie Mac predicts a 6.4% rate near Fannie Mae’s 6.3%. But why are they also saying that the housing sector’s purchases will continue to slow even if mortgage rates are expected to decrease? Experts say that housing prices remain out of reach for some. And these are still considered high even compared to the house prices before the pandemic began.
Texas mortgage rates today are not that far from the national average. There are mortgage calculators if you want to know how much you need to prepare; mortgage officers can help you know more about the latest update on current mortgage rates.
