Houston credit unions offer competitive mortgage rates to their members, with rates as low as 3.5% for a 30-year fixed-rate mortgage. This is a great option for those looking to purchase a home in the Houston area.
Many credit unions in Houston have no mortgage origination fees, which can save borrowers hundreds or even thousands of dollars. Some credit unions may also offer additional perks, such as a free credit score check or a mortgage interest rate lock guarantee.
For example, the Houston Fire Department Federal Credit Union offers a 30-year fixed-rate mortgage with an interest rate of 3.75%. This rate is lower than many banks and other lenders in the area.
If you're a member of a Houston credit union, you may be eligible for a mortgage with a lower interest rate or more favorable terms than you would get from a traditional lender.
Explore further: Bay Area Credit Union Mortgage Rates
Types of Mortgages
There are several types of mortgages to choose from, each with its own benefits and drawbacks.
A fixed-rate mortgage has an interest rate that remains the same for the entire loan term, typically 15 or 30 years.
This type of mortgage provides stability and predictability in monthly payments.
Adjustable-rate mortgages (ARMs) have an interest rate that can change over time, often based on market conditions.
ARMs often have lower introductory interest rates, which can be attractive to homebuyers on a budget.
Government-backed mortgages, such as FHA and VA loans, offer more lenient credit score requirements and lower down payment options.
These mortgages are popular among first-time homebuyers and military veterans.
For more insights, see: Assumable Mortgages Can Help Buyers Get Sub-4 Mortgage Rates
Current Mortgage Rates
Today, mortgage rates in Houston, TX are very competitive. The rates are as follows: 6.946% for a 30-year fixed mortgage, 6.105% for a 15-year fixed mortgage, and 7.342% for a 5-year adjustable-rate mortgage (ARM).
These rates are subject to change, but they give you a good idea of what to expect. The 30-year fixed mortgage rate is currently at 6.946%, which is a relatively stable option.
If you're looking to refinance or purchase a home, these rates can help you make an informed decision. A 15-year fixed mortgage is another option, with a rate of 6.105%.
For those who prefer a shorter-term mortgage, the 5-year ARM is available at 7.342%. This option may come with a lower interest rate, but it also comes with a risk of rate changes in the future.
Keep in mind that these rates are specific to Houston, TX, and may vary depending on your location and other factors.
Frequently Asked Questions
Are mortgage rates better with credit unions?
Yes, credit unions often offer lower mortgage rates compared to banks, as they borrow from their own depositors and are not driven by profit margins. This can result in significant savings for borrowers.
What are the mortgage interest rates in Houston today?
As of today, mortgage rates in Houston are 6.904% for a 30-year fixed, 6.143% for a 15-year fixed, and 7.426% for a 5-year ARM. Check our website for the latest rates and expert advice on choosing the right mortgage for you.
Is 7% high for a mortgage?
For some borrowers, 7% may be considered high for a mortgage, especially those with good credit, while others may expect rates in this range due to lower credit scores or non-QM status. Mortgage rates can fluctuate, so it's essential to check current rates and consider your individual financial situation.
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