Mortgage Rates in the Lone Star State - TX Snapshot

Mortgage rates headed lower this past week according to Freddie Mac's weekly market survey. The 30 year fixed rate average fell from 3.95% down to 3.90% (.8 pts) and the 15 year fixed rate average moved from 3.19% to 3.17% (.8 pts). According to the survey's results, the Southwestern US showed averages slightly higher than the national figures with the 30 year average at 3.92% and the 15 year average at 3.22%.

Frank Nothaft, VP and Chief Economist with Freddie Mac, noted that "Fixed mortgage rates bottomed out in January and February of this year which is helping spur the housing market. For instance, pending existing home sales rose in January to its strongest pace since April 2010 and sales figures for December saw upward revisions. In addition, the Federal Reserve noted in its February 29th regional economic review that residential real estate activity increased modestly in most of its Districts over the course of January and early February, with several reports of increased home sales."

We spoke with Kelly Decker, a McKinney mortgage banker with First United Bank Mortgage and he has seen both refinance and purchase activity continue to remain strong. "We are still as busy as we've been over the previous quarter. It's hard not to be in this rate environment."

You can check current Texas mortgage rates online using the mortgage rate tables on ForTheBestRate.com.