Best Mortgage Lenders in Austin Texas

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Contributor, Benzinga
November 29, 2022

Austin, Texas is a hot real estate market, and if you want to buy a home in Austin, you'll need to have your mortgage lender chosen and ready to go. Because the market is so hot, many sellers aren't even considering a buyer who isn't preapproved. And that's why Benzinga researched the top mortgage lenders in Austin to help you find the perfect mortgage lender when buying a home or refinancing one in Austin, Texas.

The Best Mortgage Lenders in Austin, Texas

See also: Best Mortgage Lenders in Texas

Achieve Homeownership With Angel Oak Home Loans

Angel Oak Home Loans is a full-service mortgage lender offering traditional and portfolio Non-QM mortgage loans. Angel Oak is licensed in 45 states and offers competitive rates and quick closing times. 

  • Available for purchase, cash-out or rate-term refinance
  • Primary, second home, or investment properties
  • Single-family, townhomes, or condos
  • Loan amounts up to $3.5 million
  • No tax return options for self-employed borrowers and real estate investors
  • 1099 income options available
  • Government loan products available (FHA, USDA, VA)
  • Competitive rates on conventional purchases and refinances
  • Flexible down payment options
  • Non-warrantable condos allowed

Austin, Texas Real Estate Market

Austin is the capital city of Texas and is known as “Silicon Hills” and “The City of the Violet Crown”. It is the 4th most populous city in Texas and the 11th most populous in the United States, with a population of 961,855. It is a fast-growing city and the center of the Austin-Round Rock metropolitan area. Austin is home to many Fortune 500 companies, including IBM, Amazon, Apple, Facebook (Meta), Tesla, Google, and more. In addition, the University of Texas at Austin is also located here, which is one of the largest universities in the country. Austin is also popular for its art and music roots, live music venues, and numerous festivals. It is known by many as the “Live Music Capital of the World”.

The real estate market in Austin is known as one of the most expensive in all of Texas, as well as most of the United States. The median home value here is $480,497, and the average annual appreciation rate has risen by an impressive 9.79% over the last 10 years. Over 55% of the residents in Austin are renters. The average rental rates here are $2,171. The real estate market is made up of mainly single-family homes and many apartment complexes. Homes found here are generally 1-3 bedrooms built 1970-1999 with many newer homes as well. This city consists of many well-educated young professionals in white-collar jobs. 

River Hills
Shady Hollow
Brushy Creek
McNeil
Hudson Bend
Barton Creek
Wells Branch
Abercrombie
Ford Oaks/Tanglewood Forest
Eubank Acres

Nearby Communities

Bee Cave
Manor
Rollingwood
San Leanna
Webberville
West Lake Hills 

Current Mortgage Rates in Texas

Several factors impact your mortgage rate. These include your credit history, the size of your down payment and your mortgage amount. Rates change daily and lenders adjust rates up or down to reflect changes in the economy and in the housing market. We update mortgage rates frequently to reflect the most relevant information. 

Loan TypeRateAPR
30-year fixed 6.816% 6.913%
15-year fixed 6.188% 6.344%
7/1 ARM (adjustable rate) N/A N/A
5/1 ARM (adjustable rate) 6.562% 7.829%
Rates based on an average home price of $207,301 and a down payment of 20%.
See more mortgage rates on Zillow
Q

What are interest rates in Austin, Texas?

A

Currently, the interest rates in Austin, Texas are 6.51% for a 30-year fixed rate loan, 5.93% for a 15-year fixed rate loan, and 6.38% for a 5-year Adjustable Rate Mortgage (ARM).

Q

What is the average mortgage payment in Austin?

A

The average mortgage payment in Austin, Texas is $3,424.00.

Q

Is Austin a buyer's or seller's market?

A

Austin is still a seller’s market. While homes are taking a little longer to sell, the sellers currently have more benefits than buyers.

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