Buying a home is a major decision. It requires significant resources, including time, energy, and, of course, financial investment. One of the key factors influencing this decision comes by way of mortgage rates. Mortgage rate is a percentage of interest that a bank offers a homebuyer for the loan needed to make their home purchase.  These rates vary by state, city, county, and neighborhood. The Federal Reserve can send rates up in a hike or down in a decrease. For buying a home in Dallas, you will want to know what mortgage rates currently are in this area, how much of a down payment you might need, as well as how property taxes are calculated here. What Is the Current Mortgage Rate in Dallas? Mortgage rates in Dallas vary depending on the area in which a house happens to be located. Another thing to keep in mind about mortgage rates is that they differ considerably and change over time. Depending on the type of mortgage you choose in Dallas, your rate will either stay the same over the course of the loan repayment or adjust depending on current rates. According to Bankrate, the current 30-year, fixed-rate interest percentage for a mortgage in the state of Texas is 4.05 (for Friday, April 5th). As mentioned, these can fluctuate considerably over time. Mortgage rates can even change as frequently as one day to the next. As a case in point, the 30-year, fixed Texas rate is up 0.01 from the previous day. The 15-year fixed mortgage rate in Texas is at 3.51, up 0.07 day over day. The 5/1 ARM (adjustable mortgage rate) is at 3.98, down 0.01 from the prior day. The 30-year fixed jumbo mortgage rate is 4.34, also down 0.01 day over day. Lastly, the 30-year fixed refinance rate in Texas is currently at 4.04, unchanged from the previous day. As you can see, determining what the mortgage rate is in Dallas for a specific area entails more difficulty than one simple number. In fact, mortgage rates in Dallas are a whole range of numbers. To make matters more complicated, your specific rate will depend on your credit score and a whole host of other factors, including how much of a down payment you are able to make upfront. How Much of a Down Payment is Required in Dallas? Ask anyone how much of a down payment they will need in Dallas, and you are likely to hear the same response repeated: 20. According to one source, a full 40 of the U.S. population believed this rate to be required. The truth, as you might imagine, entails a bit more complexity.  Just as mortgage rates vary depending on a variety of factors — location, credit score, etc. — so do down payment requirements. In some instances, a down payment as low as 3.5 or 5 can get a family into a home. Even better, for veterans or active members of the military, a 0 down payment option is available (though other fees are involved). The point is that down payment percentages will vary just as much as mortgage rates. There is no single number that applies to every situation across the country, a particular state like Texas, or even a single city such as Dallas.  All in all, the overall range for most homebuyers is between 3.5 on the low end and 20 at the top. That being said, to be sure of your mortgage down payment, you will, of course, want to consult with both a real estate agency and a bank. They will be able to provide both guidance and more specific cost breakdowns. How Do I Calculate My Mortgage Rate and Downpayment in Dallas? With technology, nearly everything becomes easier to manage, especially for mortgage rates and down payments. Dallas Luxury Realty provides an online mortgage calculator that allows you to punch in your purchasing and financing information to figure out all your mortgage payment information details. Any one of these numbers can be changed in Dallas Luxury Realty’s online mortgage calculator to determine what your specific rates and costs might be regarding homes for sale, condos for sale, or townhomes for sale in the Dallas area. Regardless of whether you need to put down 3.5, 20, or something in between, knowing all the facts and variables beforehand can make a world of difference.  Consult with us for the best possible home buying experience in Dallas