Dallas, Texas Mortgage Refinance Interest Rates
Discover the latest mortgage interest rates to make informed decisions about your home refinancing.
Interest rate over time in Dallas, Texas
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Dallas, Texas
Showing results for: 15-Year Fixed and 30-Year Fixed refinance offers for Single Family or Townhome properties in TX, total loan amount of $228,000.
| Lender | APR / Rate | Monthly Payment | |
|---|---|---|---|
Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
Should You Refinance in Dallas?
1.6% annual appreciation
· Data updated 9/13/2026While Dallas's market is currently experiencing slower appreciation (1.6% annually), refinancing to lower your interest rate can help reduce monthly costs and build equity faster.
Local Market Context
Dallas, Texas homes have a median value of $649,900, with 1.6% year-over-year appreciation. While appreciation is slower, refinancing to a lower rate can help you build equity faster and reduce monthly costs.
Estimated Monthly Payment in Dallas
Based on the median home price of $649,900 with 20% down at 7.11% (30-year fixed):
| Principal & Interest | $3,498.59/mo |
| Property Tax | $975/mo |
| Homeowner's Insurance (est.) | $125/mo |
| Estimated Total (PITI) | $4,599/mo |
Rate Savings Scenarios for Dallas
How your monthly principal & interest payment changes at different rates (20% down on $649,900 median home):
| Interest Rate | Monthly P&I | vs. Current Rate |
|---|---|---|
| Current rate (7.11%) | $3,499 | — |
| 6.61% (–0.5%) | $3,325 | –$174/mo |
| 6.11% (–1.0%) | $3,155 | –$344/mo |
Down Payment Impact in Dallas
Monthly principal & interest at 7.11% for different down payments on the $649,900 median home:
| Down Payment | Loan Amount | Monthly P&I |
|---|---|---|
| 10% down ($64,990) | $584,910 | $3,936 |
| 15% down ($97,485) | $552,415 | $3,717 |
| 20% down ($129,980) | $519,920 | $3,499 |
Property Tax Impact
Property taxes in Dallas, Texas average 1.8% of home value, which is higher compared to the national average. When refinancing, it's important to remember that your total monthly payment includes these taxes (approximately $975 per month for a median-valued home). A lower interest rate might reduce your principal and interest payment, but your property tax portion stays the same.
Texas ranks 46th (high) nationally for property taxes, which directly affects your total monthly payment when buying or refinancing.
Cost of Living Context
Dallas's cost of living is 2% above the national average (index: 102), meaning housing costs tend to run higher than typical — which typically means higher housing costs but also historically stronger equity growth potential.
Calculate Your Exact Refinance Savings
Get a personalized analysis based on your specific mortgage details, compare multiple offers, and see your break-even point.
Use Refinance CalculatorNavigating Refinancing in Dallas's Premium Market
Hey Dallas! As a major economic powerhouse, your real estate market is highly valuable.
The Jumbo Loan & LTV Factor
Dallas's premium prices mean your Loan-to-Value (LTV) ratio is your most important metric when sitting at the negotiating table.
If your LTV dips below 80%, you can negotiate much better rates. If you bought in recent years with a small down payment, this steady growth might be exactly what you need to remove your Private Mortgage Insurance (PMI).
Property Tax Tip for Dallas Homeowners
When refinancing, rolling your closing costs into your new loan can free up the liquid cash you need to comfortably float those steep property tax assessments.
Texas Refinance Programs for Dallas Residents
TSAHC (Texas State Affordable Housing Corporation) is the gold standard for hero programs. Look into their "Homes for Texas Heroes" if you are a teacher, firefighter, or veteran, as you may qualify for specialized rates or Mortgage Credit Certificates (MCC) to help offset those high Texas property taxes.
What Interest Rate Drop Makes Refinancing Worth It in Dallas?
In Dallas's stable market with 1.6% annual appreciation, refinancing is generally worthwhile when you can reduce your rate by at least 0.75-1%. For a $649,900 home with an 80% LTV ($519,920 loan), dropping from 7% to 6% saves approximately $140/month. With typical closing costs around $12,998, you'd break even in about 93 months. If you plan to stay in your home at least 8 years, refinancing makes financial sense.
How Do I Calculate My Break-Even Point for Refinancing in Dallas?
Calculate your break-even point by dividing total closing costs by monthly savings. In Dallas, closing costs typically run 2-3% of your loan amount. If you're refinancing $519,920 (80% of Dallas's $649,900 median home value), expect around $12,998 in costs. Compare your current monthly payment to your new payment including the 1.8% property tax, insurance, and the new principal/interest. If refinancing saves $150/month, your break-even is 87 months. Don't forget to factor in how long you plan to keep the home.
Should I Refinance from a 30-Year to 15-Year Mortgage in Dallas?
Shortening your term from 30 to 15 years can save substantial interest and typically offers rates 0.5-0.75% lower. On Dallas's median home value of $649,900, you could save over $100,000 in interest over the loan's life. However, monthly payments increase significantly-a $519,920 loan at 6% jumps from approximately $3,529/month (30-year) to $4,529/month (15-year at 5.5%). Refinance to a 15-year if you can comfortably afford the higher payment and want to build equity faster in Dallas's stable market.
Can I Refinance If I Still Have PMI in Dallas?
Yes, and eliminating PMI is often a primary refinancing goal. PMI typically costs 0.5-1% of your loan amount annually. On a $519,920 mortgage in Dallas, that's $200-400/month. With 1.6% annual appreciation plus principal paydown, you may have crossed the 80% LTV threshold. If you purchased with 5-10% down 3-4 years ago, appreciation likely brought you to 20%+ equity. Refinancing removes PMI permanently (unlike conventional loans where it can take years to cancel), immediately lowering your payment even if you get the same interest rate.
Is a No-Closing-Cost Refinance a Good Deal in Dallas?
No-closing-cost refinances roll $15,598 in typical closing costs into your loan balance or offset them with a slightly higher interest rate (usually 0.25-0.5% higher). In Dallas's stable market, this makes sense if you plan to move within 3-5 years, avoiding the $87-month break-even period on traditional refinances. However, if you're staying long-term, paying closing costs upfront and getting a lower rate saves more money over time. Calculate both scenarios: upfront costs with lower rate versus no costs with higher rate over your expected timeline.
How Dallas compares across Texas
Median home prices vary widely across Texas, which changes what a typical refinance costs. Here is the estimated monthly principal and interest on a median-priced home (80% loan-to-value) at today's average 30-year fixed rate of 7.11%:
| City | Median home price | Est. monthly P&I | vs. Dallas |
|---|---|---|---|
| Dallas | $649,900 | $3,499 | — |
| Houston | $425,000 | $2,288 | −$1,211/mo |
| Austin | $325,000 | $1,750 | −$1,749/mo |
| Fort Worth | $325,000 | $1,750 | −$1,749/mo |
Estimates use each city's median home price with the same statewide average rate; actual quotes vary by lender, credit profile, and loan size.