Compare today’s mortgage rates in Ellis County
Looking to compare purchase or refinance mortgage rate options in Waxahachie, Ennis, Midlothian, Red Oak, Ferris, and other Ellis County cities? Review today’s updated mortgage rates to find options that best fit your goals. From fixed-rate to government-backed programs, you can choose a plan that makes homeownership affordable and stress-free.
Get a quoteThese rates, APRs, monthly payments, and points are current as of today and may change anytime. They assume a FICO® Score of 780+ and the specific down payment listed for each product. Estimates are based on single-family primary residences with up to one mortgage discount point. Speak with a mortgage loan officer for more details about rate points and eligibility.
Purchase Mortgage Rates
Conventional Fixed-Rate Loans
Conventional fixed-rate mortgages provide steady monthly payments and a locked interest rate throughout the loan term—available in 15, 20, or 30 years. Borrowers typically make a 3–20% down payment and may need private mortgage insurance if under 20%. Ideal for those planning long-term residence.
Conforming Adjustable-Rate Mortgage (ARM) Loans
ARM loans start with a lower introductory rate that adjusts periodically based on market conditions. They can help buyers in Ellis County save during the initial years of homeownership. However, borrowers should be comfortable managing potential payment increases over time.
Federal Housing Administration (FHA) Loans
FHA loans are designed for first-time and moderate-income buyers. With a 3.5% minimum down payment and more flexible credit standards, these loans make homeownership accessible. FHA loans require mortgage insurance but provide affordable options for buyers building their credit profiles.
Veterans Affairs (VA) Loans
VA loans are exclusive to veterans, service members, and their families, offering no down payment, competitive interest rates, and no private mortgage insurance. Guaranteed by the Department of Veterans Affairs, these loans make it easier for eligible borrowers to purchase homes across Ellis County.
Jumbo Loans
Jumbo loans are ideal for luxury or high-cost properties that exceed conforming limits. They often require larger down payments and strong credit but give qualified buyers access to high-value homes. Perfect for Ellis County neighborhoods with larger properties or custom homes.
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Refinance Mortgage Rates
Conventional Fixed-Rate Loans
Conventional refinance loans help homeowners lock in predictable payments and potentially lower their rate. Those with at least 20% home equity can avoid PMI, improving monthly affordability while maintaining stability with a fixed interest rate.
Conforming Adjustable-Rate Mortgage (ARM) Loans
Refinancing into an ARM may lower your monthly payment if you expect to sell or refinance within a few years. This short-term flexibility can save money early on but may lead to higher payments if market rates rise.
Federal Housing Administration (FHA) Loans
FHA refinance options support borrowers with lower credit or limited equity. Whether you’re looking to reduce your rate or switch to a fixed mortgage, FHA programs provide flexibility and government-backed stability for homeowners in Ellis County.
Veterans Affairs (VA) Loans
VA refinance programs, such as the IRRRL (Interest Rate Reduction Refinance Loan), streamline the process for eligible veterans. These loans often require no appraisal or income verification, allowing you to lower your rate and simplify repayment terms with minimal paperwork.
Jumbo Loans
A jumbo refinance lets homeowners with large-balance mortgages secure lower rates or tap into home equity. With flexible repayment terms and competitive pricing, qualified borrowers can refinance luxury homes without sacrificing quality or financial stability.
Frequently asked questions about mortgage rates
1. How are mortgage rates determined in Ellis County?
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2. Can I qualify for a mortgage with less than perfect credit?
3. Should I choose a fixed or adjustable-rate mortgage?
4. How can I reduce my mortgage interest rate?
5. What’s the best time to lock my mortgage rate?
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