78040, Laredo, TX

The 78040 zip code of Laredo, TX has a population of about 234,000 people. The median household income in the 78040 zip code is $50,000 and the median home value is $130,000. In the 78040 zip code, there are about 117,000 homes with a mortgage and about 114,000 homes with a home equity loan. The average interest rate on a mortgage in the 78040 zip code is 4.06% and the average interest rate on a home equity loan is 5.24%.

The 78040 zip code has seen an increase in home values over the past few years. In January of 2018, the median home value was $128,500 which was an increase of 6% from January 2017. Over the past three years (January 2014 to January 2018), the median home value has increased by 18%. This indicates that there are more buyers and sellers in the 78040 zip code than there were three years ago and that prices are continuing to rise.

One factor that may be contributing to this increase in prices is low interest rates. The average interest rate on a mortgage in the 78040 zip code is 4.06% which is lower than both Texas state averages (4.69%) and national averages (4.54%). Additionally, because most mortgages in Laredo are fixed-rate mortgages rather than adjustable-rate mortgages (ARM), borrowers can lock-in their rates for longer periods of time which helps to keep prices stable over time. Home equity loans also have low interest rates as long as you keep your loan current; currently, the average interest rate on a home equity loan in Laredo is 5.24%. This means that even if you don't use all your available borrowing capacity on your home equity loan, you will still be paying relatively low rates compared to other types of loans available in Laredo today