Officials say the call for help came in around noon from the 20-foot-long boat, which was sinking near the mouth of the Brazos River.
When crews arrived on scene, they found all five people standing aboard the sinking boat wearing their life jackets.
"These boaters' decision to proactively [put on] life jackets assuredly contributed to the successful outcome of this case," said Coast Guard Captain Keith Donohue in a news release.
The Coast Guard was able to safely pull all five people out of the water and tow the sinking boat to a marina in Freeport.
"Emergencies can strike without warning on the water, and it's imperative that all boaters wear their life jackets at all times and pay attention to the weather conditions while operating offshore," Donohue said.
SEE RELATED STORIES:
Bahamas rescue: Coast Guard saves 3 who were stranded on uninhabited island for 33 days
Coast Guard rescued 21 people stranded on boat that ran out of gas near Texas City