Current Tennessee Mortgage & Refinance Rates Bankrate.com Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content
Current Tennessee Mortgage and Refinance Rates
Advertiser Disclosure Advertiser Disclosure
The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where and in what order products appear. This table does not include all companies or all available products. Bankrate does not endorse or recommend any companies. Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. As of Sunday, November 13, 2022, current rates in Tennessee are 6.90% for a 30-year fixed and 6.17% for a 15-year fixed. Bankrate has offers for Tennessee mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today. At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for . ON THIS PAGE Important information about our rate table The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser. Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership. If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount. The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included. If you have used Bankrate.com and have not received the advertised loan terms or otherwise been dissatisfied with your experience with any Advertiser, we want to hear from you. Please to provide your comments to Bankrate Quality Control. Current mortgage rates in Tennessee
Mortgage interest rates are reaching their highest levels since 2008, and are close to 7 percent for a 30-year fixed interest mortgage in Tennessee. The typical home value in Tennessee is $305,613, below the national median of $389,500. Demand for housing in the state is increasing, as Tennessee was the nation's third-most top growth state in 2021. Home prices are likely to climb higher, and your home's value may increase over time. Refinance rates in Tennessee
If you're looking to lower your interest rate, refinancing in Tennessee can be a smart move. You may benefit from the tight housing market. If the equity in your home continues to rise, it might be easier for you to get your refinance application approved. Check out the to learn how much you could save. How to find the best mortgage rate in Tennessee for you
Whether you're buying a home or looking to refinance your existing mortgage, it's crucial to . Check your credit report for errors (such as incorrect contact information). If you spot one, reach out to the credit bureau directly to resolve it as soon as possible. Beyond that, you can by paying all of your bills on time and paying down or eliminating . Lowering other forms of debt, too, helps improve your . It's easier to get a lower rate if you can make a larger , as well, ideally 20 percent. A lower down payment won't necessarily disqualify you, but you'll likely have a higher rate and will need to pay for mortgage insurance. Remember: You could save thousands on your Tennessee home purchase if you with at least three mortgage lenders.
Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily ("overnight averages") and the other weekly ("Bankrate Monitor averages"). For Bankrate's overnight averages, APRs and rates are based on no existing relationship or automatic payments. To determine the Bankrate Monitor mortgage rate averages, Bankrate collects APRs and rates from the 10 largest banks and thrifts in 10 large U.S. markets based on no existing relationship or automatic payments. Our advertisers are leaders in the marketplace, and they compensate us in exchange for placement of their products or services when you click on certain links posted on our site. This allows us to bring you, at no charge, quality content, competitive rates and useful tools. Learn more about Bankrate's , and . Mortgage options in Tennessee
No matter which state you plan to buy a home in, there are at least two mortgage options available to the majority of borrowers: or . These are offered by most mortgage lenders. The more popular conventional loan is ideal for borrowers who have a credit score of at least 620 and can put down at least 3 percent of the home's purchase price upfront. FHA loans, on the other hand, are open to borrowers with credit scores as low as 580 who can make a down payment of at least 3.5 percent. (If you can bring at least 10 percent to the table, your credit score can be as low as 500.) In Tennessee and elsewhere, certain borrowers might have access to a or a instead. VA loans are for eligible military members and veterans, while USDA loans are for borrowers buying a home in a specially-designated rural area. Neither of these loans require a down payment, making them an attractive option for those who qualify. First-time homebuyer programs in Tennessee
In addition to conventional loans and FHA loans, the Tennessee Housing Development Agency (THDA) offers a handful of programs designed to : Great Choice Home Loans: The is aimed at moderate-income buyers. It offers 30-year fixed-rate mortgages to those with credit scores as low as 640. The program comes withhousehold income and purchase price limits, which vary by county, as well as down payment assistance. Homeownership for the Brave: In terms of features, the is very similar to Tennessee's Great Choice Home Loan for first-time homebuyers. It offers a 30-year fixed interest rate and has a minimum credit score requirement of 640. Interest rates through Homeownership for the Brave are reduced a half-percentage point; the requirement that you be a first-time homeowner to participate is waived; and buyers are able to borrow as much as 100 percent of a property's purchase price with a VA-backed loan. Take Credit MCC Program: One more notable program for those home shopping in Tennessee, the (MCC) provides a federal income tax reduction for those who purchase a property in one of the state's Targeted Areas. In addition to first-time homebuyers, Take Credit MCC is open to veterans or repeat homebuyers, as long as the property is located in one of the state's qualifying Targeted Areas. MCC participants are eligible for a federal tax credit of as much as $2,000 annually, which can be used to decrease the homebuyer's income tax liability year after year, as long as the house remains the primary residence.