Compare current mortgage rates in Tennessee. Whether you're buying a home in Nashville, Memphis, or Knoxville, find the best loan options for your needs.
A 0.5% difference in mortgage rate on a $350,000 loan saves over $35,000 in interest over 30 years. Always get at least 3 quotes before choosing a lender.
Tennessee, known as the Volunteer State, has a population of 7.1M with a median household income of approximately $57,000. The current unemployment rate stands at 3.1%, which lenders consider when evaluating applications from Tennessee residents.
Major financial hub: Nashville is the primary financial center for Tennessee residents, with access to both national and regional lenders.
Tennessee offers a relatively affordable housing market compared to the national average. With no state income tax and a growing economy, it's an attractive destination for homebuyers. The median home price is around $325,000, making homeownership accessible for many. Current mortgage rates are competitive, with the 30-year fixed rate averaging 6.13% and the 15-year fixed rate at 5.50%.
6.00% APR
Low rates for excellent credit
5.85% APR
Best for 15-year fixed mortgages
6.25% APR
Great for FHA loans
5.75% APR
Specializing in VA loans
6.10% APR
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| Product | Interest Rate | APR | Monthly Payment |
|---|---|---|---|
| 30-Year Fixed | 6.13% | 6.25% | $1,822 |
| 15-Year Fixed | 5.50% | 5.65% | $2,450 |
| 20-Year Fixed | 5.875% | 6.05% | $2,100 |
| 5/1 ARM | 6.75% | 7.10% | $1,950 |
| FHA 30-Year Fixed | 5.99% | 6.80% | $1,780 |
| VA 30-Year Fixed | 5.75% | 6.50% | $1,700 |
Your credit score significantly impacts the interest rates you qualify for. A higher score generally leads to lower rates. Check your credit report for errors and work to improve your score before applying for a mortgage.
Explore various mortgage options like 30-year fixed, 15-year fixed, FHA, and VA loans. Each has unique benefits and eligibility requirements. Choose the one that best fits your financial situation and long-term goals.
Don't settle for the first offer you receive. Contact multiple lenders, including banks, credit unions, and online mortgage companies, to compare rates, fees, and terms. This can save you a significant amount over the life of the loan.
Think about your financial plans for the next few years. Do you anticipate a career change, starting a family, or moving? Your mortgage choice should align with these goals to ensure it remains affordable and flexible.