If you’re planning on buying a home in Tennessee, you’ll want to be offered the best mortgage rate possible. Your mortgage rate is dependent upon factors such as your income, how much down payment you can put down, your credit score, and your debt-to-income ratio.
You can secure an optimal mortgage rate in Tennessee by checking your credit before you apply for a home loan, making sure all of your documentation is in order, and getting preapproved by a reputable mortgage lender.
Here’s a quick look at current Tennessee mortgage rates:
| Loan Program | Mortgage Rate | APR* | 1 Day Change |
|---|---|---|---|
| Conventional 30 year fixed | 6.499% | 6.574% | -0.13% |
| Conventional 20 year fixed | 6.449% | 6.552% | -0.02% |
| Conventional 15 year fixed | 5.885% | 5.968% | -0.24% |
| Conventional 7 year ARM | 6.705% | 7.276% | Unchanged |
| Conventional 5 year ARM | 6.767% | 7.38% | +0.05% |
| VA 30 year fixed | 6.064% | 6.336% | -0.05% |
| VA 15 year fixed | 5.682% | 6.18% | +0.07% |
| VA 5 year ARM | 6.225% | 6.62% | +0.02% |
Data source: ©Zillow, Inc. Use is subject to the Terms of Use
Wondering if you should buy a home in Tennessee? This could be a advantageous time to find your perfect home in the Volunteer State. Here’s what you need to know:
Start by choosing where you want to live. Tennessee’s music-loving population now nears 6.5 million people, and as you might expect, plenty live in the beautiful countryside but more than one in four live in the states biggest five cities:
Next, calculate how much home you can afford. Tennessee ranks 30th in US homes for sale at average price, and 19th for homes over $1,000,000. Getting preapproved can help you know what your budget is before you go house hunting.
If you are a first-time home buyer, you may be able to qualify for assistance through a program administered by the Tennessee Housing Development Agency (THDA).
The Great Choice Home Loan program applies to 30 year conventional, FHA, VA or USDA loans, with 3%-3.5% down payments (down payment assistance is available.)
Borrower requirements for THDA loans include:
If you need to refinance a home in Tennessee to take advantage of better Tennessee mortgage rates, you can do any of the following:
It’s often possible to qualify for a streamlined refinance depending on your type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.