Best Mortgage Rates in Tennessee

30-Year Fixed

Most Popular

15-Year Fixed

Lower Interest

5/1 ARM

Adjustable Rate

FHA Loan

Low Down Payment

VA Loan

Veterans Only

🏠 Tennessee First-Time Homebuyer Programs

• Tennessee Housing Development Agency First-Time Homebuyer Program
• Great Choice Home Loan Program
• Hardest Hit Fund

📊 Tennessee Housing Market

What are current mortgage rates in Tennessee?

Current Tennessee mortgage rates are 6.80% for a 30-year fixed loan, 6.20% for a 15-year fixed, and 6.50% for FHA loans. Rates vary by lender and individual qualifications.

How much house can I afford in Tennessee?

With a median home price of $250,000, you can use our mortgage calculator to determine affordability. Generally, housing costs should not exceed 28% of your gross monthly income, including property taxes of approximately 0.64% annually.

What first-time homebuyer programs are available in Tennessee?

Tennessee offers several first-time homebuyer programs including the Tennessee Housing Development Agency First-Time Homebuyer Program. These programs often provide down payment assistance, reduced interest rates, or other benefits. Contact the Tennessee Housing Development Agency for details.

How do Tennessee property taxes affect my mortgage payment?

Tennessee has a property tax rate of 0.64%, which means approximately $1,600 annually on a median-priced home. Property taxes are typically included in your monthly mortgage payment through an escrow account.

Should I choose a fixed or adjustable rate mortgage in Tennessee?

Fixed-rate mortgages offer payment stability, while adjustable-rate mortgages (ARMs) like the 5/1 ARM at 6.40% may offer lower initial rates. Consider your long-term plans and risk tolerance when choosing between fixed and adjustable rates.

How do I qualify for the best mortgage rates in Tennessee?

To qualify for the best Tennessee mortgage rates, maintain a credit score above 740, save for a down payment of 20% or more, keep your debt-to-income ratio below 36%, and shop with multiple lenders. Consider getting pre-approved to understand your rate options.