Tennessee Mortgage Rates today
Are you a Tennessee First-time homeowner? Do you own a house but want a second mortgage or financing to help renovate it? Are you ready to plunge into the world of house hunting? Well, Total Mortgage is here to assist you! Our experts ensure a smooth home-owning or refinancing journey. The best current mortgage rates TN are available here to assess and compare. If you are stuck and need help choosing, we can assist you. With Total Mortgage, you can make the best home financing decision!
If you have any questions about securing the best mortgage rates in Tennessee, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.
Compare today's mortgage rates for Tennessee
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6.125%
7.135% APR
$2,375/mo
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6.990%
7.377% APR
$2,393/mo
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6.500%
7.095% APR
$3,136/mo
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6.125%
6.704% APR
$2,215/mo
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7.000%
7.565% APR
$2,395/mo
infoLatest revision - December 20 2024 4:15pm EST.We update the table twice every day with the current mortgage rates.
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Frequently Asked Questions
What are the current mortgage rates in Tennessee?
Each of the products listed above can help you learn about the current mortgage rates TN. We revise these rates twice daily to ensure you receive an accurate picture of today's mortgage rates TN.
How do Tennessee interest rates affect mortgages in the state?
The overall expenditure on owning a TN house has increased. Higher interest levels require a higher monthly payment, impacting your borrowing cost, and vice versa.
Where can Tennessee residents find the best mortgage rates?
Tennessee residents will get a fair mortgage rate by contrasting levels, annual percentage rates, and monthly obligations against every product mentioned above. However, weighing your qualifications for each merchandise item against the charges involved is critical to making an inspired verdict.
How can Tennessee borrowers lock in a favorable home interest rate?
Homebuyers in Tennessee will obtain a favorable home rate by examining rate-locking with their loan representative—mortgage interest rates in Tennessee hinge on the dynamics of the local housing business. Clients can secure themselves from prospective rate fluctuations while sealing their houses by electing to fix the rate for a set phase.
How does the Tennessee real estate market impact mortgage rates?
Tennessee's property sector position can also affect lending specifications. Urban and rural land prices, the number of available homes, people's jobs, and other essential economic indicators will impact the prevalent loan rates for the state of Tennessee at any phase.
Tennessee First-Time Home Buyer Programs
THDA Great Choice Home Loan
The Great Choice Home Loan program is available for Tennessee first-time home buyers and repeat home buyers through the Tennessee Housing Development Agency. Buying a house in Tennessee applies to conventional, FHA, VA, or USDA loans. It is a 30-year loan with a fixed interest rate, and the rates fluctuate depending on the market and mortgage lender.
The borrower must make a 3% down payment for the GC97 conventional loan and 3.5% for an FHA or USDA loan accompanied by down payment assistance. No down payment is required in the case of a VA or USDA loan. The borrower needs to have at least a 640 credit score. They must also complete a homebuyer education course and meet THDA income limits that vary by county and household size. The property should meet the purchase price limits of THDA, which may vary across the state.
THDA Homeownership for Heroes
The Housing for Heroes program or 'Homeownership for Heroes' at THDA cuts the interest rate on a mortgage by half of one percentage point for those who serve our country. You need not be a first-time homebuyer to qualify. However, you need to finish a homebuyer education program to be eligible for Tennessee first-time home buyer program. Meeting the Great Choice program income and purchase price limits is mandatory. You must meet the state's minimum credit score requirement of 640. Consequently, the eligible groups are
- Active-duty military, veterans, and National Guard
- State and local law enforcement officers
- EMTs/paramedics
- Firefighters
Tennessee Down Payment Assistance
THDA Great Choice Plus
When applying for a Great Choice Loan with the THDA and needing assistance securing the cash to pay the down payment and closing costs, the Great Choice Plus is an instrument that will help you take that concern off your neck. This program features the following first-time home buyer Tennessee requirements -
- A 15-year loan with monthly payments
- 6 % of the purchase price
- When you sell or refinance the home, you will need up to a $6,000 loan to repay the original mortgage.
Other Tennessee Homebuyer Programs
Chattanooga Neighborhood Enterprise
If purchased with the Chattanooga Neighborhood Enterprise DPA, the Chattanooga loan can cover a $15,000 payment, the remainder financed under a separate, second loan. The interest rate is in line with the first mortgage but can be no less than 3 %.
This Tennessee first-time home buyer loan is available to anyone purchasing in the following areas:
- Bledsoe
- Bradley
- Marion
- Grundy
- Hamilton
- McMinn
- Meigs
- Polk
- Rhea
- Seqatchie
Memphis down payment assistance
Memphis may give $25,000 for the down payment for first-time home buyers TN, depending on the financing availability. If you are ready to take this loan, you must earn an eligible income of under 80% of the city's median income and purchase a property under the maximum eligible purchase in the city.
FHA Loans
FHA loans are less restrictive than conventional ones. They only require 3.5 percent down and accept credit scores as low as 580.
VA Loans
VA loans are exclusive for military personnel, veterans, and surviving spouses, including lower interest rates and zero down payment demands.
USDA Loans
The United States Department of Agriculture subsidizes USDA loans. It does not require down payments, but the client must buy a home in designated rural areas and satisfy specific criteria to be eligible.
HomeReady and Home Possible loans
Fannie Mae and Freddie Mac support HomeReady and Home Possible loans, intended for first-time home buyers, where a low 3 percent down payment is acceptable, and income criteria vary.
Inclusion of a program on this website does not constitute an endorsement by Total Mortgage and does not guarantee your eligibility or approval for the program.
*Terms and Conditions Apply. For complete details click here.
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Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.
