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Tennessee Mortgage Rates

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Product Average Rate Change
30 Year Fixed
3.025% +0.027
20 Year Fixed
3.271% +0.121
15 Year Fixed
2.750% +0.016
Last updated: Mar 5, 2021
3.131% APR 30 Year Fixed
$1,053 / month
Rate: 2.990%
Fees: $4,525
Lock: 45 days
Points: 1.610
View Details
SPONSORED
2.766% APR 30 Year Fixed VA
$972 / month
Rate: 2.375%
Fees: $13,128
Lock: 45 days
Points: 1.951
View Details
SPONSORED
4.255% APR 30 Year Fixed FHA
$1,021 / month
Rate: 2.750%
Fees: $10,625
Lock: 45 days
Points: 2.000
View Details
SPONSORED
3.318% APR 30 Year Fixed VA
$1,038 / month
Rate: 2.875%
Fees: $14,500
Lock: 45 days
Points: 2.000
View Details
2.746% APR 30 Year Fixed
$1,005 / month
Rate: 2.625%
Fees: $3,978
Lock: 45 days
Points: 1.591
View Details
3.447% APR 30 Year Fixed
$1,089 / month
Rate: 3.250%
Fees: $6,250
Lock: 45 days
Points: 2.000
View Details
3.131% APR 30 Year Fixed
$1,053 / month
Rate: 2.990%
Fees: $4,525
Lock: 45 days
Points: 1.610
View Details
3.595% APR 30 Year Fixed FHA
$940 / month
Rate: 2.125%
Fees: $7,835
Lock: 30 days
Points: 1.384
View Details
3.447% APR 30 Year Fixed
$1,089 / month
Rate: 3.250%
Fees: $6,250
Lock: 45 days
Points: 2.000
View Details
3.190% APR 30 Year Fixed VA
$1,021 / month
Rate: 2.750%
Fees: $14,500
Lock: 45 days
Points: 2.000
View Details
3.149% APR 30 Year Fixed
$1,055 / month
Rate: 3.000%
Fees: $4,778
Lock: 45 days
Points: 1.534
View Details
4.255% APR 30 Year Fixed FHA
$1,021 / month
Rate: 2.750%
Fees: $10,625
Lock: 45 days
Points: 2.000
View Details
3.874% APR 30 Year Fixed FHA
$972 / month
Rate: 2.375%
Fees: $9,542
Lock: 45 days
Points: 1.690
View Details
4.255% APR 30 Year Fixed FHA
$1,021 / month
Rate: 2.750%
Fees: $10,625
Lock: 45 days
Points: 2.000
View Details
2.607% APR 30 Year Fixed
$988 / month
Rate: 2.500%
Fees: $3,540
Lock: 30 days
Points: 1.416
View Details
3.117% APR 30 Year Fixed
$1,055 / month
Rate: 3.000%
Fees: $3,758
Lock: 60 days
Points: 1.503
View Details
3.092% APR 30 Year Fixed
$1,038 / month
Rate: 2.875%
Fees: $7,550
Lock: 30 days
Points: 2.000
View Details
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Tennessee Mortgage Overview

Tennessee has always been an affordable place to live despite its rising home prices. In 2020, the average home price was $167,000. Almost 7 million people live in Tennessee because of its affordability and beauty.

If you're thinking of moving to Tennessee, here are your top loan options:

Tennessee conventional loans

Do you have great credit? Get a conventional loan. You need just a 660 credit score and a 3 - 5 percent down payment. You'll pay PMI if you put down less than 20 percent on the home, but the rates are so affordable that it's worth it, plus you can cancel PMI once you owe less than 80 percent of the home's value.

Tennessee FHA loans

FHA loans are a conventional loan alternative. You don't need perfect credit - you need just a 580. With a 3.5 percent down payment that you can get as a gift or down payment assistance, you're on your way to owning your first home. FHA loans have great rates but charge mortgage insurance for the loan's term.

Tennessee VA loans

Veterans have the advantage of 100 percent financing. VA lenders get a guarantee from the VA that they'll receive some of the money back that they lose if you default. This allows VA lenders to offer flexible guidelines including no down payment. It's a great way to get your first home.

Tennessee USDA loans

If you don't qualify for the above loans, the USDA loan may be a good option. You must make less than 115 percent of the average income for your area to qualify, but if you do, you don't need a down payment. All you need to qualify is a 640 credit score and a max 41 percent debt-to-income ratio.

First-Time Homebuyer Programs in Tennessee

Great Choice Home Loans

If you're a moderate-income household, enjoy the low rates and closing costs on the Great Choice Home Loan. This 30-year term has a fixed rate. You need a 640 credit score to qualify and must fall within the income guidelines.

Down payment assistance

If you apply for and qualify for a Great Choice Home Loan, you can get down payment assistance too. The Great Plus Second Loan is between $6,000 - $7,500 and is repaid over a 15-year term.

These loans help you get your first home at rates and costs lower than traditional loans. You still get the loan from a local lender and may shop around to get the lowest rates and best terms for your loan.

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