Tennessee Mortgage Rates Today — Compare TN Lenders
The average 30-year fixed mortgage rate in Tennessee is currently 6.47% APR. Tennessee has no state income tax and has been one of the top domestic migration destinations for the past decade. Compare today’s rates from top Tennessee lenders across all major loan types below.
Tennessee Mortgage Rate Comparison Table
Rates below assume a 740+ credit score, 20% down payment, and a $380,000 loan on a single-family primary residence in Tennessee.
| Loan Type | Interest Rate | APR | Best For |
|---|---|---|---|
| 30-Year Fixed | 6.47% | 6.47% | Most Popular |
| 15-Year Fixed | 5.82% | 5.82% | Pay off faster, save interest |
| 5/1 ARM | 6.59% | 6.59% | Short-term owners |
| FHA 30-Year | 6.15% | 6.15% | Low down payment |
| VA 30-Year | 5.99% | 5.99% | Veterans & military |
| 30-Year Refinance | 6.59% | 6.59% | Existing homeowners |
Rates sourced from lender survey data and updated regularly. Actual rates vary by lender and borrower profile. See disclaimer.
Understanding Mortgage Rates in Tennessee
Tennessee has been one of the top domestic migration destinations for the past decade. Nashville’s explosive growth has pushed home prices significantly higher, but the city remains more affordable than comparable coastal metros. Memphis offers exceptional value with some of the lowest home prices of any major US city.
Tennessee Housing Development Agency (THDA) offers Great Choice Home Loan programs for first-time buyers. Knoxville and Chattanooga offer more affordable alternatives to Nashville with strong local economies and outdoor access.
What Affects Your Tennessee Mortgage Rate?
Several key factors influence the rate a Tennessee lender will offer you: your credit score (740+ gets the best rates), your down payment (20%+ eliminates PMI), your loan type (VA and FHA often beat conventional), and broader market conditions driven by the Federal Reserve and Treasury yields. Always compare at least 3–5 lenders — the spread between best and worst rate can be 0.5–1.0%.