National Rate Snapshot (Freddie Mac PMMS)
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Live Tennessee Rates
Check current Tennessee mortgage rates and take advantage of the Volunteer State's tax-friendly homeownership
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How to Get the Best Rate in Tennessee
Mortgage rates are not one-size-fits-all. The rate you receive depends on your credit profile, the loan type you choose, your down payment, and current market conditions. Here is what you can control to secure the lowest rate possible.
NMHL loan officers work with 300+ lenders to find competitive rates for every borrower profile — whether you have excellent credit or are rebuilding.
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Understanding Tennessee Mortgage Rates Today
Tennessee mortgage rates are influenced by national trends, but the state's unique economic factors play a significant role. With no state income tax, homeowners keep more of their income, making mortgage payments more manageable. The state's diverse economy, from healthcare in Nashville to manufacturing across the state, keeps the housing market active.
Our live rate widget above shows current Tennessee mortgage rates. You can compare rates for different loan types, including conventional, FHA, VA, and USDA options. Tennessee's housing market continues to attract buyers, with Nashville being a particular hotspot.
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Tennessee-Specific Mortgage Programs
The Tennessee Housing Development Agency (THDA) offers the Great Choice Home Loan program, providing competitive 30-year fixed rates with down payment assistance up to $7,500. This program is available to both first-time and repeat buyers across the state.
USDA loans are another valuable option for Tennessee buyers, covering much of the rural areas outside major cities. These zero-down mortgages make homeownership more accessible in counties like Wilson or Rutherford.
Check your eligibility for THDA and USDA programs
Choosing the Right Mortgage for Your Tennessee Home
Tennessee offers various mortgage options to suit different buyer needs. Conventional loans are popular for those with solid credit, while FHA loans help first-time buyers with lower down payments. VA loans serve veterans across the state, particularly near military bases.
Jumbo loans cater to luxury homebuyers in areas like Nashville's Green Hills or Memphis' Germantown. For self-employed professionals, non-QM loans provide alternative documentation options.
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Tips for Getting the Best Tennessee Mortgage Rate
To get the best Tennessee mortgage rate, consider working with local lenders familiar with the state's market. They may offer competitive rates and closing cost credits. Getting pre-approved and locking in your rate early is crucial, especially in competitive markets like Nashville.
Take advantage of Tennessee's no state income tax by factoring the extra income into your mortgage budget. Explore state-specific programs like THDA's Great Choice Home Loan for additional savings.
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Tennessee Mortgage Rates FAQs
Tennessee mortgage rates are competitive with national averages. The state's growing economy and lack of state income tax keep the housing market active. Check our live rate widget for today's Tennessee-specific rates.
Without state income tax, Tennessee homeowners keep more of their gross income. For a $100,000 household, that's $5,000-$7,000 more annually. This effectively increases purchasing power and makes monthly mortgage payments more manageable.
Yes, the THDA Great Choice program is available across Tennessee. It offers 30-year fixed rates with down payment assistance up to $7,500 for eligible buyers. Income limits vary by county but typically range from $98,000 to $130,000.
Yes, USDA loans are available in much of rural Tennessee. Counties outside major metros like Nashville, Memphis, and Knoxville often qualify. Check eligibility for zero-down financing in areas like Clarksville or Cookeville.
While base mortgage rates are similar statewide, Nashville's competitive market may see slightly higher rates due to demand. However, local lenders may offer competitive pricing or closing cost credits to offset this.
Tennessee Mortgage Resources
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