Compare mortgage rates and closing costs for leading lenders in Tennessee. Review free, personalized mortgage rates for Tennessee based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
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November 11, 2019
The current average rate for a 30 year fixed rate mortgage in Tennessee is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
The median home value for Tennessee is $192,112
The median household income for Tennessee is $51,785
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Tennessee is $35,643
The home price you can afford to buy based on household income in Tennessee is 145% of the median home value which means housing prices are average. Tennessee ranks 28 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Tennessee is average
US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs
FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat
Income Growth: https://www.bls.gov
National Average Rates: http://www.freddiemac.com/pmms/
FREEandCLEAR Housing Affordability Index