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Franklin

Current Mortgage Rates in Franklin, Tennessee

Compare mortgage rates and fees for leading lenders in Franklin, TN. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Franklin.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Franklin. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Franklin, TN as of July 5, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Franklin, TN Mortgage Rates Compare?

July 5, 2020

The current average rate for a 30 year fixed rate mortgage in Franklin 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%

Mortgage Program
Today's
Franklin, TN Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Franklin, Tennessee?

Below we provide helpful information on the real estate market, home prices and housing affordability in Franklin. Understand how much you need to earn to afford a home in Franklin, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Franklin fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Franklin is right for you.

The median home value for Franklin, TN (Williamson County) is $542,865

Based on current mortgage rates and a 10% down payment, you need to make $97,702 per year to buy the median priced home in Franklin

With this income, you could qualify for a $488,578 mortgage, assuming your monthly debt expense is reasonable

Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Franklin is $2,263

The median household income for Franklin, TN (Williamson County) is $109,201

Based on this income, you can afford a home valued at approximately $606,758

The home price you can afford to buy based on household income in Franklin is 112% of the median home value which means housing prices are average. Franklin (Williamson County) ranks 94 out of 95 counties in Tennessee and 2,911 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Franklin, TN is average

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Loan Limits for Franklin, Tennessee

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Franklin (Williamson County) below.

Conforming loan limits for Franklin, TN

1 unit: $563,500
2 units: $721,400
3 units: $872,000
4 units: $1,083,650

FHA loan limits for Franklin, TN

1 unit: $563,500
2 units: $721,400
3 units: $872,000
4 units: $1,083,650

VA loan limits for Franklin, TN

1 unit: $563,500

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