Compare mortgage rates and fees for leading lenders in Knoxville, 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 Knoxville.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Knoxville. Plus, shopping lenders is free and there is no obligation.
July 2, 2020
The current average rate for a 30 year fixed rate mortgage in Knoxville 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%
Below we provide helpful information on the real estate market, home prices and housing affordability in Knoxville. Understand how much you need to earn to afford a home in Knoxville, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Knoxville 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 Knoxville is right for you.
The median home value for Knoxville, TN (Knox County) is $215,411
Based on current mortgage rates and a 10% down payment, you need to make $38,768 per year to buy the median priced home in Knoxville
With this income, you could qualify for a $193,870 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 Knoxville is $898
The median household income for Knoxville, TN (Knox County) is $55,324
Based on this income, you can afford a home valued at approximately $307,402
The home price you can afford to buy based on household income in Knoxville is 143% of the median home value which means housing prices are average. Knoxville (Knox County) ranks 84 out of 95 counties in Tennessee and 2,624 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Knoxville, TN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Knoxville (Knox County) below.
Conforming loan limits for Knoxville, TN
FHA loan limits for Knoxville, TN
VA loan limits for Knoxville, TN