Compare mortgage rates and fees for leading lenders in Memphis, 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 Memphis.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Memphis. Plus, shopping lenders is free and there is no obligation.
November 11, 2019
The current average rate for a 30 year fixed rate mortgage in Memphis 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 Memphis, TN (Shelby County) is $161,231
The median household income for Memphis, TN (Shelby County) is $49,895
Based on current mortgage rates and a 10% down payment, you need to make $29,913 per year to buy the median priced home in Memphis
The home price you can afford to buy based on household income in Memphis is 167% of the median home value which means housing prices are average
Memphis (Shelby County) ranks 58 out of 95 counties in Tennessee and 2,258 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Memphis, TN is average
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Memphis (Shelby County) below.
Conforming loan limits for Memphis, TN
FHA loan limits for Memphis, TN
VA loan limits for Memphis, TN
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/
Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx
FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp
FREEandCLEAR Housing Affordability Index