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Nashville

Current Mortgage Rates in Nashville, Tennessee

Compare mortgage rates and fees for leading lenders in Nashville, 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 Nashville.

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

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Mortgage Rates in Nashville, TN as of May 30, 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 Nashville, TN Mortgage Rates Compare?

May 30, 2020

The current average rate for a 30 year fixed rate mortgage in Nashville 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
Nashville, 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 Nashville, Tennessee?

Below we provide helpful information on the real estate market, home prices and housing affordability in Nashville. Understand how much you need to earn to afford a home in Nashville, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Nashville 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 Nashville is right for you.

The median home value for Nashville, TN (Davidson County) is $300,897

Based on current mortgage rates and a 10% down payment, you need to make $54,154 per year to buy the median priced home in Nashville

With this income, you could qualify for a $270,807 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 Nashville is $1,254

The median household income for Nashville, TN (Davidson County) is $56,338

Based on this income, you can afford a home valued at approximately $313,033

The home price you can afford to buy based on household income in Nashville is 104% of the median home value which means housing prices are average. Nashville (Davidson County) ranks 95 out of 95 counties in Tennessee and 2,967 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Nashville, Tennessee

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

Conforming loan limits for Nashville, TN

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

FHA loan limits for Nashville, TN

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

VA loan limits for Nashville, TN

1 unit: $563,500

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