Initial rates displayed are based on a $200,000 loan for a purchase or refinance transaction of an owner occupied, single-family residence with 62.5% LTV and 740 credit score and no cash out. By adjusting these assumptions you can update the type of loan, property, credit rating, and down payment that you are looking for. The rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the HSH quotes. Annual percentage rate in ARM products may increase after the loan is closed. More Info. These quotes are from banks, thrifts and brokers who have paid for a link to their website in the listings above and you can find additional information about their loan programs on their websites.
In order to help you see how Tennessee mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions.
It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%. Make sure that you use all of your costs when comparing loans.
In order to qualify for the best mortgage rates in Tennessee it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.
Tennessee is the sixteenth most populous US state. According to the US census, as of 2017, there is an estimated population of over 6.6 million residents, which represents 2.1% of the US population. Based on statistics from the US Department of Agriculture Tennessee has a large agricultural production including livestock, broilers, soybean, cotton and tobacco crops. According to wikipedia there are a number of major corporations in Tennessee, including “ FedEx, AutoZone and International Paper, all based in Memphis; Pilot Corporation and Regal Entertainment Group, based in Knoxville; Eastman Chemical Company, based in Kingsport; the North American headquarters of Nissan Motor Company, based in Franklin; Hospital Corporation of America and Caterpillar Financial, based in Nashville; and Unum, based in Chattanooga.”
During the 2007 housing crisis and Great recession housing prices in Tennessee were more stable than most parts of the USA. According the the FHFA HPI (all transactions) home prices between 2005 and Q1 2017 increased by 17% vs. a 14% for the US. In addition, housing prices did not decline below the 2005 level. In Tennessee, after reaching a 17% increase and peaking in Q1 2008m housing prices dropped by only 9%. For the US, housing prices peaked at 14% after their 2005 level and dropped by more than 18%.
Based on 2015 HMDA data, Tennessee compared to National loan program distribution, had a lower percentage of conventional loans (61% vs 69% nationally). VA loans as well as rural loans were a about 3% higher than the national average. In addition. In Tennessee, purchase loans accounted for 57% of the 2015 loans versus 51% for the US.
Here are some outside resources that can help you understand the Tennessee mortgage environment:
Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. We are providing historical data based on State based information for 2002 - 2015.
Source of Data: FHFA Historical Table - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table 15 - By State and Table 12 Fixed-Rate Mortgages
Check out some differences between Tennessee and the US:
Mortgage Rates for Conventional Loans in Tennessee vs USA
Mortgage Fees for Conventional Loans Tennessee vs USA
Purchase Price for Conventional Loans in Tennessee