Mortgage Rates In Tennessee

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The median home price in the state has historically been higher than the median for the country, but Tennessee has a lot of low-priced homes to offer. In many areas, prices are pushed further down by the larger inventory. In general, the state is one of the most affordable to live in the U.S. While there are considerable differences in house prices statewide, this is not the case with mortgage rates. They have been keeping the pace of the average rate for the country. They have traditionally fluctuated around it with minor differences in both the upward and downward directions.

Nashville has one of the highest median home prices in the state. Other large cities like Knoxville, Chattanooga and Murfreesboro tend to have higher priced houses on average as well. Despite its higher population, Memphis has had significantly lower median home price. Residential properties in smaller towns tend to have much lower prices compared to large cities. Property taxes are among the lowest in the country.

Mortgage rates in Tennessee do not vary significantly statewide, but there are considerable variations between the offerings of mortgage lenders. The highest competition is in the submarkets for 30-year and 20-year fixed rate loans and for 5-year hybrid adjustable-rate loans.

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