Tennessee is the 17th largest U.S. state by population ― there are 6.2 million residents living across 95 counties. Located in the South, Tennessee is well-known for being the home of country/western music (Nashville) and blues and jazz music (Memphis).
Tennessee’s state motto is “Agriculture and Commerce,” and about 44% of the state is farmland. Much of the state’s economy is also based on tourism, with attractions such as Graceland, Dollywood, the Grand Ole Opry, the Smoky Mountain National Park (the country’s most visited national park), and the World Championship Barbeque Cooking Contest (Memphis in May). Homebuyers and homeowners in the Volunteer State should be aware of current real estate market conditions and stay informed about Tennessee mortgage rates.
Tennessee mortgage rates, like national mortgage rates, have been on the decline since the economic recession that began several years ago. Potential homebuyers may find that Tennessee mortgage rates are the lowest they have been in a long time. Additionally, current homeowners may be able to take advantage of low Tennessee mortgage rates by refinancing their mortgage loans.
The Tennessee mortgage rate that you obtain will be depend on a number of factors ― including your credit history, income, debt obligations, and employment status. Tennessee mortgage rates may be fixed or adjustable, based on the type of loan you get. Note that your loan may come with additional expenses, such as mortgage application fees and closing costs.
The decline in Tennessee mortgage rates has encouraged many homeowners to consider mortgage refinancing. For a successful refinance, you will need to show the mortgage lender proof of your income, debts, credit score, and home equity. If your loan balance is more than 80% of the home’s value (determined by a property appraisal), you may be required to pay for mortgage insurance.
While low Tennessee mortgage rates have prompted many homeowners to refinance their loans, you must be sure that this is the right move for you. It is generally advised that you refinance ONLY if the Tennessee mortgage rate being offered is at least 1% lower than your current mortgage rate. Otherwise, when you factor in loan processing fees and other costs, a refinance may not be worth it.
The table below provides Tennessee mortgage rates for refinancing a loan. It is recommended that you shop around and compare offers from different lenders to find what works best for you. Since Tennessee mortgage rates are constantly changing, it is in your best interest to do the proper research and keep yourself informed.