Question 1

What are current mortgage rates in Tennessee?

Accepted Answer

As of March 2026, mortgage rates in Tennessee are in line with national averages. The 30-year fixed rate ranges from 6.5% to 7.2%, the 15-year fixed from 5.9% to 6.5%, and the 5/1 ARM from 5.8% to 6.4% for borrowers with good credit (700+). The best rates (starting at 6.5% for 30-year fixed) are available to borrowers with 750+ credit scores and 20%+ down payments.

Question 2

What is the Tennessee housing market like?

Accepted Answer

Tennessee has experienced dramatic population growth and housing price appreciation, especially in Nashville, which has transformed into a major corporate and entertainment hub. Memphis remains affordable relative to national averages. Knoxville and Chattanooga are increasingly competitive as remote work drives in-migration. No state income tax makes Tennessee attractive to buyers from high-tax states.

Question 3

How do I get the best mortgage rate in Tennessee?

Accepted Answer

To get the best mortgage rate in Tennessee, compare quotes from at least 3–5 lenders including local banks, credit unions, and online lenders. A credit score of 750 or higher, a down payment of 20% or more, and a low debt-to-income ratio will qualify you for the lowest rates. Use our Loan Finder tool to identify which loan type best fits your situation.

Mortgage Rates in Tennessee Today

Current Rate Ranges in Tennessee

Tennessee Housing Market Overview