The average rates in Tennessee for a 15-year FRM (4.30%) and 30-year FRM (5%) are currently lower than the national average, which are at 4.92% and 5.81%, respectively. However, the rate for a 5/1 ARM is higher in the state at 4.49%. The national average is currently 4.41%.
There is no universal definition of a good rate, as it depends on various factors such as the loan term, loan amount, score, income and debt. Shop around for several lenders and compare their rates to ensure you're getting the best deal for your unique situation.
Additionally, mortgage interest rates are subject to daily fluctuations. As a result, the quote you receive from a lender could change at a later date. Be sure to act quickly if you find a Tennessee refinance rate that works for you.
