Today’s Refinance Rates in Tennessee
Updated: January 18, 2024
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Current Refinance Rates in Tennessee
MoneyGeek collected the latest mortgage refinance rate information for Tennessee homeowners. Listed below are the current average refinance rates in Tennessee.
Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in Tennessee?
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.
Estimate Your New Monthly Mortgage Payment
With MoneyGeek's mortgage calculator below, you can estimate your monthly payment with a refinanced rate. Use Tennessee's average mortgage rates in the calculator and enter your mortgage information. Depending on your debt-to-income ratio and credit score, your actual rate may vary.
Frequently Asked Questions About Refinance Rates in Tennessee
Our MoneyGeek experts have gathered the most common questions about Tennessee mortgage refinancing rates so you can make an informed decision about refinancing your home.
Refinance rates in Tennessee depend on your unique profile and average rates at the time of refinance. A rate at or lower than average could be considered a good rate.
Having a high rate undermines the purpose of refinancing, which is to reduce costs. Use the interest rate on your original mortgage as a guide.
Tennessee has an average interest rate of 5% on a 30-year fixed-rate mortgage. This is a good refinance interest rate to aim for when selecting a lender.
The current average interest rate on Tennessee’s 15-year fixed-rate mortgage is 4.30%. A similar rate could be considered a good refinance rate.
The average interest rate on a 5/1 ARM in Tennessee is 4.49%. A low or similar interest rate indicates a good deal.
sources
- FRED. "Mortgage Rates." Accessed July 13, 2022.