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Tennessee Mortgage Rates: Tennessee Mortgage Rates Change Slightly

By: Rosemary Rugnetta | January 27th, 2011

January 27, 2011 (FreeRateUpdate.com) – Economic data released today created no change to most mortgage loan rates except with slight changes to Tennessee jumbo mortgage loan rates.

Conforming mortgage loan rates continue to be attractive for Tennessee borrowers. Today’s Tennessee 30 year fixed rate mortgages are at 4.625%, Tennessee 15 year fixed rate mortgages are at 3.875% and Tennessee 5/1 adjustable rate mortgages are at 3.125%. With good credit and approval status, Tennessee borrowers can lock these Tennessee mortgage rates with 0.7 to 1% origination fee.

Today’s Tennessee FHA mortgage loans continue to remain stable. Tennessee FHA 30 year fixed rate mortgages are at 4.500%, Tennessee FHA 15 year fixed rates mortgages are at 4.000% and Tennessee FHA 5/1 adjustable rate mortgages are at 3.125%. Still a popular choice among Tennessee borrowers, Tennessee FHA mortgage loans have higher closing costs (APR) due to various FHA fees and the upfront mortgage insurance premium due at closing.
Tennessee Mortgage Rates: Tennessee Mortgage Rates Change Slightly
Seeing the only movement in mortgage loan rates today, Tennessee jumbo mortgage loans have changed for both better and worse. Tennessee 30 year fixed jumbo mortgage loans increased .250% and are at 5.375% and Tennessee 15 year fixed jumbo mortgage loans remained the same at 4.750%. Tennessee 5/1 adjustable rate mortgages decreased .125% and are at 3.75%. Tennessee jumbo mortgage loans are available to Tennessee borrowers in need of jumbo mortgage loans in excess of the conforming loan limit which is $417,000 in most areas and $729,250 in higher cost areas.

Mortgage rates increase and decrease in the opposite direction of MBS prices (mortgage backed securities). Today’s MBS prices were up +2/32 (FNMA 30 year 4.5 at 101.31). Economic reports released today showed jobless claims increased from last week.

Several areas of Tennessee are showing signs of growth in the housing market and small signs of improvement in the job market. This is good news for Tennessee residents who are purchasing a home or refinancing an existing mortgage loan since low Tennessee loan rates are still available and affordable.FreeRateUpdate.com surveys more than two dozen wholesale and direct lenders’ rate sheets to determine the most accurate mortgage rates available to well qualified consumers at a standard .07 to 1 point origination.

Tennessee Mortgage Rates


Latest HARP Mortgage News March 31st, 2014