Mortgage Rates in Franklin, Tennessee — March 2026
Updated March 2026 | Based on Franklin market data and regional lending conditions
Franklin is a growing city in Tennessee with a population of 83,454. The current 30-year fixed mortgage rate in Franklin is 6.72%, which is 0.07% above the national average. With a median home price of $645,000 and a 20% down payment of $129,000, homebuyers can expect a monthly principal and interest payment of approximately $3,336.
Current Mortgage Rates in Franklin, TN
Below are the current average mortgage rates available in the Franklin area as of March 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.72% | 6.65% | +0.07% |
| 15-Year Fixed | 5.96% | 5.89% | +0.07% |
| 5/1 ARM | 6.22% | 6.15% | +0.07% |
| FHA | 6.32% | 6.25% | +0.07% |
| VA | 6.12% | 6.05% | +0.07% |
| Jumbo | 6.92% | 6.85% | +0.07% |
Franklin Housing Market Overview
The Franklin housing market is competitive with prices well above the national median. The median household income in Franklin is $102,250, and the cost of living index is 105.5 (national average = 100). Based on the 28% affordability rule, you would need an income of approximately $158,186 to comfortably afford the median-priced home in Franklin, which exceeds the current median household income.
Monthly Payment Breakdown for Franklin
Based on the median home price of $645,000 with 20% down ($129,000), here is what you can expect to pay monthly in Franklin:
15-Year vs. 30-Year Mortgage in Franklin
Choosing a 15-year mortgage in Franklin at 5.96% instead of a 30-year at 6.72% would save you $419,220 in total interest over the life of the loan. However, your monthly payment would be $4,343 instead of $3,336 — an increase of $1,007 per month.
Calculate Your Franklin Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Franklin
What are the current mortgage rates in Franklin, TN?
As of March 2026, the average 30-year fixed mortgage rate in Franklin, Tennessee is 6.72%, while the 15-year fixed rate is 5.96%. FHA loans average 6.32% and VA loans 6.12%. These rates are 0.07% above the national average of 6.65%.
How much is a monthly mortgage payment in Franklin?
Based on the median home price of $645,000 with 20% down, the estimated monthly mortgage payment in Franklin is $3,336 for principal and interest. Including property taxes of $355/month, the total monthly housing cost is approximately $3,691.
What income do I need to buy a home in Franklin?
Using the 28% rule, you would need an annual income of approximately $158,186 to afford the median-priced home in Franklin at $645,000. The median household income in Franklin is $102,250. This means most households would need to either earn above the median or consider homes below $645,000.
Is Franklin a good place to buy a home in 2026?
Franklin has a moderate cost of living with a cost of living index of 105.5 (national average = 100). The property tax rate in Tennessee is 0.66%, which is below the national average. Franklin has a population of 83,454 and offers a balanced lifestyle.
Mortgage Rates in Other Tennessee Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Franklin, Tennessee area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.