Mortgage Rates in Tennessee — March 2026
Compare current mortgage rates across 9 cities in Tennessee. The average 30-year fixed rate is 6.72%, which is 0.07% above the national average of 6.65%.
Tennessee Housing Highlights
All 9 Cities in Tennessee
| City | 30-Yr Rate | Home Price | Monthly P&I | Population |
|---|---|---|---|---|
| Nashville | 6.72% | $410,000 | $2,121 | 689,447 |
| Memphis | 6.72% | $155,000 | $802 | 633,104 |
| Knoxville | 6.72% | $255,000 | $1,319 | 190,740 |
| Chattanooga | 6.72% | $255,000 | $1,319 | 181,099 |
| Clarksville | 6.72% | $275,000 | $1,423 | 166,722 |
| Murfreesboro | 6.72% | $365,000 | $1,888 | 152,769 |
| Franklin | 6.72% | $645,000 | $3,336 | 83,454 |
| Johnson City | 6.72% | $245,000 | $1,267 | 71,046 |
| Jackson | 6.72% | $175,000 | $905 | 68,205 |
Tennessee Mortgage Rates Guide — 2026
Tennessee homebuyers currently see an average 30-year fixed mortgage rate of 6.72%, with median home prices around $308,889. At these rates, the typical monthly mortgage payment (principal and interest with 20% down) is $1,598.
The most affordable city for homebuyers in Tennessee is Memphis, where the median home price is $155,000. On the other end, Franklin has the highest prices at $645,000. Property tax rates across the state average 0.66%.
To comfortably afford a home at the state average price, a household income of approximately $68,486 is recommended, following the standard guideline that housing costs should not exceed 28% of gross income.
Use our free loan calculator to see your exact monthly payments and amortization schedule, or browse individual city pages below for localized rate data and market insights.
Frequently Asked Questions — Tennessee Mortgages
What are current mortgage rates in Tennessee?
As of March 2026, the average 30-year fixed mortgage rate in Tennessee is 6.72% and the 15-year fixed rate averages 5.96%. Rates vary by city, lender, and borrower qualification.
What is the average home price in Tennessee?
The median home price across 9 cities in Tennessee is $308,889. Prices range from $155,000 in Memphis to $645,000 in Franklin.
How much income do I need to buy a house in Tennessee?
Based on the 28% debt-to-income guideline, you would need a household income of approximately $68,486 to comfortably afford the average home in Tennessee. The median household income in the state is approximately $54,455.
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