30-Year Mortgage Rates in Memphis, TN
Compare current 30-year fixed mortgage rates in Memphis, TN. Find the best local lenders, understand Memphis market trends, and secure competitive rates for your home purchase or refinance.
As of April 2026, the average 30-year fixed mortgage rate in Memphis, TN is approximately 6.65%, based on national survey data from Freddie Mac. Rates in Memphis generally track the Southeast average, influenced by local housing demand, lender competition, and economic conditions. The median home price in Memphis is approximately $195,000. Bluff City value.
Current Mortgage Rates in Memphis, TN
Compare average mortgage rates available to Memphis borrowers. Rates are based on national averages from Freddie Mac and may vary by lender, credit score, and loan amount.
| Loan Type | Rate | APR | Est. Payment |
|---|---|---|---|
| 30-Year Fixed | 6.65% | 6.82% | $1,925/mo |
| 15-Year Fixed | 5.90% | 6.12% | $2,585/mo |
| FHA 30-Year | 6.25% | 7.15% | $1,845/mo |
| VA 30-Year | 6.15% | 6.38% | $1,815/mo |
| Jumbo 30-Year | 6.85% | 7.02% | $2,125/mo |
Top Mortgage Lenders in Memphis, TN
Compare mortgage lenders serving Memphis borrowers. All lenders shown are licensed to operate in Tennessee.
Premium Memphis Lender
- Competitive 30-year fixed rates
- Local Memphis branch offices
- Same-day pre-approval available
- Dedicated TN loan officers
Featured Memphis Lender
- Low rate guarantee programs
- Online application portal
- First-time buyer specialists
- Down payment assistance guidance
Verified Memphis Lender
- Serving Tennessee since 2005
- FHA/VA/USDA loan options
- Free rate lock for 60 days
- Local market expertise
Memphis Housing Market Overview
Understanding the Memphis real estate market helps borrowers make informed mortgage decisions in Tennessee.
Memphis Home Prices
The median home price in Memphis is approximately $195,000. Local prices reflect the Southeast market dynamics and Memphis's specific economic conditions and housing supply.
Memphis Market Trends
Memphis's housing market reflects broader Tennessee trends. Local inventory levels, days on market, and price appreciation help determine the best timing for mortgage applications.
Cost of Living in Memphis
Memphis's cost of living, including property taxes and insurance rates, affects the total homeownership cost beyond the mortgage payment for TN residents.
Factors Affecting Mortgage Rates in Memphis
Several local and national factors influence the mortgage rates available to Memphis homebuyers.
Credit Score in Memphis
Your credit score is the biggest factor in your Memphis mortgage rate. Aim for 740+ for the best rates. Borrowers with excellent credit save thousands over the life of a 30-year loan.
Down Payment & LTV
A 20% down payment on a $195,000 home in Memphis avoids PMI. FHA loans allow 3.5% down, making homeownership more accessible in Memphis's market.
Local Lender Competition
Shopping 3-4 Memphis-area lenders can save 0.25-0.5% on your rate. Compare banks, credit unions, and mortgage brokers serving the Memphis market.
Rate Lock Strategy
When you find a competitive rate in Memphis, lock it. Rate locks of 30-60 days protect you from market volatility during the closing process in TN.
Frequently Asked Questions: Memphis Mortgage Rates
The average 30-year fixed rate in Memphis is approximately 6.65% as of April 2026, based on Freddie Mac data. Your actual rate depends on credit score, down payment, loan amount, and lender. Shopping multiple Memphis lenders typically saves 0.25-0.5%.
With a median home price of $195,000 in Memphis, a 20% down payment would be about $39,000. FHA loans require just 3.5% down, and VA loans offer zero down for eligible veterans in TN.
For the best mortgage rates in Memphis, aim for a credit score of 740+. Scores of 760+ get the absolute best rates. FHA loans in TN accept scores as low as 580 with 3.5% down.
Yes. The Tennessee Housing Finance Authority offers down payment assistance and below-market rate programs. Federal programs including FHA, VA, and USDA loans are also available to Memphis buyers. Contact local lenders for current program availability.
A 30-year fixed offers lower monthly payments, ideal for Memphis buyers wanting payment flexibility. A 15-year saves on total interest but requires higher payments. With Memphis's median price of $195,000, most buyers choose the 30-year for affordability.
Compare Nearby Mortgage Markets
Explore mortgage rates and housing data in nearby cities to find the best market for your home purchase.