· Freddie Mac PMMS
Informational only. 30YearMortgageRates.com is not a lender. Rates shown are national/regional averages sourced from Freddie Mac PMMS. Actual terms vary by borrower, lender, and market conditions. Full disclosures.
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Memphis, TN MORTGAGE RATES • UPDATED

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.

$195,000
Median Home Price
6.37%
Avg 30-Yr Rate
Southeast
Market Region
Quick Answer

As of April 2026, the average 30-year fixed mortgage rate in Memphis, TN is approximately 6.37%, 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.

Expert Answer · Data-Verified

How do I get a 30-year fixed mortgage in Memphis, TN?

As of April 18, 2026, the average 30-year fixed mortgage rate in Memphis, TN is approximately 6.37%, based on Freddie Mac Primary Mortgage Market Survey (PMMS) data. The median home price in Memphis, TN is approximately $175,000, making the estimated monthly principal and interest payment on a 20%-down conventional loan approximately $1,926.

Borrowers in Memphis, TN can choose among conventional 30-year fixed, FHA, VA, USDA, and jumbo loans. The 2026 FHA loan limit in Tennessee is $524,225 for a single-family home, which means the majority of Memphis, TN purchases qualify for FHA financing with as little as 3.5% down for credit scores of 580 or higher. VA loans offer zero down payment for eligible veterans and active-duty service members. Jumbo loans apply above the conforming and FHA limits and generally require credit scores above 700 and 10–20% down.

To secure the best available rate in Memphis, TN, compare APRs (not just rates) from at least three TN-licensed lenders within a 14-day window so credit inquiries score as a single event. Credit scores of 740 or higher typically receive the lowest rates; scores below 680 pay 0.25%–0.75% more. First-time buyers may qualify for the THDA Great Choice Home Loan, which can provide down payment assistance and below-market interest rates. Rate locks in Tennessee typically run 30–60 days from pre-approval to closing.

Source: Freddie Mac PMMS. Last reviewed . Reviewed by 30YearMortgageRates.com editorial team. Rate shown is an informational regional average, not a lender offer. 30YearMortgageRates.com is not a lender. Actual terms vary by borrower qualifications, lender, and market conditions.

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 TypeRateAPREst. Payment
30-Year Fixed6.37%6.82%$1,925/mo
15-Year Fixed5.90%6.12%$2,585/mo
FHA 30-Year6.25%7.15%$1,845/mo
VA 30-Year6.15%6.38%$1,815/mo
Jumbo 30-Year6.85%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.

Full-Service Mortgage Bank
  • Competitive 30-year fixed rates
  • Local Memphis branch offices
  • Same-day pre-approval available
  • Dedicated TN loan officers
View Lender Details

Licensed TN Mortgage Broker
  • Low rate guarantee programs
  • Online application portal
  • First-time buyer specialists
  • Down payment assistance guidance
View Lender Details

Regional Mortgage Company
  • Serving Tennessee since 2005
  • FHA/VA/USDA loan options
  • Free rate lock for 60 days
  • Local market expertise
View Lender Details

Memphis Housing Market Overview

Understanding the Memphis real estate market helps borrowers make informed mortgage decisions in Tennessee.

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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.

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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.

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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

What is the current 30-year mortgage rate in Memphis, TN?+

The average 30-year fixed rate in Memphis is approximately 6.37% 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%.

How much is a down payment on a home in Memphis?+

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.

What credit score do I need for the best rates in Memphis?+

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.

Are there first-time homebuyer programs in Memphis?+

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.

Should I choose a 30-year or 15-year mortgage in Memphis?+

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.

Back to Tennessee Rates

Compare Nearby Mortgage Markets

Explore mortgage rates and housing data in nearby cities to find the best market for your home purchase.

More Cities in Tennessee

Nashville, TN$430,000Median Home PriceKnoxville, TN$315,000Median Home PriceChattanooga, TN$315,000Median Home Price

Nearby State Markets

Louisville, KY$245,000Median Home PriceLexington, KY$280,000Median Home PriceVirginia Beach, VA$345,000Median Home PriceRichmond, VA$315,000Median Home PriceCharlotte, NC$385,000Median Home PriceRaleigh, NC$425,000Median Home PriceAtlanta, GA$385,000Median Home PriceSavannah, GA$330,000Median Home Price
View All Tennessee Mortgage Rates →

Top Mortgage Lenders in Memphis, Tennessee

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