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Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 6.997%APR 7.037% | 0 pts$0 | $1,067/moP&I $1,067 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.074%APR 6.848% | 0 pts$0 | $1,061/moP&I $987 · MI $75 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.255%APR 6.313% | 0 pts$0 | $988/moP&I $988 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.943%APR 6.983% | 0 pts$0 | $1,061/moP&I $1,061 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.722% | 0 pts$0 | $1,136/moP&I $1,136 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 6.255% | 6.313% | 0 pts ($0) | $1,376/mo | $28,225 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.148% | 6.206% | 0 pts ($0) | $1,708/mo | $38,569 |
Condo 10% Down | 10% | 720 credit score | 7.328% | 7.504% | 0 pts ($0) | $1,241/mo | $43,711 |
Conventional 10% Down | 10% | 720 credit score | 6.815% | 6.978% | 0 pts ($0) | $1,179/mo | $40,919 |
Conventional 20% Down | 20% | 740 credit score | 6.997% | 7.037% | 0 pts ($0) | $1,067/mo | $33,161 |
Conventional 5% Down | 5% | 700 credit score | 7.156% | 7.643% | 0 pts ($0) | $1,288/mo | $45,151 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.447% | 7.490% | 0 pts ($0) | $1,395/mo | $48,084 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,187/mo | $40,211 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.844% | 7.224% | 0 pts ($0) | $1,274/mo | $46,022 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.943% | 6.983% | 0 pts ($0) | $1,327/mo | $45,036 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,655/mo | $39,458 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.074% | 6.848% | 0 pts ($0) | $1,190/mo | $41,865 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,215/mo | $42,537 |
FHA Streamline Refi | 0% | 640 credit score | 6.269% | 7.046% | 0 pts ($0) | $1,259/mo | $44,580 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.104% | 7.353% | 0 pts ($0) | $1,281/mo | $46,567 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $1,255/mo | $24,566 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.722% | 0 pts ($0) | $1,065/mo | $33,938 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.159% | 0 pts ($0) | $1,081/mo | $33,780 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $1,166/mo | $35,756 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.438% | 7.218% | 0 pts ($0) | $1,237/mo | $44,021 |
Second Home 10% Down | 10% | 720 credit score | 6.080% | 6.659% | 0 pts ($0) | $1,091/mo | $36,926 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,055/mo | $32,615 |
VA 0% Down | 0% | 700 credit score | 6.078% | 6.325% | 0 pts ($0) | $1,239/mo | $40,987 |
VA Cash-Out Refi | 0% | 640 credit score | 6.083% | 6.455% | 0 pts ($0) | $1,239/mo | $41,018 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.088% | 6.243% | 0 pts ($0) | $1,240/mo | $41,049 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,104/mo | $34,913 |
Frequently Asked Questions
What are today's mortgage rates in 38457, , TN across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in 38457, , TN is 6.997% (with an estimated monthly payment of $1,554). Active program rates also include FHA 30-year fixed loans at 6.074% and VA 0%-down fixed loans at 6.078%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in 38457, , TN?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in 38457, , TN have fluctuated between a low of 6.892% and a high of 7.143%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in 38457, , TN?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $200,551 in 38457, , TN, a standard 20%-down Conventional loan requires an upfront cash down payment of $40,110 but keeps your monthly payment lower at $1,554/mo (at 6.997% interest) with no monthly PMI. In comparison, an FHA loan requires only $7,019 (3.5% down) but has an estimated payment of $1,733/mo (at 6.074% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $193,532 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in 38457 before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in 38457 is $806,501. With a typical local home value of $200,551 in , a standard 20%-down mortgage requires a loan size of $160,441. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in 38457, , TN impact estimated mortgage payments?
The median home value in 38457, , TN is estimated at $200,551. Buying a typical home here with a standard 20% down payment ($40,110) translates to an estimated starting monthly mortgage payment of $1,554 (principal and interest). Compared to the local area median household income of $56,932 ($4,744/mo), this basic housing payment represents approximately 32.8% of gross monthly household income. This housing cost is well within standard lender affordability guidelines (under the 36% DTI benchmark), demonstrating healthy local purchasing power.