Mortgage Interest Rates in 2018 

by Ismael Frederick | June 29, 2018 10:14 am

Mortgage interest rates vary depending on when you purchase a home, the cost of home you purchase, the type of loan you take out and your credit score. Even so, following are some ballpark figures that can help you figure out how much interest you will need to pay on your new home.

Tennessee Conforming Fixed Rate Loans

Thirty-year fixed rate loans are one of the most popular options on the market. The current interest rate for these loans is 4.4%. However, those who want to lower their interest rate while still having plenty of time to pay off a loan can take advantage of 20-year fixed rate loans offered with an interest rate of about 4.2%.

Ten-year, fixed rate loans have a current interest rate of 3.85% while 15-year loans have an interest rate of 3.87%.

Tennessee Conforming Adjustable Rate Loans

The interest rate on an adjustable rate loan depends on the length of time you pay a fixed interest rate before the rate becomes adjustable. A 7/1 ARM has a 4.2% interest rate, a 5/1 ARM has a 3.9% interest rate while a 3/1 ARM has an interest rate of 3.7%.

Government Loans

MIG offers both FHA and VA loans. An FHA 30-year fixed rate loan comes with an interest rate of 4.1% while a 15-year fixed rate loan comes with an interest rate of 3.6%. A VA 30-year fixed rate loan has an interest rate of 4.1% while a 15-year fixed rate loan has an interest rate of 3.7%.

Jumbo Loans

Jumbo loans are ideal for those who want to purchase an expensive home and these loans are available as either fixed rate or adjustable rate mortgages. A 30-year fixed rate loan carries an interest rate of 4.6% while a 15-year fixed rate loan has a 4.2% interest rate. ARM loans have interest rates ranging from 3.8% to 4%, depending on when the interest rate begins to adjust on the loan.

Given the fact that average interest rates on nearly all the above mentioned loans are steadily rising, it’s a good idea to talk with a mortgage lender in Maryville at the earliest opportunity in order to lock in a mortgage loan[1] at a favorable rate. At MIG, we specialize in offering personalized help to all customers and our mortgage company in Maryville can provide you with the information you need to make a well-informed mortgage loan decision.

 

Endnotes:
  1. lock in a mortgage loan: https://migonline.com/blog/2018/05/18/tipsonlockinginmortgagerates/

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