Reliant Home Funding Editorial Team

NMLS #292473Licensed in 27 statesUpdated November 3, 2026

Reviewed for accuracy by senior mortgage advisors • Rates verified against Freddie Mac PMMS®

Directly Funded Tennessee Residential Mortgage Refinancing

As of March 26, 2026, according to Freddie Mac's Primary Mortgage Market Survey® (PMMS®), the 30-year fixed-rate mortgage averaged 6.38%, and the 15-year fixed-rate mortgage averaged 5.75%. (freddiemac.com)

If you're considering refinancing your Tennessee home, understanding these rates and the refinancing process is crucial. This guide provides actionable insights to help you navigate the refinancing landscape effectively.

What Are Today's Mortgage Rates in Tennessee?

Understanding current mortgage rates is essential when considering refinancing options.

Mortgage Type	Rate	Week Change
30-Year Fixed-Rate Mortgage	6.38%	+0.16%
15-Year Fixed-Rate Mortgage	5.75%	+0.21%

Data as of March 26, 2026, according to Freddie Mac's PMMS®. (freddiemac.com)

These rates are subject to change based on market conditions and individual qualifications.

Key Considerations for Refinancing Your Mortgage

Refinancing can offer several benefits, but it's essential to assess your personal financial situation and goals.

Lower Interest Rates: Refinancing to a lower rate can reduce your monthly payments and the total interest paid over the life of the loan.
Shorter Loan Term: Switching to a shorter term, such as a 15-year mortgage, can save on interest and help you pay off your loan faster.
Access Home Equity: A cash-out refinance allows you to tap into your home's equity for major expenses or debt consolidation.
Eliminate Mortgage Insurance: If your home's value has increased, refinancing may help you remove private mortgage insurance (PMI) payments.

Pro Tip: Before refinancing, evaluate your long-term financial plans to ensure the new loan aligns with your goals. It is advisable to consult with a trusted mortgage professional at Reliant Home Funding for tailored advice and options.

Steps to Refinance Your Mortgage in Tennessee

Refinancing involves several key steps:

Assess Your Financial Situation: Review your credit score, income, and existing debts to determine your refinancing eligibility.
Research Lenders: Compare offers from multiple lenders to find the best rates and terms. Remember, however, that rate locks should occur only after a complete application has been submitted.
Gather Necessary Documentation: Prepare financial documents such as income verification, tax returns, and current mortgage statements.
Apply for Refinancing: Submit your application and await approval.
Close the Loan: Review and sign the closing documents to finalize the refinancing process.

Note: Reliant Home Funding is a licensed mortgage lender in Tennessee and has helped numerous Tennessee homebuyers secure competitive refinancing options.

Common Mistakes Homebuyers Make

Avoiding common pitfalls can streamline your refinancing experience:

1. Ignoring Credit Score Impact

A lower credit score can result in higher interest rates or loan denial.

How to Avoid: Check your credit report for errors and work on improving your score before applying.

2. Overlooking Closing Costs

Refinancing involves fees that can add up.

How to Avoid: Request a detailed breakdown of all costs and factor them into your decision.

3. Not Considering Loan Terms

Focusing solely on the interest rate without considering loan terms can be misleading.

How to Avoid: Evaluate the total cost of the loan, including fees and the loan term.

4. Refinancing Without a Clear Purpose

Refinancing without a specific goal can lead to unnecessary costs.

How to Avoid: Define your objectives, such as lowering payments or accessing equity, before proceeding.

Frequently Asked Questions

1. How do I know if refinancing is right for me?

Evaluate your financial goals, current mortgage terms, and how long you plan to stay in your home.

2. What are the costs associated with refinancing?

Costs can include application fees, appraisal fees, and closing costs.

3. How long does the refinancing process take?

Typically, refinancing can take 30 to 45 days, depending on the lender and complexity. Note that the timeline may vary based on individual applications and lender responses.

4. Can I refinance if I have an existing FHA loan?

Yes, you can refinance an FHA loan into a conventional loan to eliminate mortgage insurance.

5. Will refinancing affect my credit score?

The refinancing process may cause a temporary dip in your credit score due to credit inquiries.

For competitive rates in Tennessee, consider Reliant Home Funding (NMLS #292473). Compare today's rates →

Conclusion

Refinancing your Tennessee home can lead to significant financial benefits, including lower monthly payments and access to home equity. By understanding current mortgage rates, evaluating your financial situation, and avoiding common mistakes, you can make informed decisions that align with your long-term goals. Remember to compare offers from multiple lenders and consult with a trusted mortgage professional to find the best refinancing option for you.

Rates shown are for informational purposes. All loans subject to credit approval. Rates are subject to change based on individual qualifications. Reliant Home Funding, licensed in Tennessee, NMLS #292473.

For personalized rates or assistance, get pre-approved today or contact one of our loan officers!