The Tennessee Housing Development Agency reduced its mortgage interest rates to between 4.75 percent and 5.35 percent for applications submitted on or after April 8. The agency offers 30-year fixed-rate mortgages through local lenders for households with very low to moderate income through its Homeownership Choices program.
Laura Sinclair, director of single-family programs, said that the THDA will continue to offer a variety of choices to homebuyers.
“Choosing a mortgage includes several considerations,” she said. We have buyers who prefer to keep a solid balance in savings and pay a little more for our downpayment assistance. Others see a lower interest rate as a better long-term decision for them.”
THDA’s rates before the drop ranged from 4.98 to 5.58 percent.