Today, Governor Bill Lee provided an update on Tennessee’s efforts regarding COVID-19 relief. Gov. Lee’s daily press conferences can be viewed live this week Monday through Thursday at 3 p.m. CDT here. Gov. Lee has also established a website specific to COVID-19 updates which can be found here.
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 7.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 3.25 percent as published by the Federal Reserve on April 6, 2020.
The Federal National Mortgage Association has discontinued its free market auction system for commitments to purchase conventional home mortgages. Therefore, the Commissioner of Financial Institutions hereby announces that the maximum effective rate of interest per annum for home loans as set by the General Assembly in 1987, Public Chapter 291, for the month of May, 2020 is 5.28 percent per annum.