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COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE SEPTEMBER 17, 2019
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 9.25 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 5.25 percent as published by the Federal Reserve on September 16, 2019.
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Announcement of Maximum Effective Rate of Interest on Home Loans
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 September, 2019 is 6.50 percent per annum.
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