News & Events
COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JANUARY 14, 2020
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 8.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 4.75 percent as published by the Federal Reserve on January 13, 2020.
Read full story- Commissioner Gonzales Announces Maximum Effective Rate of Interest
- COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JANUARY 7, 2020
- COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE DECEMBER 30, 2019
- COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE DECEMBER 23, 2019
- COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE DECEMBER 17, 2019
- COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE DECEMBER 10, 2019
Commissioner Gonzales Announces Maximum Effective Rate of Interest
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 January, 2020 is 6.19 percent per annum.
Read full story