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COMMISSIONER GONZALES ANNOUNCES WEEKLY FORMULA RATE JULY 20, 2021
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 July 19, 2021.
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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 July, 2021 is 6.28 percent per annum. The rate as set by the said law is an amount equal to four percentage points above the index of market yields of long-term government bonds adjusted to a thirty (30) year maturity by the U. S. Department of the Treasury. For the most recent weekly average statistical data available preceding the date of this announcement, the calculated rate is 2.28 percent.
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