NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.50 percent as published by the Federal Reserve on January 21, 2025.
Newsroom
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Wednesday, January 22, 2025 | 09:30am
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Tuesday, January 07, 2025 | 01:03pm
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 February, 2025 is 8.79 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 4.79 percent.
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Tuesday, January 07, 2025 | 12:55pm
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.50 percent as published by the Federal Reserve on January 6, 2025.
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Monday, December 30, 2024 | 03:57pm
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.50 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.50 percent as published by the Federal Reserve on December 30, 2024.
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Monday, December 23, 2024 | 04:42pm
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.65 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.65 percent as published by the Federal Reserve on December 23, 2024.
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Tuesday, December 17, 2024 | 09:13am
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.75 percent as published by the Federal Reserve on December 16, 2024.
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Tuesday, December 10, 2024 | 04:07pm
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.75 percent as published by the Federal Reserve on December 9, 2024.
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Tuesday, December 03, 2024 | 09:21pm
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, 2025 is 8.43 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 4.43 percent.
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Tuesday, December 03, 2024 | 09:18pm
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.75 percent as published by the Federal Reserve on December 2, 2024.
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Tuesday, November 26, 2024 | 09:30am
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.75 percent as published by the Federal Reserve on November 25, 2024.
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Tuesday, November 19, 2024 | 10:36am
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.75 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.75 percent as published by the Federal Reserve on November 18, 2024.
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Wednesday, November 13, 2024 | 08:40am
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 11.90 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 7.90 percent as published by the Federal Reserve on November 12, 2024.
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Tuesday, November 05, 2024 | 02:58pm
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 December, 2024 is 8.52 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 4.52 percent.
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Tuesday, November 05, 2024 | 02:54pm
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 12.00 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 8.00 percent as published by the Federal Reserve on November 4, 2024.
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Tuesday, October 29, 2024 | 08:45am
NASHVILLE--Tennessee Department of Financial Institutions Commissioner Greg Gonzales announced today that the maximum effective formula rate of interest in Tennessee is 12.00 percent per annum. The rate is based on a ceiling of 4 percent over the weekly average prime loan rate of 8.00 percent as published by the Federal Reserve on October 28, 2024.