Knoxville FHA Loan Rates, Closing Costs & Stats
KNOXVILLE, TN
FHA loans are mortgages created in the 1930's to help insulate lenders from credit risks and help promote home ownership. The Federal Housing Administration (hence, FHA) allows for lower downpayments and credit scores-- making these loans much more accessible than traditional mortgages.
FHA loans typically need just a 3.5% downpayment with credit scores of 580 or better. For credit scores between 500-579, the downpayment needs to be at least 10%.
While FHA loans make home ownership much more accessible to first-time homebuyers, they do require PMI (purchase money insurance)-- an additional insurance premium that is paid to the FHA to help cover defaults.
For additional requirements as defined by the FHA, click here.
Knoxville's 169 lenders originated 2,928 FHA loans during 2022. The total origination value was $781,450,000, with an average FHA loan value of $266,889.
Knoxville FHA Loans, 30 Year Fixed Rates
30 Year FHA mortgages in Knoxville
averaged
-0.21%
for the week of 2023-06-02, compared to the national average (all FHA variants) of
0% for the same period.
Knoxville's average FHA mortgage closing costs are $7,319.
The average rate for the prior week (2023-05-26) was
6.22% and
one month ago for the week of 2023-04-28, the
average rate was 5.97%.
The average rate one year ago was 4.92%.
For refis of the same type during the week of 2023-06-02, the average rate
was -1.19%.
Knoxville FHA Loan Lenders by Rates & Fees
The below table looks at the average fees/closing costs and rates for FHA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Knoxville level.
The top Knoxville FHA lender as defined by loan originations is MORTGAGE INVESTORS GROUP, INC., with
435 FHA loans originated. Their average total fees are
$9,022, which is $1,023
lower than the next largest lender,
QUICKEN LOANS, LLC.
The lowest fee Knoxville FHA lenders (with over 10 loans originated) are
EVERETT FINANCIAL, INC. ($6,479), Gateway First Bank ($6,696), VILLAGE CAPITAL MORTGAGE ($6,730), Pinnacle Bank ($7,538) and LAKEVIEW LOAN SERVICING, LLC ($7,641).
The lowest rate Knoxville FHA lenders (with over 10 loans originated) are
VILLAGE CAPITAL MORTGAGE (3.83%), PENNYMAC LOAN SERVICES, LLC (4.32%), Pinnacle Bank (4.32%), VANDERBILT MORTGAGE AND FINANCE, INC. (4.33%) and LAKEVIEW LOAN SERVICING, LLC (4.37%).
Knoxville FHA Loan Limits
Metro | County | Year | Single Family Limit | 2 Family Limit | 3 Family Limit | 4 Family Limit |
---|---|---|---|---|---|---|
KNOXVILLE, TN | ANDERSON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | BLOUNT | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | CAMPBELL | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | KNOX | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | LOUDON | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | MORGAN | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | ROANE | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | UNION | 2022 | $420,680 | $538,650 | $651,050 | $809,150 |
KNOXVILLE, TN | ANDERSON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
KNOXVILLE, TN | BLOUNT | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
KNOXVILLE, TN | CAMPBELL | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
KNOXVILLE, TN | KNOX | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
KNOXVILLE, TN | LOUDON | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
KNOXVILLE, TN | MORGAN | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
KNOXVILLE, TN | ROANE | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
KNOXVILLE, TN | UNION | 2023 | $472,030 | $604,400 | $730,525 | $907,900 |
Market Conditions (Median, Average Prices & Listing Count)
Realtor.com - Knoxville (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Price (YoY Change) | Average Listing Price (YoY) | MSA/US Median Price Ratio | Active Listings |
---|---|---|---|---|
2018-01-01 | $250,230 (13.7%) | $347,954 (9.9%) | 0.93 | 3,368 |
2018-02-01 | $253,850 (10.4%) | $353,588 (9.4%) | 0.92 | 3,181 |
2018-03-01 | $265,000 (11.8%) | $374,905 (13.2%) | 0.93 | 3,144 |
2018-04-01 | $275,225 (10.1%) | $383,428 (10.6%) | 0.93 | 3,190 |
2018-05-01 | $279,900 (12.0%) | $391,174 (12.1%) | 0.93 | 3,257 |
2018-06-01 | $279,900 (12.0%) | $391,588 (13.0%) | 0.93 | 3,359 |
2018-07-01 | $274,900 (10.0%) | $386,438 (11.6%) | 0.92 | 3,567 |
2018-08-01 | $269,900 (8.0%) | $379,909 (5.1%) | 0.90 | 3,622 |
2018-09-01 | $268,000 (5.1%) | $377,356 (4.0%) | 0.90 | 3,658 |
2018-10-01 | $262,515 (5.0%) | $376,930 (7.0%) | 0.89 | 3,665 |
2018-11-01 | $264,900 (3.8%) | $382,992 (9.6%) | 0.90 | 3,504 |
2018-12-01 | $260,000 (4.0%) | $376,455 (8.5%) | 0.90 | 3,272 |
2019-01-01 | $267,000 (6.7%) | $377,893 (8.6%) | 0.92 | 2,978 |
2019-02-01 | $269,675 (6.2%) | $382,063 (8.1%) | 0.91 | 2,895 |
2019-03-01 | $278,529 (5.1%) | $385,954 (3.0%) | 0.91 | 2,877 |
2019-04-01 | $292,450 (6.3%) | $391,391 (2.1%) | 0.93 | 2,865 |
2019-05-01 | $299,450 (7.0%) | $396,782 (1.4%) | 0.94 | 2,893 |
2019-06-01 | $299,900 (7.2%) | $398,579 (1.8%) | 0.94 | 2,972 |
2019-07-01 | $299,925 (9.1%) | $405,246 (4.9%) | 0.94 | 2,960 |
2019-08-01 | $295,845 (9.6%) | $403,254 (6.1%) | 0.94 | 2,990 |
2019-09-01 | $289,688 (8.1%) | $396,242 (5.0%) | 0.93 | 3,019 |
2019-10-01 | $285,000 (8.6%) | $390,964 (3.7%) | 0.92 | 3,017 |
2019-11-01 | $285,000 (7.6%) | $399,026 (4.2%) | 0.93 | 2,906 |
2019-12-01 | $283,450 (9.0%) | $397,558 (5.6%) | 0.95 | 2,682 |
2020-01-01 | $280,950 (5.2%) | $405,789 (7.4%) | 0.94 | 2,431 |
2020-02-01 | $287,145 (6.5%) | $414,136 (8.4%) | 0.94 | 2,279 |
2020-03-01 | $302,450 (8.6%) | $424,423 (10.0%) | 0.95 | 2,143 |
2020-04-01 | $299,950 (2.6%) | $414,299 (5.9%) | 0.94 | 2,260 |
2020-05-01 | $314,810 (5.1%) | $429,861 (8.3%) | 0.96 | 2,144 |
2020-06-01 | $325,000 (8.4%) | $446,083 (11.9%) | 0.96 | 1,918 |
2020-07-01 | $329,900 (10.0%) | $454,015 (12.0%) | 0.96 | 1,709 |
2020-08-01 | $329,999 (11.5%) | $445,920 (10.6%) | 0.95 | 1,598 |
2020-09-01 | $322,700 (11.4%) | $441,789 (11.5%) | 0.92 | 1,465 |
2020-10-01 | $319,900 (12.3%) | $441,092 (12.8%) | 0.92 | 1,471 |
2020-11-01 | $310,000 (8.8%) | $442,224 (10.8%) | 0.91 | 1,493 |
2020-12-01 | $302,463 (6.7%) | $435,888 (9.6%) | 0.90 | 1,307 |
2021-01-01 | $314,000 (11.8%) | $448,048 (10.4%) | 0.94 | 1,107 |
2021-02-01 | $310,000 (8.0%) | $461,072 (11.3%) | 0.90 | 836 |
2021-03-01 | $307,495 (1.7%) | $469,664 (10.7%) | 0.87 | 719 |
2021-04-01 | $327,450 (9.2%) | $484,829 (17.0%) | 0.89 | 654 |
2021-05-01 | $335,000 (6.4%) | $479,752 (11.6%) | 0.89 | 743 |
2021-06-01 | $339,950 (4.6%) | $478,874 (7.4%) | 0.89 | 883 |
2021-07-01 | $325,000 (-1.5%) | $460,138 (1.4%) | 0.86 | 1,008 |
2021-08-01 | $329,950 (0.0%) | $479,951 (7.6%) | 0.88 | 1,120 |
2021-09-01 | $328,725 (1.9%) | $484,328 (9.6%) | 0.88 | 1,114 |
2021-10-01 | $325,000 (1.6%) | $488,329 (10.7%) | 0.87 | 1,129 |
2021-11-01 | $332,450 (7.2%) | $506,929 (14.6%) | 0.89 | 1,005 |
2021-12-01 | $339,450 (12.2%) | $515,929 (18.4%) | 0.92 | 837 |
2022-01-01 | $349,950 (11.5%) | $542,096 (21.0%) | 0.95 | 693 |
2022-02-01 | $375,000 (21.0%) | $553,526 (20.1%) | 0.98 | 591 |
2022-03-01 | $367,450 (19.5%) | $544,469 (15.9%) | 0.92 | 668 |
2022-04-01 | $389,000 (18.8%) | $547,857 (13.0%) | 0.93 | 754 |
2022-05-01 | $399,950 (19.4%) | $567,221 (18.2%) | 0.91 | 1,008 |
2022-06-01 | $399,950 (17.7%) | $548,593 (14.6%) | 0.89 | 1,289 |
2022-07-01 | $415,000 (27.7%) | $540,824 (17.5%) | 0.93 | 1,535 |
2022-08-01 | $413,400 (25.3%) | $546,833 (13.9%) | 0.96 | 1,603 |
2022-09-01 | $422,450 (28.5%) | $555,682 (14.7%) | 0.99 | 1,658 |
2022-10-01 | $425,000 (30.8%) | $547,797 (12.2%) | 1.00 | 1,750 |
2022-11-01 | $425,000 (27.8%) | $546,371 (7.8%) | 1.02 | 1,790 |
2022-12-01 | $429,900 (26.7%) | $553,001 (7.2%) | 1.06 | 1,534 |
2023-01-01 | $440,088 (25.8%) | $556,710 (2.7%) | 1.09 | 1,366 |
2023-02-01 | $454,780 (21.3%) | $571,882 (3.3%) | 1.10 | 1,183 |
2023-03-01 | $469,625 (27.8%) | $583,758 (7.2%) | 1.11 | 1,132 |
2023-04-01 | $480,000 (23.4%) | $613,870 (12.1%) | 1.12 | 1,074 |
2023-05-01 | $484,925 (21.3%) | $641,597 (13.1%) | 1.10 | 1,115 |
Knoxville's median listing price comes in at 110% of the national average.
Knoxville's average listing price for 2023-05-01 was $641,597, a difference of $74,376 (13.1%) versus the prior year and $27,727 versus the prior month.
For the 2023-05-01 period, Knoxville had 1,115 MLS listings, a difference of 41 listings (4%) versus the prior month and 107 listings (11%) versus the prior year.
Median Listing Time on Market & Square Footage
Realtor.com - Knoxville (CBSA) retrieved from FRED, Federal Reserve Bank of St. LouisDate | Median Listing Time on Market | Median Square Footage |
---|---|---|
2018-01-01 | 86 days | 2,203 sqft |
2018-02-01 | 82 days | 2,209 sqft |
2018-03-01 | 66 days | 2,276 sqft |
2018-04-01 | 56 days | 2,309 sqft |
2018-05-01 | 53 days | 2,332 sqft |
2018-06-01 | 55 days | 2,324 sqft |
2018-07-01 | 57 days | 2,324 sqft |
2018-08-01 | 59 days | 2,291 sqft |
2018-09-01 | 63 days | 2,271 sqft |
2018-10-01 | 67 days | 2,274 sqft |
2018-11-01 | 71 days | 2,282 sqft |
2018-12-01 | 78 days | 2,241 sqft |
2019-01-01 | 85 days | 2,232 sqft |
2019-02-01 | 78 days | 2,221 sqft |
2019-03-01 | 66 days | 2,267 sqft |
2019-04-01 | 57 days | 2,332 sqft |
2019-05-01 | 54 days | 2,367 sqft |
2019-06-01 | 57 days | 2,388 sqft |
2019-07-01 | 59 days | 2,400 sqft |
2019-08-01 | 59 days | 2,368 sqft |
2019-09-01 | 60 days | 2,321 sqft |
2019-10-01 | 61 days | 2,290 sqft |
2019-11-01 | 64 days | 2,250 sqft |
2019-12-01 | 74 days | 2,224 sqft |
2020-01-01 | 84 days | 2,203 sqft |
2020-02-01 | 76 days | 2,220 sqft |
2020-03-01 | 58 days | 2,270 sqft |
2020-04-01 | 56 days | 2,292 sqft |
2020-05-01 | 60 days | 2,304 sqft |
2020-06-01 | 58 days | 2,310 sqft |
2020-07-01 | 55 days | 2,329 sqft |
2020-08-01 | 50 days | 2,262 sqft |
2020-09-01 | 50 days | 2,225 sqft |
2020-10-01 | 46 days | 2,200 sqft |
2020-11-01 | 47 days | 2,135 sqft |
2020-12-01 | 55 days | 2,082 sqft |
2021-01-01 | 68 days | 2,088 sqft |
2021-02-01 | 75 days | 2,061 sqft |
2021-03-01 | 46 days | 2,003 sqft |
2021-04-01 | 42 days | 2,056 sqft |
2021-05-01 | 32 days | 2,056 sqft |
2021-06-01 | 32 days | 2,084 sqft |
2021-07-01 | 34 days | 2,007 sqft |
2021-08-01 | 35 days | 2,004 sqft |
2021-09-01 | 39 days | 1,994 sqft |
2021-10-01 | 39 days | 1,987 sqft |
2021-11-01 | 42 days | 1,983 sqft |
2021-12-01 | 46 days | 1,976 sqft |
2022-01-01 | 49 days | 2,000 sqft |
2022-02-01 | 36 days | 2,008 sqft |
2022-03-01 | 27 days | 1,982 sqft |
2022-04-01 | 25 days | 2,031 sqft |
2022-05-01 | 25 days | 2,070 sqft |
2022-06-01 | 29 days | 2,115 sqft |
2022-07-01 | 32 days | 2,147 sqft |
2022-08-01 | 37 days | 2,103 sqft |
2022-09-01 | 41 days | 2,127 sqft |
2022-10-01 | 43 days | 2,154 sqft |
2022-11-01 | 48 days | 2,177 sqft |
2022-12-01 | 59 days | 2,182 sqft |
2023-01-01 | 67 days | 2,208 sqft |
2023-02-01 | 53 days | 2,245 sqft |
2023-03-01 | 45 days | 2,230 sqft |
2023-04-01 | 39 days | 2,221 sqft |
2023-05-01 | 36 days | 2,249 sqft |
Knoxville's median square footage for active listings during the 2023-05-01 period was 2,249 sqft. One year prior, the average listing was 2,070 sqft.