The Tennessee Department of Financial Institutions has announced a new maximum effective formula rate of interest for the state. Commissioner Greg Gonzales revealed that as of March 26, 2024, the rate will be set at 12.50 percent per annum. This decision comes following the weekly average prime loan rate of 8.50 percent as published by the Federal Reserve on March 25, 2024. Consequently, the new rate will include a ceiling of 4 percent over the current prime rate.
Commissioner Gonzales emphasized that this rate will remain in place until there is a change in the average prime loan rate as announced by the Federal Reserve Bank. This adjustment is in line with Chapter 464, Public Acts of 1983, which mandates that the commissioner of Financial Institutions announce weekly the formula rate of interest in Tennessee.
Latest TN News
For more information, the public can contact Alica Owen, the Public Information Officer at the Tennessee Department of Financial Institutions, at (615) 289-4738.
Source: Read Original Release
Nuanced Outlook for Tennessee’s Housing Market in Q4 Report
The “Housing Tennessee” report by MTSU’s BERC highlights both positive growth and areas of concern in the state’s housing market, with strong employment and permit increases juxtaposed against mixed sales and vacancy trends as it enters spring 2024.