Interest Rate
6.505%
APR*
6.608%
Average home price
$126.502

If you’re ready to buy a home in Mississippi, you’ll want to make sure that you qualify for the best mortgage rate possible. Your final rate is dependent on a rage of factors, including your credit score, your ability to make a down payment, your current income level, and you debt-to-income ratio.

To assure that you are getting the best mortgage rate available to you in Mississippi, you’ll want to check your credit report for errors and make sure that all of your documentation is ready to send to a professional mortgage level so that you can get preapproved for a home loan.

Here’s a quick look at current Mississippi mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.505% 6.608% +0.17%
Conventional 15 year fixed 5.85% 6.121% +0.38%
Conventional 5 year ARM 5.753% 5.589% +0.17%
VA 30 year fixed 5.69% 6.043% Unchanged

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Mississippi

Ready to find a home in Mississippi? This could be the perfect time to find your perfect property in the Magnolia State. Here’s what you need to know before you move:

Where do you want to live the most? People in Mississippi are spread out across the state. Mississippi has a total population of almost 3 million people, but only around one in eight live in the state’s five biggest cities:

  • Jackson (state capital)
  • Gulfport
  • Southaven
  • Hattiesburg
  • Biloxi

How much home can you afford? Mississippi ranks 46th in US homes for sale at average price, and 43rd for homes over $1,000,000. Gaining preapproval from a lender can help you decide on a budget.

First-time Homebuyers

If you are a first-time home buyer, you may be able to qualify for assistance through a program administered by the Mississippi Home Corporation (MHC).

Mississippi Home Corporation (MHC) Smart Solution program offers 30-year mortgages at competitive rates and with lower mortgage insurance premiums, which can be combined with down payment assistance funds.

MHC’s Mortgage Revenue Bond 7 (MRB7) program also comes with a competitive interest rate and down payment assistance, but is geared toward first-time homebuyers, veterans or those who are planning on purchasing a home in a specially-designated target area.

To qualify for these first-time home buyer programs in Mississippi, you’ll need:

  • 640 minimum credit score
  • Household income of no more than $95,000 (Smart Solution)
  • House value within limits for targeted areas (MRB7)

Refinancing in Mississippi

Take advantage of favorable mortgage rates in Mississippi by refinancing your home in Mississippi. You can do any of the following:

  • Refinance to lower your interest rate a point or two
  • Refinance to lengthen the term of your loan by some years
  • Refinance to cash out your built up home equity
  • Refinance to remove existing private mortgage insurance (PMI)

You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.

GUIDES

Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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