Home Equity Loan Rates in Mississippi (November 2024)

The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Mississippi's home equity loan rates are slightly below national averages — 7.5% APR for a 10-year term (7.7% nationally) and 7.9% APR for a 15-year term (7.9% nationally). We've compiled detailed insights on current home equity loan rates in Mississippi, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Mississippi is 7.9%, but several factors might affect what lenders offer. For instance, having a higher credit score can secure a lower APR, while opting for a larger loan amount might increase the rate. Repayment terms also play a role—see the table below to compare the current home equity loan rates in Mississippi across different loan terms.

Interest rates for a home equity loan change daily. Keeping an eye on these rates can save you money by reducing the interest you pay over the life of the loan. Additionally, if you have high-interest debts, a home equity loan at a lower rate can help you consolidate those debts and reduce your overall interest payments.

For example, a 15-year home equity loan with a 7.9% APR results in a monthly payment of $475 and a total interest of $35,490. In contrast, a 10-year loan with a 7.6% APR has a monthly payment of $596 and a total interest of $21,535.

The rate you qualify for depends on your loan-to-value ratio, which measures how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio means greater potential risk to lenders, resulting in higher rates. Currently, the average APR of a 15-year equity loan in Mississippi with an LTV ratio of 80% is 7.7%. It's 8.3% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio.

Average APRs also vary between cities in Mississippi. In larger or more densely populated cities, more lenders compete, which can lead to lower interest rates. Differences in property taxes or local fees can influence rates, as these affect overall borrowing costs.

In Mississippi, Carthage has an average APR of 5.8%, while Blue Springs has an average APR of 9.4%. Below is a table showing the average home equity loan rates for different terms across various cities in Mississippi.

Home equity loan rates in Mississippi vary between lenders, influenced by each lender's policies and market strategies. First Financial Bank and Federal Aviation Administration Federal Credit Union offer the lowest average APR at 5.8%, while Keesler Federal Credit Union has the highest at 9.6%.

Comparing rates and terms from different lenders is essential to secure the lowest home equity loan rates. Explore the interactive table to see which lenders offer the best rates in your city.

Securing the best possible home equity interest rates can lower monthly payments and reduce overall borrowing costs, enhancing your financial flexibility. Imagine using these savings to fund a home renovation or pay down other debts. To achieve the best home equity loan rates in Mississippi, consider these strategies:

MoneyGeek addresses common questions from Mississippi homeowners about home equity loan rates, offering precise and reliable information. This guidance helps homeowners understand their options and make informed decisions.