Today's Mortgage Rates in Mississippi

Today's 30-year mortgage rate in Mississippi is 6.89%, almost identical to the current average national rate of 6.90% for the same type of mortgage. In Mississippi, homebuyers can benefit from programs like Smart6 and the Mortgage Credit Certificate, designed to help lower the cost of a mortgage.

We'll guide you through understanding mortgage rates in Mississippi, including how rates can differ based on loan type and credit score. You’ll also discover the various mortgage types available and what rate structures you might encounter. Expect to learn about the different lenders and supportive mortgage programs offered in Mississippi, equipping you with the knowledge to navigate your home financing options confidently.

The current mortgage rate in Mississippi for a 30-year fixed mortgage is 6.89% in July 2024 — climbing from 6.56% in June. If you borrowed $250,000 with a 20% down payment, this uptick would mean you might pay an additional $15,780 in interest over the life of the loan, not including expenses like property taxes and HOA fees. Our line chart shows that even small movements in mortgage rates can significantly impact your wallet.

Understanding the current mortgage rate in Mississippi can help you budget effectively because it enables you to anticipate monthly payments. Markets and economic news cause mortgage rates to change daily, affecting your loan's cost. Our line chart demonstrates how these rates have varied over the past several months, shaping your financial planning.

Awareness of today’s mortgage interest rates in Mississippi benefits two particular borrower profiles in the current housing market:

Purchase rates and refinance rates are not identical — this holds true for the current mortgage rates in Mississippi. If you're looking at a 30-year fixed-rate mortgage to buy a home, expect an APR of 6.89%. By contrast, if you're looking to refinance, the average APR climbs to 8.07%.

A 30-year fixed-rate mortgage generally comes with a higher interest rate compared with a 15-year fixed-rate mortgage. Lenders face more risk the longer the loan term is due to the increased possibility for economic changes and a borrower's default.

You can find rates that match your budget by exploring mortgage loan types in Mississippi. Use a mortgage calculator to see how these rates could affect your monthly payments and long-term financial plans.

In Mississippi, if your credit score is a healthy 740 or higher and your down payment is between 5% and 20%, you're looking at an average APR of 6.95% for a 30-year fixed mortgage. With a score below 680, the rate jumps to an average APR of 7.98%.

Your credit score can affect the mortgage rates you may qualify for in Mississippi. We've created an interactive table to help you understand your options. Plug in your credit score and down payment to see the rates you might get:

In July 2024, 30-year fixed-rate VA loans have the lowest average APR for 30-year fixed-rate mortgages in Mississippi at 6.30%. Understanding your mortgage options can optimize your finances — knowing the rates helps you choose a loan that fits your budget. Explore the available mortgage loan types in Mississippi:

In Mississippi, Truist, New American and Bank of America are solid choices when you're in the market for a mortgage. These lenders shine because they're not only available in the state but also hold Better Business Bureau accreditation and offer homeowner assistance programs. This list is not exhaustive, and you might find other lenders that fit your needs.

The mortgage rate you get in Mississippi can vary based on the lender you choose because they all offer different mortgage options and loan terms. To land the best deal, compare rates across various mortgage lenders in the state — you want to make an informed decision that aligns with your financial goals.

Owning your own home means being ready for hidden costs that go beyond your monthly payments. In Mississippi, you can get support from the Mississippi Home Corporation which offers assistance programs. Always keep an eye out for mortgage programs that can ease your path to homeownership.

Understanding today's mortgage rates in Mississippi is something every homebuyer will want to know. We've addressed commonly asked questions borrowers may have about current mortgage rates in Mississippi.