Today's 30-year mortgage rate in Mississippi is 5.93%, below the national average of 6.46%. Homebuyers can benefit from programs like Smart6 and the Mortgage Credit Certificate that help lower mortgage costs.
Mortgage
Today's Mortgage Rates in Mississippi (September 2024)
Updated: September 12, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Mississippi. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources.
Unless specifically noted otherwise, rates featured in content are annual percentage rates (APRs).
This data was last updated on September 2024.
Current Mortgage Rates in Mississippi
In Mississippi, the average mortgage rate for a 30-year fixed mortgage in September 2024 is 5.93%, down from 5.99% last month. On a $250,000 loan with a 20% down payment, this decrease could save you about $3,049 in total interest over the life of the loan, excluding property taxes and HOA fees.
Rates fluctuate due to market conditions and changing economic conditions, impacting your loan costs. The line chart below shows the recent month-to-month changes in mortgage rates.
Even small changes in rates can significantly impact your finances. Understanding the current mortgage rate in Mississippi can help you budget effectively because it enables you to anticipate monthly payments.
Who Needs to Know Current Mortgage Rates in Mississippi?
Knowing today’s mortgage interest rates in Mississippi benefits two borrower profiles in the housing market:
First-time homebuyers
Knowing current mortgage rates helps first-time homebuyers in Mississippi assess what rates to expect and choose competitive offers.
Homeowners with mortgages
Homeowners in Mississippi can gauge if now is a good time to mortgage refinance when current rates dip below their own.
Purchase rates and refinance rates are different. The average APR for a 30-year fixed-rate mortgage in Mississippi is 5.93% for purchasing a home. If you're refinancing, the average APR is slightly higher at 5.97%.
Current Mortgage Rates in Mississippi by Loan Type
A 30-year fixed-rate mortgage generally has a higher interest rate than a 15-year one. Lenders face more risk with longer loan terms due to potential economic changes and a greater chance of default.
Explore mortgage types in Mississippi to find rates that match your budget. Use a mortgage calculator to see how these rates could affect your monthly payments and long-term financial plans.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
The interest rate on a mortgage is what you pay each year to borrow money, expressed as a percentage. In Mississippi, the average mortgage interest rate for a 30-year fixed mortgage is 5.84%.
The APR (annual percentage rate) includes the interest rate and other costs such as mortgage points and fees. For a 30-year fixed mortgage in Mississippi, the average APR is 5.93%, giving you a broader perspective of the yearly expense tied to your loan.
Current Mortgage Rates in Mississippi by Credit Score
In Mississippi, if your credit score is 740 or higher and your down payment is between 5% and 20%, the average APR for a 30-year fixed mortgage is 5.93%. With a score below 680, the average APR jumps to 7.17%.
Your credit score can affect the mortgage rates you may qualify for. Here's an interactive table to help you understand your options. Select your credit score and down payment to see the rates you might get.
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 15-year Fixed | APR5.36% |
| 20-year Fixed | APR6.05% |
| 30-year Fixed | APR6.36% |
| 5-year ARM | APR7.59% |
| 7-year ARM | APR7.48% |
Mortgage Types in Mississippi
In September 2024, 30-year fixed-rate VA loans in Mississippi have the lowest average APR for 30-year fixed-rate mortgages at 5.84%. Understanding your mortgage options can optimize your finances; knowing the rates helps you choose a loan that fits your budget.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Mississippi |
|---|---|---|---|
Conventional Loans | Conventional loans are not insured by government agencies. | Rates may fluctuate more with market conditions due to the lack of government guarantee. | 5.93% |
FHA Loans | FHA loans are backed by the Federal Housing Administration. | Rates are typically lower due to government backing, appealing to first-time homebuyers with lesser credit. | 7.29% |
VA Loans | VA loans are guaranteed by the Department of Veterans Affairs. | Rates are often lower, reflecting the VA guaranty that reduces lender risk. | 5.84% |
USDA Loans | USDA loans support rural development and are backed by the U.S. Department of Agriculture. | Rates can be lower, with subsidies helping low-to-moderate-income buyers in rural areas. | currently unavailable |
Jumbo Loans | Jumbo loans are for financing expensive property purchases beyond conforming loan limits. | Rates can be higher as they involve more risk for lenders due to the larger loan amounts. | 6.52% |
MORTGAGE RATE STRUCTURES IN MISSISSIPPI
Mortgage rates come in two options: fixed and adjustable.
- Fixed-rate mortgages lock in your rate, so your monthly mortgage payments stay the same. This stability is great for planning your budget.
- Adjustable-rate mortgages (ARM) start with a lower rate that can adjust over time, potentially lowering your payments when interest rates drop.
As of September 2024, Mississippi's average APR is 5.93% for a 30-year fixed-rate mortgage and 7.29% for a seven-year ARM. These rates impact the cost of your monthly mortgage payments.
Mortgage Lenders in Mississippi
In Mississippi, Truist, New American and Bank of America are strong mortgage options due to their product variety and Better Business Bureau (BBB) accreditation. They also provide homeowner assistance programs. However, this list isn't exhaustive; other lenders might also meet your needs.
Mortgage rates can vary by lender due to differences in loan options and terms. To get the best rate, compare offers from different lenders to find the one that best fits your financial goals.
- Truist
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8 am to 8 pm ET Saturday, 8 am to 5 pm ETCustomer Service Hours
Truist offers a range of mortgage products, including conventional and VA loans. The minimum down payment starts at 3%.
Customer service via phone, social media or in person is available Monday through Friday, 8 a.m. to 8 p.m. ET, and on Saturdays, 8 a.m. to 5 p.m. ET. Truist also provides special assistance programs, including financing for doctors, options for constructing a permanent residence and affordable lending solutions to help make homeownership more affordable and accessible.
Pros
- Online mortgage calculator with amortization
- Affordable options with payment assistance
Cons
- Specific mortgage info requires professional consultation
- Lack of mortgage payment relief options
- Bank of America
- 6Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 10 pm ET Saturday 8 am to 6:30 pm ETCustomer Service Hours
Bank of America offers a range of mortgage options, including fixed and adjustable rate mortgages, jumbo loans, FHA loans, VA loans, Affordable Loan Solutions and doctor loans. VA loans require no down payment, and the Affordable Loan Solution requires just 3% down.
Customer service online, by phone or in person is available Monday through Friday, 8 a.m. to 10 p.m. ET, and Saturday, 8 a.m. to 6:30 p.m. ET. Bank of America also provides assistance programs like America’s Home Grant® and Down Payment Grant to help with purchase costs.
Pros
- Unique mortgage products
- Payment postponements via Client Assistance Program
- Grant programs for homebuyers
Cons
- Requires an online profile to prequalify
- Undisclosed minimum credit requirement
- No physical branches in 11 states
- New American
- 8Number of Mortgage Options
- YesOnline Application
- ABBB Rating
- Monday to Friday, 8 am to 9 pm CT Saturday, 10 am to 2 pm CTCustomer Service Hours
New American provides various mortgage options, including conventional and FHA loans. You need a minimum credit score of 580 for FHA loans, while conventional loans require at least a 620 score. Down payments start at 3% for conventional loans and range from 3.5% to 10% for FHA loans, depending on your credit score.
Customer service via phone and email is available Monday through Friday, 8 a.m. to 9 p.m. CT, and Saturday from 10 a.m. to 2 p.m. CT. New American also offers loan assistance solutions to help borrowers manage homebuying costs.
Pros
- Wide mortgage selection, including exclusive products
- User-friendly mortgage management app
- 14-day close guarantee on purchases
Cons
- In-person service limited in 11 states
- Online prequalification unavailable
- FAQ section not extensive
Mortgage Programs in Mississippi
Owning your own home means being ready for hidden costs beyond your monthly payments. You can get support from the Mississippi Home Corporation, which offers mortgage programs to help in your homebuying process.
Program | Description |
|---|---|
Provides a 30-year fixed-rate mortgage with an option for a secondary mortgage up to $6,000 at zero interest to cover initial costs. It also offers pairing with a Mortgage Credit Certificate for additional savings. | |
Features a 30-year fixed-rate mortgage for those meeting specific guidelines, including first-time homebuyers. It includes a possibility for an $8,000 second mortgage at 0% interest towards various purchasing expenses. | |
Caters to first-time homebuyers with a 30-year fixed-rate mortgage. This program offers a $10,000 second mortgage with a low 2% interest, aiding with down payment and closing costs. | |
Supports teachers striving to purchase a home in educational shortage areas by providing financial assistance, meeting the goal of enriching education in Mississippi by encouraging skilled educators to settle in these regions. | |
Offers a federal tax credit, reducing borrowers' tax liability. This credit amounts to 40% of annual mortgage interest, up to $2,000, enhancing mortgage qualification potential and long-term savings. |
FAQ: Mortgage Rates in Mississippi
We've addressed common questions borrowers may have about current mortgage rates in Mississippi.
What are the current mortgage rates in Mississippi?
Current average APRs in Mississippi for September 2024 vary based on loan type and other factors. For instance, a 30-year fixed conforming loan has an average APR of 5.93%, whereas a 30-year fixed-rate FHA loan at 7.29%.
How do mortgage rates in Mississippi compare to national rates?
Mississippi's average APRs for conforming loans, like the 30-year fixed-rate mortgage at 5.93%, are comparable to the national average of 6.46% in September 2024. However, the five-year ARM averages 7.54% in the state, which is lower than the national average of 7.93%.
How does my credit score impact the mortgage rates I get in Mississippi?
Your credit score significantly impacts the low mortgage rates you qualify for. A higher credit score generally leads to lower interest rates, as lenders view you as a lower-risk borrower.
Are there any special mortgage programs in Mississippi to help homebuyers?
Various mortgage programs in Mississippi, such as Smart6, Easy8, and Housing Assistance for Teachers (HAT), support homebuyers with their purchase.
How can I get the best possible mortgage rate in Mississippi?
To secure the best possible mortgage rate in Mississippi, consider putting in a larger down payment, maintaining a strong credit history and comparing rates from multiple lenders.
What are today's mortgage refinance rates in Mississippi?
In September 2024, the average refinance rates in Mississippi are 5.97% for a 30-year fixed loan and 5.45% for a 15-year fixed one.
How do I calculate my mortgage payments?
Use a mortgage calculator for Mississippi to estimate your monthly payments based on factors such as home price, down payment, loan term and interest rate.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Mississipi Home Corporation. "Easy8." Accessed September 12, 2024.
- Mississipi Home Corporation. "Housing Assistance for Teachers (HAT)." Accessed September 12, 2024.
- Mississipi Home Corporation. "Mortgage Credit Certificate." Accessed September 12, 2024.
- Mississipi Home Corporation. "Smart6." Accessed September 12, 2024.
- Mississipi Home Corporation. "Trusty10." Accessed September 12, 2024.