Today’s Refinance Rates in Mississippi
Updated: January 18, 2024
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Current Refinance Rates in Mississippi
Find the best loan option with the lowest rates you can find for your unique profile using MoneyGeek’s guide. Our resource provides you with the most up-to-date mortgage refinance rates in Mississippi.
Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in Mississippi?
What counts as a “good” refinance rate is relative to the buyer’s profile and current mortgage rates offered on the market.
Consider the national average mortgage rate which is 4.45%, 5.30% and 4.19% on a 15-, 30-year fixed-rate (FRM) and 5/1 ARM, respectively. Refinance rates in Mississippi are currently lower for all these loan terms. Currently, rates in the state are 4.34%, 4.93% and 4.13%, respectively.
Comparing quotes from different lenders gives you an idea of the lowest refinance rates in Mississippi for your situation. Lenders typically look at your credit score, debt, income and other personal factors when calculating your rates. However, they may consider certain factors much more important than others.
Keep in mind that economic changes and other mortgage-related news causes the rates to fluctuate regularly. Hence, when you find a good rate, you will want to lock in these rates immediately.
Estimate Your New Monthly Mortgage Payment
Simply put your mortgage information along with your new refinance rates in MoneyGeek’s online calculator to compare your monthly payments.
Since rates are not fixed and depend on various personal factors, expect that the rates you may get today are not the same as the rates once you sign your new loan agreement.
Frequently Asked Questions About Refinance Rates in Mississippi
Refinancing a mortgage needs much deliberation and analysis. Those seeking a mortgage refinance in Minnesota may find the answers to the frequently asked questions below useful.
A “good” refinance rate in Mississippi is the one that falls within the average national range (4.34% to 4.94%) or lower than your current mortgage rate. What counts as a good deal depends on various personal factors.
In the same way, you can identify a bad refinance rate when it is higher than your current Mortgage rate.
A good refinance interest rate in Mississippi for a 30-year fixed-rate mortgage is anything lower or similar to the national average rate of 4.93%.
The national average rate for a 15-year fixed-rate mortgage is 4.34%. Scoring a deal lower than this rate means huge savings.
The average interest rate on a 5/1 ARM is 4.13%. A good deal is a rate that is at least 1 or 2% lower.
sources
- FRED. "Mortgage Rates." Accessed July 13, 2022.