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Mortgage rates in Mississippi
Interest rates on a 30-year $300,000 conventional mortgage start at around 5.500%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 5.875% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Mississippi home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on June 8 and are from the Consumer Financial Protection Bureau (CFPB) website.
Your credit score affects the rate you’ll get
People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Mississippi by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).
| Credit score | $200,000 mortgage | $300,000 mortgage | $400,000 mortgage | $500,000 mortgage |
|---|---|---|---|---|
| 620-639 | 5.500% | 5.500% | 6.063% | 6.063% |
| 640-659 | 5.438% | 5.500% | 5.500% | 5.500% |
| 660-679 | 5.500% | 5.750% | 5.688% | 5.625% |
| 680-699 | 5.875% | 5.875% | 5.875% | 5.875% |
| 700-719 | 5.750% | 5.875% | 5.875% | 5.875% |
| 720-739 | 5.750% | 5.688% | 5.563% | 5.625% |
| 740-759 | 5.500% | 5.500% | 5.500% | 5.500% |
| 760-779 | 5.500% | 5.500% | 5.500% | 5.500% |
| 780-799 | 5.500% | 5.500% | 5.500% | 5.500% |
| 800+ | 5.500% | 5.500% | 5.500% | 5.500% |
*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage
Interest rates vary by lender
Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.
Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.
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Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Mississippi home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.
| Loan type | $200,000 mortgage | $300,000 mortgage | $400,000 mortgage | $500,000 mortgage |
|---|---|---|---|---|
| 15-year conventional | 4.813% | 4.750% | 4.750% | 4.750% |
| 30-year conventional | 5.750% | 5.875% | 5.875% | 5.875% |
| 15-year FHA | 3.438% | 3.438% | Not eligible | Not eligible |
| 30-year FHA | 5.375% | 5.438% | Not eligible | Not eligible |
| 15-year VA | 4.188% | 4.188% | 4.188% | 4.000% |
| 30-year VA | 5.625% | 5.500% | 5.438% | 5.375% |
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
Some helpful strategies to get a better rate on your next mortgage:
- Compare loan products. Lenders often charge different rates for their various loan products. Research what each lender is offering to find the best loan program for you.
- Take control of your credit. Taking time to pay off any existing debt can give you a leg up for getting a better rate. Lenders prefer borrowers with strong credit.
- Count the closing costs. Lenders may charge a lower interest rate on a loan, but pile on closing fees. Average closing costs in Mississippi can run between 1.08% and 2.16% of the final purchase price. Make sure you understand how much these fees can add to the total cost of your mortgage before deciding on your lender.
Home prices in Mississippi are going up
According to Zillow, the average home price in Mississippi has risen 8.4% in the 12 months prior to June 2021. However, these price increases vary across the state, with some areas seeing bigger surges than others.
Some standout places include Jackson, Utica, Dundee and Greenville, where home prices are projected to rise by 13.1%, 12.5%, 12.2% and 10%, respectively, by next June. As for the rest of the Magnolia State, home prices are expected to rise by 10% or less, depending on the area.
The average house price in Mississippi sits at $140,818 as of June 2021, which is good news for homebuyers. However, if you want to buy a house in the in-demand cities of Olive Branch Southhaven, expect to pay $250,000 and up according to Redfin.
5 fast facts about Mississippi’s housing market
If you’re looking to settle down in Mississippi, here are five facts to know:
- The average home price in Mississippi’s average home price is 52% less than the national average.
- According to the 2019 census, the average monthly homeownership cost in Mississippi is $1,147 including a mortgage payment, which is $448 less than the national average.
- According to ClosingCorp, closing costs in Mississippi run about 1.03%, or $2,575 for a $250,000 home.
- Mississippians pay an average of 0.79% in property taxes, which is half the national average, according to SmartAsset.
- The Mississippi Homebuyer Corporation offers first-time homebuyer programs with cash assistance at closing for eligible buyers.
Bottom line
Mortgage rates in Mississippi vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.
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