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Mortgage rates in Mississippi
Rates that trend a bit higher than the national average.
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Mortgage rates for 30-year loans average 4.677% in the Magnolia State. And they’re expected to perform at or above 4% in 2020.
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How much do Mississippi rates vary?
Average mortgage rates in Mississippi ranged from 3.969% to 4.932% in 2018. Two major factors that affect your rate are the type of loan and its term. For example, government-backed programs like FHA loans typically come with lower interest rates, but more stringent borrower and property criteria.
2018 average rates in Mississippi by loan type
| Loan type | 15-year average rate | 30-year average rate |
|---|---|---|
| Conventional | 4.932% | 4.770% |
| FHA | 4.060% | 4.695% |
| VA | 3.969% | 4.585% |
| USDA | N/A | 4.658% |
Based on data from ffiec.cfpb.gov.
That means if you had a conventional mortgage of $185,000 with a loan term of 30 years, your monthly payment might come in around $970, excluding taxes and other charges specific to your mortgage. On the other hand, if you chose a 30-year FHA loan, your monthly payment might be just slightly lower around $960.
Even though the monthly payment is only a difference of about $10, it’s possible to save $3,000 in interest payments over the course of the loan when compared to a 30-year term.
Which way are rates trending in Mississippi?
Average mortgage rates in Mississippi will likely stay around the 4% mark in 2020.
Housing authorities in the US predict rates for 30-year fixed-rate loans to average between 3.55% and 3.90%. In recent years, Mississippi mortgage rates have performed above the national average and likely will trend that way in 2020. You should expect mortgage rates to teeter around 4%.
Compare mortgage rates throughout Mississippi
Lenders in Mississippi stay steady throughout most of the state, regardless of the region.
After combing through data from the Home Mortgage Disclosure Act, we calculated what the average 30-year fixed-rate mortgage might cost you in different metropolitan areas throughout Mississippi. The estimated monthly amounts don’t include taxes or fees specific to your loan.
| Metropolitan statistical area (MSA) | Average mortgage rate | Median loan amount | Estimated monthly cost |
|---|---|---|---|
| Gulfport-Biloxi | 4.702% | $155,000 | $800 |
| Hattiesburg | 4.692% | $155,000 | $800 |
| Jackson | 4.684% | $185,000 | $960 |
| Memphis MSA (Marshall, Tate and Tunica Counties, MS) | 4.695% | $185,000 | $960 |
Based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Mississippi
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.
Historical mortgage interest rates in Mississippi
Bottom line
Although mortgage rates in Mississippi typically trend above the national average, lenders determine your interest rate. Take a look at different loan programs and lenders to compare mortgage rates and loan costs.
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