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Updated
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
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.
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.
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.
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%.
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.
Some helpful strategies to get a better rate on your next mortgage:
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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