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Mississippi Mortgage Rates

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Use SmartAsset's mortgage comparison tool to compare mortgage rates from the top banks and find the one that best suits your needs.

Overview of Mississippi Mortgages

Mississippi, the Magnolia State, is an attractive place to live that's steeped in America's musical history and civic progress. Homebuyers in Mississippi will find that mortgage rates are a bit higher than average. Mississippi counties' conforming loan limits are standard, as are FHA limits.

Today's Mortgage Rates in Mississippi

Product Today Last Week Change
30 year fixed 4.58% 4.79% -0.20
15 year fixed 4.08% 4.31% -0.22
5/1 ARM 4.48% 4.40% +0.08
30 yr fixed mtg refi 4.79% 4.79% 0.00
15 yr fixed mtg refi 4.31% 4.31% 0.00
7/1 ARM refi 4.58% 4.56% +0.02
15 yr jumbo fixed mtg refi 4.43% 4.31% +0.12

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Mississippi Mortgage Rates Quick Facts
  • Median Home Value: $120,700 (Zillow)
  • Loan Funding Rate: 57.7% (CFPB)
  • Average Mortgage Rate: 4.02% (Freddie Mac)
  • Homeownership Rate: 73.8% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,084 (U.S. Census Bureau)

Historical Mortgage Rates in Mississippi

Mississippi, the land of blues, barbeque and beaches, is ideal for the outdoor adventurer. It’s fairly middle of the road for size and population. Mississippi mortgage rates have been a bit unpredictable, falling below, equal to or above the national average over the past 30 years. Recent rates for 2018 are higher than the average U.S. rates.

Mississippi Historic Mortgage Rates

YearMississippi RateU.S. Rate
198213.8514.73
198312.8412.26
198411.7611.99
198510.8211.17
19869.789.79
19879.268.95
19889.188.98
19899.809.81
19909.729.74
19919.359.07
19928.227.83
19937.276.93
19947.957.31
19958.237.69
19967.927.58
19977.887.52
19987.036.97
19997.227.14
20008.047.86
20016.896.94
20026.526.44
20035.665.67
20045.855.68
20055.895.85
20066.666.54
20076.626.42
20086.296.06
20095.155.05
20104.734.81
20114.574.56
20123.613.65
20133.993.84
20144.214.13
20154.023.88
20163.873.73

Mississippi Mortgages Overview

If you are in the market for a home in the Magnolia State, it’s wise to set a budget before you begin your search. You’ll want to know how much of your monthly income will go toward your mortgage payment. You also might want to secure a mortgage preapproval from a lender to help speed up the homebuying process.

Every county in the state has a standard conforming loan limit of $453,100 and the standard FHA limit of $294,515. The standard loan limits across the state are an indication of the overall affordability of homes in all areas of the Magnolia State.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Adams$453,100$294,515
Alcorn$453,100$294,515
Amite$453,100$294,515
Attala$453,100$294,515
Benton$453,100$294,515
Bolivar$453,100$294,515
Calhoun$453,100$294,515
Carroll$453,100$294,515
Chickasaw$453,100$294,515
Choctaw$453,100$294,515
Claiborne$453,100$294,515
Clarke$453,100$294,515
Clay$453,100$294,515
Coahoma$453,100$294,515
Copiah$453,100$294,515
Covington$453,100$294,515
DeSoto$453,100$294,515
Forrest$453,100$294,515
Franklin$453,100$294,515
George$453,100$294,515
Greene$453,100$294,515
Grenada$453,100$294,515
Hancock$453,100$294,515
Harrison$453,100$294,515
Hinds$453,100$294,515
Holmes$453,100$294,515
Humphreys$453,100$294,515
Issaquena$453,100$294,515
Itawamba$453,100$294,515
Jackson$453,100$294,515
Jasper$453,100$294,515
Jefferson$453,100$294,515
Jefferson Davis$453,100$294,515
Jones$453,100$294,515
Kemper$453,100$294,515
Lafayette$453,100$294,515
Lamar$453,100$294,515
Lauderdale$453,100$294,515
Lawrence$453,100$294,515
Leake$453,100$294,515
Lee$453,100$294,515
Leflore$453,100$294,515
Lincoln$453,100$294,515
Lowndes$453,100$294,515
Madison$453,100$294,515
Marion$453,100$294,515
Marshall$453,100$294,515
Monroe$453,100$294,515
Montgomery$453,100$294,515
Neshoba$453,100$294,515
Newton$453,100$294,515
Noxubee$453,100$294,515
Oktibbeha$453,100$294,515
Panola$453,100$294,515
Pearl River$453,100$294,515
Perry$453,100$294,515
Pike$453,100$294,515
Pontotoc$453,100$294,515
Prentiss$453,100$294,515
Quitman$453,100$294,515
Rankin$453,100$294,515
Scott$453,100$294,515
Sharkey$453,100$294,515
Simpson$453,100$294,515
Smith$453,100$294,515
Stone$453,100$294,515
Sunflower$453,100$294,515
Tallahatchie$453,100$294,515
Tate$453,100$294,515
Tippah$453,100$294,515
Tishomingo$453,100$294,515
Tunica$453,100$294,515
Union$453,100$294,515
Walthall$453,100$294,515
Warren$453,100$294,515
Washington$453,100$294,515
Wayne$453,100$294,515
Webster$453,100$294,515
Wilkinson$453,100$294,515
Winston$453,100$294,515
Yalobusha$453,100$294,515
Yazoo$453,100$294,515

Mississippi has real estate disclosure laws, meaning the sellers must disclose what defects they know about the property. That’s good news for buyers. But regardless of the laws, it’s still best to opt for a home inspection before officially closing on your home. This protects buyers from uncovering massive pitfalls after they’ve purchased the property.

If you take out a home loan in Mississippi, you will likely be given a deed of trust, which is different from a mortgage. Typically if you have a mortgage and you fall behind on your monthly payments and your lender wants to foreclose on your home, the lender has to go to court to do so. A deed of trust is different and allows the lender to bypass the court system entirely. The lender hires a third party to auction the house it wants to foreclose and initiates a power of sale. While you’re probably not buying a home with the expectation that you’ll go into foreclosure down the road, it’s still a good idea to know where you stand if the unexpected were to happen.

30-Year Fixed Mortgage Rates in Mississippi

If you’re planning to buy in Mississippi, 30-year fixed-rate mortgages are a popular option. This dependable mortgage gives you a long time to pay off your home loan – 30 years – and the interest rate remains constant for the lifetime of the loan (unless you decide to refinance or make prepayments on the loan).

Another option is a 15-year fixed-rate mortgage. With this loan, you’ll pay off your debt faster and enjoy a lower interest rate but you can expect higher monthly payments. A less popular option is a 40-year loan. People often feel that it takes too long to pay off this loan and that you end up paying a lot in interest, but you can weigh which choice works best for you.

The average Mississippi mortgage rate for fixed-rate 30-year mortgages is 4.27%.

Mississippi Jumbo Loan Rates

Because of the lower real estate prices in Mississippi, every county in the state has a standard conforming loan limit of $453,100. If you need to take out a bigger loan than this in order to pay for your home, you will have what is known as a jumbo loan.

Jumbo loans stand in contrast to conforming loans (those at $453,100 or below which qualify for normal interest rates and can be re-sold on the secondary mortgage market.) If you are considering a jumbo loan, you should know that they generally come with higher interest rates as they’re more of a risk to the lender.

The average jumbo loan rate in Mississippi is 4.65%.

Mississippi ARM Loan Rates

If you do not plan to stay in your new home for a long time, an option that may appeal to you is an adjustable-rate mortgage or ARM. An ARM offers an introductory period of one, three, five, seven or 10 years, during which time the interest rate is lower than it would be with a fixed-rate mortgage. When that period ends, the interest rate can change once a year and usually it rises. There is a cap on how high the rate can reach though and that is laid out in the terms of the loan. Before deciding on an ARM, read the fine print and make sure you are able to pay the highest potential interest rate, in order to avoid any unpleasant surprises down the road.

The average rate for an ARM in Mississippi is 3.91%.

Mississippi Mortgage Resources

Buying a home in the Magnolia State? If you need assistance, here are some of the options that can help you at any step of the process.

The Mississippi Development Authority has HOME programs to aid homebuyers. The Homebuyer Assistance Program helps eligible families with down payment and closing cost assistance. The Rehabilitation/Reconstruction Program is a competitive grant to help families reconstructing or making major repairs to their home to bring it up to code.

The Mississippi Home Corporation has programs geared toward first-time homebuyers and buyers in certain areas of the state. The Mortgage Credit Certificate Program cuts down on the amount of federal income tax the borrower has to pay, which frees up income for mortgage qualification.

The Smart Solution Program gives buyers funds to purchase their first home or upgrade. It offers competitive interest rates with a cash advance for down payment assistance.

Available Resources

Resource Problem or Issue Who Qualifies Website
Mississippi Home Corporation Loan products and tax deductions. First-time homebuyers or persons who have not owned a principal interest in a residence in the past 3 years; Certain areas of the state, called “Target Areas”, are exempt from the “first-time homebuyer” rule. Maximum annual income of household members may not exceed certain income limits. https://www.mshomecorp.com/programs/
Mississippi Development Authority Offers funding for down payment and closing cost assistance, plus home repair grants. Homebuyers who meet income requirements. https://www.mississippi.org/
USDA Rural Development - Single family loans Offers payment assistance to increase an applicant’s repayment ability. Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs. http://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs
Home Affordable Refinance Program Refinancing. Single family homes and condos that fit within lending loan limits. http://www.harp.gov/

The United States Department of Agriculture Rural Development program also offers loan help and mortgage grants throughout the entire country. The program aims to help develop more rural areas of a state while offering affordable housing for residents. Mississippi has grants and loans available for home repairs as well as loan assistance programs for those who qualify.

Mississippi Mortgage Taxes

Homeowners are allowed to deduct the mortgage interest they pay throughout the year from their taxable income when they file federal income taxes. Mississippi’s itemized deductions generally follow federal rules. This means that homeowners can double their deductions by including mortgage interest on state income taxes as well.

There are no transfer taxes on real estate transactions in Mississippi.

Mississippi Mortgage Refinance

If you’re hoping to refinance your home in Mississippi, one of your options is the Home Affordable Refinance Program of Mississippi. This program accepts single family homes and condos for refinance assistance that were bought before 2009. It can also grant eligible homeowners access to interest and principal payment reductions and low closing costs.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2016 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset