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Mississippi Mortgage Rates today

Are you a first-time home buyer in Mississippi? If yes, you must stay updated about first-time home buyer grants in Mississippi. Well, search no more because Total Mortgage has got you covered!We are your reliable companion in selecting the best mortgage offer in the Magnolia State that meets your expectations and budget. With the help of the Total Mortgage team, you will open the door to your dream residence using the lowest mortgage rates and down payment assistance programs in Mississippi. Contact us today for mortgage assistance in Mississipi.

If you have any questions about securing the best mortgage rates in Mississippi, please contact us today. We are here to assist you in finding the mortgage rates that best suit your needs.

Compare today's mortgage rates for Mississippi

The mortgage rates in Mississippi are 6.500% for a 30-year fixed mortgage and 5.750% for a 15-year fixed mortgage. These rates are effective as of June 18 2024 12:30pm EST.

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5.750% RATE

6.529% APR

$2,989/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.500% RATE

6.961% APR

$2,275/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.000% RATE

7.041% APR

$2,345/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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6.000% RATE

7.480% APR

$2,158/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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5.875% RATE

6.515% APR

$2,156/mo

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Based on the assumed loan amount of $360,000 and 20% down payment

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Latest revision - June 18 2024 12:30pm EST.
We update the table twice every day with the current mortgage rates.

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Frequently Asked Questions

What is the average mortgage rate in Mississippi?

 

The lenders charge mortgage rates in Mississippi for home loans and refinances. These wavering rates significantly dictate the aggregate costs that homeowners face in Mississippi.

What are the current mortgage rates in MS?

For the current mortgage rates in MS, simply inspect the possibilities cited in the table given above. We diligently reevaluate and update our rates twice daily to ensure you have the most accurate picture of today's dynamic financial landscape.

How do Mississippi interest rates affect mortgages in the state?

 

The changing mortgage rates in Mississippi directly impact the overall cost of property ownership. Spiking rates simply increase the monthly obligations and total borrowing expenses, while declining rates can offer a cost-effective opportunity of owning a home in the Magnolia state. 

Where can Mississippi residents find the best mortgage rates?

 

To secure a favorable mortgage rate in Mississippi, residents must compare charges, APR, and monthly installments across the cited products. It's essential to consider qualification standards and linked fees to form an informed judgment about the most suitable choice for their circumstances.

What is considered a good mortgage interest rate?

 

As you check out mortgage rates in MS online, remember that they are more complex than just an interest rate. Instead, you'll need to know more about annual percentage rate, any fees, and closing costs to determine which lender can offer you everything tailored to your requirements.

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Mississippi first-time homebuyer loan programs

MHC Smart6

The Smart6 program of the Mississippi Home Corporation provides 30-year mortgages at low & lucrative rates and lower mortgage insurance premiums. Options include Freddie Mac's 97% financing, FHA, VA, and USDA financing, which can be used in conjunction with down payment assistance in Mississippi.

This is a beneficial program for repeat and first-time home buyers in Mississippi who are buying residential property in this state. The property can be a single-family, condominium, townhome, or duplex. If someone is eligible for an FHA loan, they can look for a manufactured home. Federal income limits include a household income of $122,000.

MHC Mortgage Revenue Bond 7

The MRB7 program is meant for first-time home buyers, veterans, and individuals planning to buy a home in a designated area. Under this program, eligible applicants can enjoy down payment assistance along with competitive interest rates.

Eligibility criteria must be met. This includes meeting minimum credit score requirements based on your loan type (VA, FHA, USDA, and Fannie Mae or Freddie Mac). Income limits also apply based on the county.

Purchase price limits also apply to this Mississippi mortgage assistance program, which is $332,000 for a house in the target area and $275,000 for a house in the non-target area.

Mississippi Down Payment Assistance Programs

MHC Smart Solution Second

When you borrow a mortgage through MHC's Smart6 down payment assistance program in Mississippi, you qualify for the Smart Solution Second down payment assistance. Under this program, you can receive up to $6,000 in help as a second mortgage at zero percent interest.

MHC MRB7 down payment assistance Program

The MRB7 down payment assistance program in Mississippi offers financial aid of up to $7000 as a deferred, no-interest loan. These funds can be used to fulfill down payment & closing cost expenses. An additional benefit is that it is forgivable after 10 years.

MHC Housing Assistance for Teachers

MHC's Housing Assistance for Teachers grants eligible educators funding of up to $6,000. This first-time home buyer grant in Mississippi helps cover home-buying expenses, such as down payments and closing costs.

Any teacher teaching in the field of Special Education, Foreign Language, Mathematics, and Science in critical shortage areas is eligible for this grant. It is further forgiven if the applicant meets the following criteria:

  • Teaching in a critical shortage school district for a minimum of three years.
  • Buying a residential property in the county where the district is located.
  • Teachers must make a personal contribution of 1% towards their home’s down payment and have reserves for a minimum of 1 month.

Other Mississippi homebuyer assistance programs

Mortgage credit certificate (MCC)

For Mississippi first-time homebuyers, a Mortgage Credit Certificate can reduce federal income taxes. This means that the credit can cover as much as 40% of your annual mortgage interest up to $2000 per year. MCC can help you become eligible for a mortgage loan in Mississippi and make your residential ownership more budget-friendly. Note that first-time home buyers in Mississippi must surpass household income requirements based on purchase price limits and county.

The City of Jackson Homebuyer Assistance Program

Do you want to live in Jackson using the mortgage assistance in Mississipi? If so, your dream can turn into a reality. All you need to see is if you fulfill the program’s eligibility criteria: the applicant’s income must be at or less than 80% AMI. Now, if you are eligible, you can get a second mortgage for up to $ 15,000 or more. There are no monthly payments, with a 0% interest rate, and a part of the loan is forgiven each year until it clears. There is only one nuanced requirement: homeownership education training. The only disadvantage is that the purchase price of your next home must be $156,000 and below. Finding the right home as per this requirement can be challenging and time-consuming.

DPA14

The MHC and the Board of Supervisors from Coahoma, Tunica, and Washington counties offer a 30-year fixed-rate mortgage at a lucrative rate through the proceeds of the sale of Mortgage Revenue Bonds.

This MS first-time home buyer program offers total assistance of $14000 ( a $7,000 forgivable loan and a $7,000 grant) with upfront costs linked to their residential property’s purchase. This ultimate program will run till April 20. 2026.

FHA Loan

This is a good choice for first-time home buyers in Mississippi if you have a low credit history. Just 3.5% of the home’s purchase price and a credit score of 580 are enough to make you eligible for FHA loans in Mississippi.

VA Loan

Veterans Affairs Department guarantees home buyers do not need a down payment or a minimum credit rating to get VA loans in Mississippi. They are offered to qualifying veterans, service members, and eligible spouses.

USDA Loan

Similar to VA loans, USDA loan in Mississippi don’t need any down payment. A credit score of 640 can help you buy your first home in MS in a designated area through these loans.



Today's Rates

Mortgage rates are volatile and subject to change without notice. All rates shown are for 30-day rate locks with two and a half points for a single family owner-occupied primary residence with 750 or higher FICO and 80 LTV over a 30-year loan term except where otherwise noted and are subject to mortgage approval with full documentation of income. The APR for a 30-year and 15-year conventional fixed-rate mortgage loans are calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, a $10 flood certification fee, and a $82 credit report fee.* 15-year conventional mortgage rates are calculated with a 15-year loan term.* The APR for jumbo mortgage rates is calculated using a loan amount of $500,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee.* The APR for FHA mortgage rates is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee, and a $82 credit report fee. Some rates and fees may vary by state.* The APR for adjustable rate mortgages (ARMs) is calculated using a loan amount of $360,000, two and a half points, a $495 application fee, $450 appraisal fee, $1,195 underwriting fee, $10 flood certification fee and a $82 credit report fee. Some rates and fees may vary by state. Products are subject to availability on a state-by-state basis. By refinancing your existing loan, your total finance charge may be higher over the life of the loan.