Compare mortgage rates and closing costs for leading lenders in Mississippi. Review free, personalized mortgage rates for Mississippi based on your specifc loan amount, program and other factors. Easily compare APRs, fees and monthly payments to find the lender offering the best mortgage terms.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Mississippi. Plus, shopping lenders is free and there is no obligation.
September 26, 2020
The current average rate for a 30 year fixed rate mortgage in Mississippi is A.AAA%, the rate for a 15 year fixed rate mortgage is B.BBB% and the rate for a 5/1 adjustable rate mortgage (ARM) is C.CCC%
Below we offer valuable insights on the housing market and real estate prices in Mississippi. Understand how much you need to make to buy a house in Mississippi, including the mortgage you need. Review the monthy loan payment so you can determine if home ownership in Mississippi is affordable for you. We provide this helpful information to help you decide if living in Mississippi is right for you.
The median home value for Mississippi is $130,484
Based on current mortgage rates and a 10% down payment, the income required to buy the median priced home in Mississippi is $23,484
With this income, you could qualify for a $117,436 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Mississippi is $544
The median household income for Mississippi is $45,420
Based on this income, you can afford a home valued at approximately $252,367
The home price you can afford to buy based on household income in Mississippi is 193% of the median home value which means housing prices are super affordable. Mississippi ranks 6 out of 50 states for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the real estate market in Mississippi is super affordable