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Jackson

Current Mortgage Rates in Jackson, Mississippi

Compare mortgage rates and fees for leading lenders in Jackson, MS. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lender offering the best mortgage rates in Jackson.

We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Jackson. Plus, shopping lenders is free and there is no obligation.

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Mortgage Rates in Jackson, MS as of January 24, 2020
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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. Click for more information on rates and product details.
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How Do Today's Jackson, MS Mortgage Rates Compare?

January 24, 2020

The current average rate for a 30 year fixed rate mortgage in Jackson 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%

Mortgage Program
Today's
Jackson, MS Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.650%
15 Year Fixed Rate
B.BBB%
3.090%
5/1 Adjustable Rate Mortgage
C.CCC%
3.390%

How Affordable is Housing in Jackson, Mississippi?

Below we provide helpful information on the real estate market, home prices and housing affordability in Jackson. Understand how much you need to earn to afford a home in Jackson, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Jackson fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Jackson is right for you.

The median home value for Jackson, MS (Hinds County) is $134,679

Based on current mortgage rates and a 10% down payment, you need to make $24,239 per year to buy the median priced home in Jackson

With this income, you could qualify for a $121,211 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 Jackson is $561

The median household income for Jackson, MS (Hinds County) is $43,252

Based on this income, you can afford a home valued at approximately $240,323

The home price you can afford to buy based on household income in Jackson is 178% of the median home value which means housing prices are average. Jackson (Hinds County) ranks 74 out of 82 counties in Mississippi and 1,991 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Jackson, MS is average

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Loan Limits for Jackson, Mississippi

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Jackson (Hinds County) below.

Conforming loan limits for Jackson, MS

1 unit: $510,400
2 units: $653,550
3 units: $789,950
4 units: $981,700

FHA loan limits for Jackson, MS

1 unit: $331,760
2 units: $424,800
3 units: $513,450
4 units: $638,100

VA loan limits for Jackson, MS

1 unit: $510,400

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