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Madison

Current Mortgage Rates in Madison, Mississippi

Compare mortgage rates and fees for leading lenders in Madison, 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 Madison.

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

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Mortgage Rates in Madison, MS as of August 24, 2019
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Input your information to receive personalized mortgage quotes from preferred lenders. Comparing proposals from multiple lenders is the best way to save money on your mortgage.

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.

How Do Today's Madison, MS Mortgage Rates Compare?

August 24, 2019

The current average rate for a 30 year fixed rate mortgage in Madison 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
Madison, MS Rates
National
Average
Comparison
30 Year Fixed Rate
A.AAA%
3.600%
15 Year Fixed Rate
B.BBB%
3.050%
5/1 Adjustable Rate Mortgage
C.CCC%
3.360%

How Affordable is Housing in Madison, Mississippi?

The median home value for Madison, MS is $237,415

The median household income for Madison, MS is $70,697

Based on current mortgage rates and a 10% down payment, you need to make $44,048 per year to buy the median priced home in Madison

The home price you can afford to by based on household income in Madison is 161% of the median home value which means housing prices are average

Madison ranks 78 out of 82 counties in Mississippi and 2,368 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Madison, Mississippi

Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Madison below.

Conforming loan limits for Madison, MS

1 unit: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Madison, MS

1 unit: $314,827
2 units: $403,125
3 units: $487,250
4 units: $605,525

VA loan limits for Madison, MS

1 unit: $484,350

Additional Mortgage Resources for Madison, MS Residents

Mortgage Rates for Mississippi Cities

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Tupelo Mortgage Rates

Sources

US Census Bureau American Community Survey: https://www.census.gov/programs-surveys/acs

FHFA House Price Index: https://www.fhfa.gov/DataTools/Downloads/Pages/House-Price-Index-Datasets.aspx#qat

Income Growth: https://www.bls.gov

National Average Rates: http://www.freddiemac.com/pmms/

Conforming Loan Limits: https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limits.aspx

FHA Loan Limits: https://entp.hud.gov/idapp/html/hicostlook.cfm

VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp

FREEandCLEAR Housing Affordability Index