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Rankin

Current Mortgage Rates in Rankin, Mississippi

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

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

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Mortgage Rates in Rankin, MS as of July 3, 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 Rankin, MS Mortgage Rates Compare?

July 3, 2020

The current average rate for a 30 year fixed rate mortgage in Rankin 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
Rankin, 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 Rankin, Mississippi?

Below we provide helpful information on the real estate market, home prices and housing affordability in Rankin. Understand how much you need to earn to afford a home in Rankin, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Rankin 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 Rankin is right for you.

The median home value for Rankin, MS is $174,029

Based on current mortgage rates and a 10% down payment, you need to make $31,321 per year to buy the median priced home in Rankin

With this income, you could qualify for a $156,626 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 Rankin is $725

The median household income for Rankin, MS is $64,971

Based on this income, you can afford a home valued at approximately $361,003

The home price you can afford to buy based on household income in Rankin is 207% of the median home value which means housing prices are affordable. Rankin ranks 56 out of 82 counties in Mississippi and 1,429 out of 3,142 counties in the United States for housing affordability.

According to the FREEandCLEAR Housing Affordability Index, the housing market in Rankin, MS is affordable

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Loan Limits for Rankin, Mississippi

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

Conforming loan limits for Rankin, MS

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

FHA loan limits for Rankin, MS

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

VA loan limits for Rankin, MS

1 unit: $510,400

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