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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 October 23, 2019
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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.

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

October 23, 2019

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%
3.690%
15 Year Fixed Rate
B.BBB%
3.150%
5/1 Adjustable Rate Mortgage
C.CCC%
3.350%

How Affordable is Housing in Rankin, Mississippi?

The median home value for Rankin, MS is $164,800

The median household income for Rankin, MS is $63,488

Based on current mortgage rates and a 10% down payment, you need to make $30,576 per year to buy the median priced home in Rankin

The home price you can afford to buy based on household income in Rankin is 208% of the median home value which means housing prices are affordable

Rankin ranks 56 out of 82 counties in Mississippi and 1,435 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: $484,350
2 units: $620,200
3 units: $749,650
4 units: $931,600

FHA loan limits for Rankin, MS

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

VA loan limits for Rankin, MS

1 unit: $484,350

Additional Mortgage Resources for Rankin, MS Residents

Mortgage Rates for Mississippi Cities

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Jackson Mortgage Rates

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Pascagoula Mortgage Rates

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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