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.
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%
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
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
FHA loan limits for Rankin, MS
VA loan limits for Rankin, MS
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