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Southaven

Current Mortgage Rates in Southaven, Mississippi

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

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

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Mortgage Rates in Southaven, MS as of September 28, 2020
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Data provided by Brown Bag Marketing, Inc. Payments do not include amounts for taxes and insurance premiums. Read through our lender table disclaimer for more on rates and product details.
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How Do Today's Southaven, MS Mortgage Rates Compare?

September 28, 2020

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

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

The median home value for Southaven, MS (DeSoto County) is $186,646

Based on current mortgage rates and a 10% down payment, you need to make $33,591 per year to buy the median priced home in Southaven

With this income, you could qualify for a $167,981 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 Southaven is $778

The median household income for Southaven, MS (DeSoto County) is $66,015

Based on this income, you can afford a home valued at approximately $366,804

The home price you can afford to buy based on household income in Southaven is 197% of the median home value which means housing prices are average. Southaven (DeSoto County) ranks 60 out of 82 counties in Mississippi and 1,640 out of 3,142 counties in the United States for housing affordability.

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

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Loan Limits for Southaven, Mississippi

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

Conforming loan limits for Southaven, MS

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

FHA loan limits for Southaven, MS

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

VA loan limits for Southaven, MS

1 unit: $510,400

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