Mortgage rates in Mississippi
30-yr fixed 7.18% · Freddie Mac PMMS, week of Nov 5, 2026 · APR benchmark 7.19% (APOR for locks from Nov 9, 2026) · Last reviewed Oct 18, 2026 by the Editorial Team
Mississippi has the lowest median home prices in the country.
Mortgage rates today by loan type
These are national averages. Lenders in Mississippi price off the same national market, so treat them as a benchmark: your quote depends on your credit, down payment, loan size and points. The APR benchmark folds in typical points and fees, so it shows what a prime borrower's APR looks like this week.
| Loan type | Avg rate | APR benchmarkAPOR | Source · as of | What it measures |
|---|---|---|---|---|
| 30-year fixed | 7.18% | 7.19% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 20-year fixed | 6.66% | 6.93% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 15-year fixed | 6.57% | 6.67% | Freddie Mac PMMSNov 5, 2026 | Conventional purchase loans, 20% down, strong credit; weekly survey |
| 10-year fixed | 6.31% | 6.82% | Zillow (via NerdWallet)Nov 6, 2026 | Lender-quoted average; checked by hand every two weeks |
| 5-year ARM | 6.73% | 6.67% | Zillow (via NerdWallet)Nov 6, 2026 | Fixed for 5 years, then adjusts; APOR = prime ARM benchmark |
| 7-year ARM | — | 6.50% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| 10-year ARM | — | 6.63% | APOR, locks from Nov 9, 2026 | No free rate series; APOR benchmark only |
| FHA 30-year | 6.89% | — | Optimal Blue OBMMINov 5, 2026 | Locked FHA loans, all credit profiles; daily |
| VA 30-year | 6.71% | — | Optimal Blue OBMMINov 5, 2026 | Locked VA loans; daily |
| USDA 30-year | 6.86% | — | Optimal Blue OBMMINov 5, 2026 | Locked USDA loans; daily |
| Jumbo 30-year | 7.25% | — | Optimal Blue OBMMINov 5, 2026 | Locked loans above the conforming limit; daily |
APR benchmark = FFIEC/CFPB Average Prime Offer Rate for rate locks in the week starting Nov 9, 2026 (published in advance): a prime borrower's APR including typical points and fees. It is not a quote; your APR depends on credit, down payment and the points you pay. APOR is not published for FHA, VA, USDA or jumbo loans.
Calculate your Mississippi mortgage payment
The calculator starts from Mississippi's median list price, 20% down, the state's 0.64% effective property tax, its median insurance premium and its average closing costs. Switch to FHA or VA, change the down payment, or pick your county to set its conforming limit. For the month-by-month split of principal and interest, open the amortization schedule tool. To see how Mississippi's property tax and insurance compare with every other state, try the PITI and escrow calculator.
Mississippi vs. the U.S.
Mississippi's median list price is 30% below the U.S. median, so at the same 7.18% rate the principal and interest on a 20%-down loan runs $677 a month less. Five-year price growth here was the 17th-slowest of 51 jurisdictions.
| Measure | Mississippi | U.S. |
|---|---|---|
| Median list priceRealtor.com, Oct 2026 | $290,000 | $415,000 |
| Principal + interest, 20% down30-yr avg 7.18% | $1,572 | $2,249 |
| Average home-purchase loanHMDA 2025 | $232,391 | $404,828 |
| Average closing costsincl. transfer taxes | $2,332 | $4,661 |
| Median conventional rate paid2025 purchase loans | 6.63% | 6.50% |
| Mortgage approval rateHMDA 2025 | 69.8% | 76.6% |
| Home values, 1 yearFHFA index, Q2 2026 | +3.7% | +3.0% |
| Home values, 5 yearsFHFA index, Q2 2026 | +39.7% | +41.3% |
What Mississippi borrowers actually paid in 2025
This is the state-specific part. Federal HMDA records show the rate and costs on every Mississippi home-purchase loan closed in 2025. We compare like with like: 30-year fixed, first-lien, one-unit primary homes. On conventional loans, Mississippi borrowers paid 0.06 percentage points above the market benchmark at lock, the 12th-highest of all 50 states and the District of Columbia.
| 2025 purchase loans | Median rateMS · U.S. | Over benchmarkMS · U.S. | Closing costsMS · U.S. | Paid pointsshare of loans | Median downequity on refis · MS |
|---|---|---|---|---|---|
| Conventional 30-yr fixed (conforming, 20%+ down)2,893 loans | 6.63%6.50% | +0.06+0.02 | $4,421$5,476 | 55.5%53.2% | 25% |
| FHA 30-yr fixed6,057 loans | 6.25%6.25% | +0.46+0.42 | $8,748$11,291 | 48.0%59.3% | 3.5% |
| VA 30-yr fixed3,160 loans | 6.25%6.13% | −0.25−0.36 | $5,053$6,554 | 54.0%59.3% | 0% |
| Conventional rate-and-term refinance698 loans | 6.50%6.38% | +0.06−0.06 | $4,761$4,390 | 53.2%45.4% | 32% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), medians. "Over benchmark" = rate spread, the APR minus APOR on the lock date, which removes the effect of when each loan locked. Closing costs = total loan costs on the Closing Disclosure. HMDA has no credit scores, so these are what borrowers paid, not what you will be offered. See the lenders active in Mississippi and what their borrowers paid.
Mississippi's biggest conventional lenders: what their borrowers paid
The 8 largest conventional lenders in Mississippi by 2025 purchase loans, out of 456 that made one. Each row is the median for that lender's comparable loans here: 30-year fixed, conforming, 20% or more down. A lower figure over the benchmark means cheaper pricing for the same week.
| Lender | 2025 loansshare in MS | Median rate | Over benchmark | Originationmedian | Paid pointsshare · median | Median down |
|---|---|---|---|---|---|---|
| Cadence Bank | 9175.7% | 6.63% | +0.06 | $1,370 | 55%$827 | 21.3% |
| Community Bank of Mississippi | 7914.9% | 6.63% | +0.10 | $1,400 | 36%$685 | 24% |
| Trustmark National Bank | 7854.9% | 6.63% | +0.10 | $1,705 | 61%$1,266 | 25.6% |
| BankPlus | 7734.8% | 6.50% | −0.08 | $1,250 | 36%$631 | 29% |
| Guaranty Bank and Trust Company | 5773.6% | 6.63% | +0.17 | $2,700 | 70%$2,306 | 27.4% |
| Renasant Bank | 5353.3% | 6.69% | +0.13 | $1,890 | 52%$563 | 23.1% |
| Rocket Mortgage | 4082.5% | 6.63% | +0.19 | $3,125 | 80%$2,754 | 23.7% |
| United Wholesale Mortgage | 3462.1% | 6.63% | +0.18 | $2,265 | 61%$912 | 23.3% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), lenders with at least 30 comparable loans in Mississippi. Minimum credit scores are not shown here: conventional loans usually start at 620 (a lender floor; Fannie Mae's automated underwriting sets none), FHA 580 (500 with 10% down), VA none set by VA (lenders often 620). HMDA has no credit scores, so a lender's medians reflect its own mix of borrowers. FHA and VA lenders: Mississippi lender rankings.
How rates have moved
Weekly national averages over the past 30 days to 5 years. The 30- and 15-year lines are Freddie Mac average rates; the ARM lines are the APOR APR benchmark, because no free weekly ARM rate series exists.
- Now
- 7.18%
- Nov 5, 2026
- 1 week ago
- 7.24%
- −0.06 pts
- 1 month ago
- 7.40%
- −0.22 pts
- 1 year ago
- 6.22%
- +0.96 pts
30-year fixed: Freddie Mac PMMS (rate), weekly. National series.
What a mortgage costs in Mississippi
On a home at Mississippi's median list price of $290,000 with 20% down, the financed amount is $232,000, or about $1,572 a month in principal and interest at the 7.18% 30-year average.
What makes Mississippi different is the cost around the loan. Its 0.64% effective property-tax rate adds roughly $155 a month, and homeowners insurance — at the state's median 0.85% of home value — about $204 more, bringing the all-in estimate to $1,931. That figure is principal and interest at the 30-year average, property tax and insurance; at 20% down a conventional loan has no PMI, and HOA dues or local special assessments are not included. Your own price and down payment will move the number — work backward from your income with the affordability check.
Payment at the $290,000 median list price by down payment and loan type
| Loan | Rate | Monthlyall-in | Mortgage ins. | Cash to close | Income needed28% rule · yearly |
|---|---|---|---|---|---|
| Conventional, 20% downNo PMI | 7.18%Freddie Mac 30-yr avg | $1,931P&I $1,572 | — | $60,332 | $83,000 |
| Conventional, 10% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $2,279P&I $1,768 | $152 | $31,332 | $98,000 |
| Conventional, 5% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $2,386P&I $1,866 | $161 | $16,832 | $102,000 |
| Conventional, 3% downPMI est. 0.7%/yr | 7.18%Freddie Mac 30-yr avg | $2,429P&I $1,906 | $164 | $11,032 | $104,000 |
| FHA, 3.5% down1.75% upfront MIP financed + annual MIP | 6.89%OBMMI FHA avg | $2,361P&I $1,873 | $128 | $12,482 | $101,000 |
| VA, 0% down2.15% funding fee financed; no monthly MI | 6.71%OBMMI VA avg | $2,273P&I $1,914 | — | $2,332 | $97,000 |
Monthly = principal and interest + property tax (0.64% effective) + homeowners insurance (about $204/mo — Mississippi's median premium, 0.85% of home value) + mortgage insurance. HOA dues and local special assessments are not included. Cash to close = down payment + Mississippi's average closing costs ($2,332). PMI is an illustrative 0.7% a year; FHA and VA figures use HUD's MIP schedule and VA's first-use funding fee. Income needed = the gross yearly income at which the monthly figure is 28% of pay, the classic housing-cost guideline. Lenders also limit your total monthly debts as a share of income, so car, student-loan and card payments raise the income you need.
Prices, loan limits and payments in Mississippi's biggest counties
Home prices, and so the loan you need, vary more inside Mississippi than rates do. The table covers the largest county markets. Pick a row to load it into the calculator above.
| County | Median list priceSep 2026 · yr/yr | Avg purchase loanHMDA 2025 | Conforming limitmax price at 20% down | At 20% down | Est. paymentP&I + tax + ins. | Calculator |
|---|---|---|---|---|---|---|
| Harrison County1,052 homes for sale · Sep 2026 | $287,000-7.4% | $244,7242,757 loans | $832,750$1,040,937 | Conforming$229,600 loan | $1,911at 7.18% | |
| Desoto County785 homes for sale · Sep 2026 | $379,000-0.2% | $290,2822,798 loans | $832,750$1,040,937 | Conforming$303,200 loan | $2,523at 7.18% | |
| Hinds County741 homes for sale · Sep 2026 | $125,000-19.7% | $216,1221,871 loans | $832,750$1,040,937 | Conforming$100,000 loan | $832at 7.18% | |
| Jackson County556 homes for sale · Sep 2026 | $294,950+10.3% | $241,7371,897 loans | $832,750$1,040,937 | Conforming$235,960 loan | $1,964at 7.18% | |
| Rankin County500 homes for sale · Sep 2026 | $317,450-12.8% | $245,8482,453 loans | $832,750$1,040,937 | Conforming$253,960 loan | $2,114at 7.18% | |
| Madison County479 homes for sale · Sep 2026 | $399,000-3.6% | $342,9431,604 loans | $832,750$1,040,937 | Conforming$319,200 loan | $2,656at 7.18% | |
| Lafayette County449 homes for sale · Sep 2026 | $482,875-3.1% | $474,447977 loans | $832,750$1,040,937 | Conforming$386,300 loan | $3,215at 7.18% | |
| Hancock County396 homes for sale · Sep 2026 | $336,975-4% | $267,108669 loans | $832,750$1,040,937 | Conforming$269,580 loan | $2,244at 7.18% | |
| Lamar County297 homes for sale · Sep 2026 | $342,400-0.2% | $255,089786 loans | $832,750$1,040,937 | Conforming$273,920 loan | $2,280at 7.18% | |
| Lee County270 homes for sale · Sep 2026 | $301,975-4.7% | $256,169838 loans | $832,750$1,040,937 | Conforming$241,580 loan | $2,010at 7.18% | |
| Pearl River County250 homes for sale · Sep 2026 | $300,000+0.3% | $209,531671 loans | $832,750$1,040,937 | Conforming$240,000 loan | $1,997at 7.18% | |
| Forrest County208 homes for sale · Sep 2026 | $236,750-10.6% | $210,924768 loans | $832,750$1,040,937 | Conforming$189,400 loan | $1,576at 7.18% |
Sources: Realtor.com county research data (median listing price, Sep 2026); FHFA 2026 one-unit conforming limits; 2025 HMDA home-purchase originations (average loan, all loan types). Payments use the 30-year average (7.18%, or the jumbo average 7.25% above the limit), Mississippi's 0.64% effective property tax and its median insurance premium (0.85% of value), both from Census ACS 2024 data; county tax rates differ. Max price at 20% down = the county limit ÷ 0.8, the highest price at which a 20%-down loan stays conforming. Homes for sale = active Realtor.com listings in the month, excluding pending sales.
What's different about buying a home in Mississippi
Rates are national, but the rules around the loan are not. These Mississippi specifics can change your payment, your closing or your protections as a borrower.
Owner-occupied homes assessed at 10%, others 15%
Mississippi's constitution sets assessment ratios by class: single-family, owner-occupied residential property is assessed at 10% of true value, and all other real property at 15%. A home that isn't an owner-occupied single-family residence generally falls in the higher class, so a larger share of its value is taxed.
Source: dor.ms.govHomestead exemption requires owning by January 1
Mississippi's homestead exemption requires the applicant to own and occupy the home as a primary residence on January 1, with the application filed at the county tax assessor's office between January 1 and April 1. A purchase that closes after January 1 generally means waiting until the following year to qualify.
Source: dor.ms.govWindstorm exclusions and the state windpool
Mississippi's Insurance Department says standard homeowners' policies usually cover windstorm damage caused directly by wind or hail, but if windstorm damage is excluded, coverage can be obtained through the Mississippi Windstorm Underwriting Association, the "windpool." Homeowners' policies do not cover rising-water flood damage, and flood insurance has a 30-day waiting period.
Source: mid.ms.govForeclosure by publication, not direct notice
Mississippi is a non-judicial foreclosure state, and by statute a sale under a deed of trust requires notice only by publication and posting at the county courthouse, for three consecutive weeks. State law does not require the lender to notify the borrower directly, though the deed of trust may require more.
Source: courts.ms.govSeller disclosure statement and the buyer's termination window
Under Mississippi's seller disclosure law, a covered seller must deliver a written property condition disclosure statement as soon as practicable before title transfers. If it is delivered after an offer, the buyer has three days after in-person delivery, or five days after mailed delivery, to terminate the offer.
Source: billstatus.ls.state.ms.usChecked against official sources on October 20, 2026. Laws and programs change; confirm details with the agency named or a local real estate attorney.
How Mississippi buyers finance their homes
USDA loans are where Mississippi stands out: they made up 2.3% of home loans originated here in 2025, against 0.6% nationally — the 3rd-highest USDA share of any state. Lenders, agents and appraisers here handle USDA deals routinely, which helps if that is the loan you need.
| Loan type | Share in MS | U.S. share | Approval in MS | Avg loan in MS |
|---|---|---|---|---|
| Conventional | 69.4% | 78.0% | 67.0% | $178,893 |
| FHA | 17.5% | 13.2% | 74.2% | $231,040 |
| VA | 10.8% | 8.2% | 80.1% | $290,852 |
| USDA | 2.3% | 0.6% | 87.0% | $182,000 |
The average Mississippi home loan in 2025 was $200,187 — 43% below the U.S. average of $352,861, the smallest of 51 jurisdictions. Home purchases accounted for 64.6% of those loans (U.S. 64.2%); cash-out refinances for 11.5% (U.S. 17.1%), a sign that fewer owners here borrowed against their equity.
Source: 2025 HMDA originations, FFIEC/CFPB. Approval = originated ÷ (originated + denied).
Mississippi loan limits for 2026
All 82 of Mississippi's counties use the 2026 baseline conforming limit of $832,750 for a one-unit home. Any loan above that is a jumbo loan here, which usually means a larger down payment and cash reserves. See the full national grid in our loan limits by property type.
County limits: FHFA 2026 conforming loan limit list (one-unit properties; two- to four-unit limits are higher).
Cash you'll need to close in Mississippi
Average closing costs in Mississippi are about $2,332 including transfer taxes (among the lowest in the country). On a home at the median list price of $290,000:
| 20% down | 3% down | |
|---|---|---|
| Down payment | $58,000 | $8,700 |
| Average closing costs | $2,332 | $2,332 |
| Cash to close (estimate) | $60,332 | $11,032 |
Prepaid taxes and insurance are extra. Closing-cost averages by state (source: Bankrate).
Transfer taxes and recording rules in Mississippi
Mississippi's chancery clerks charge a flat $25 to record a deed or deed of trust of up to five pages, plus $1 for each additional page (Miss. Code § 25-7-9) — a fixed fee rather than a tax tied to the price. Source: billstatus.ls.state.ms.us
Getting approved in Mississippi
Federal HMDA lending records show Mississippi lenders originated 54,718 home loans in 2025 and denied 23,718 applications — an approval rate near 69.8% among decisioned applications, against 76.6% nationwide. See how all 50 states compare in our mortgage approval study, and how Mississippi ranks for CFPB complaint data (2,069 on record).
Shopping for a loan? See the most active mortgage lenders in Mississippi, ranked by federal HMDA volume.
Down-payment help in Mississippi
You rarely need 20% down. These are the main programs from MHC, Mississippi's housing finance agency; they are offered through participating lenders, usually alongside the agency's own first mortgage.
Smart and Easy8 assistance
Mississippi Home Corporation pairs a 30-year fixed first mortgage with a flat amount for the down payment and closing costs — $7,000 at 0% repaid on sale or refinance under its Smart program, or $8,000 under Easy8. Pre-purchase homebuyer education is required for all MHC products.
Source: mshomecorp.comTrusty10 and Home4All
Trusty10 provides $10,000 as a second mortgage at 2% over 15 years; Home4All offers up to $25,000 for households below 80% of area median income that haven't owned a home in three years.
Source: mshomecorp.comChecked against official sources on October 9, 2026. Assistance amounts, income limits and funding change during the year — confirm current terms with MHC or a participating lender.
Mortgage credit certificates in Mississippi: suspended since November 15, 2025
MHC suspended its MCC program until further notice: the last reservations were taken November 15, 2025 and loans had to close by December 31, 2025. It would consider reinstating it with more bond cap. How mortgage credit certificates work.
Check current terms at MHC, see how a smaller down payment changes your number with the minimum down payment tool, or compare first-time buyer help by state.
How these numbers are measured
- Freddie Mac PMMS (30- and 15-year): a weekly average of rates offered to borrowers with 20% down and strong credit, published Thursdays; latest week Nov 5, 2026. Points are not reported.
- Optimal Blue OBMMI (FHA, VA, USDA, jumbo): daily averages of rates actually locked, across credit profiles. Points vary by loan.
- APOR (APR benchmark): FFIEC/CFPB's weekly Average Prime Offer Rate, an APR that includes typical points and fees for a prime borrower. Regulators use it to flag higher-priced loans.
- HMDA 2025 (Mississippi vs U.S.): rates, costs, points and down payments on loans that actually closed, reported by lenders to federal regulators. Updated once a year.
- Census ACS 2024 (property tax and insurance): what homeowners with a mortgage in Mississippi reported paying — the median real-estate tax divided by the median home value, and the median insurance premium as a share of value. Updated once a year.
- Interest rate vs APR: the rate sets your payment; the APR adds points and lender fees spread over the loan. Compare APRs on Loan Estimates for the same day and loan type.
Rates and APOR refresh every week; HMDA, loan limits and closing-cost averages refresh when their publishers release new data. Reviewed by our data editors. Full sources and formulas: how these figures are built.
Mississippi mortgage FAQ
What is a good mortgage rate in Mississippi right now?
A 30-year fixed close to the national average of 7.18% (Freddie Mac, week of Nov 5, 2026) is a fair benchmark for a borrower with strong credit and 20% down. In 2025, Mississippi's conventional buyers paid a median 6.63%.
Quotes well above that usually reflect lower credit, a small down payment or lender credits taken in exchange for a higher rate.
Are mortgage rates higher in Mississippi than in other states?
Slightly. In 2025 HMDA records, Mississippi's median conventional 30-year rate was 6.63%, against 6.50% nationally. Against the benchmark for each loan's lock week, which counts points and fees, Mississippi loans priced 0.06 percentage points above it (the 12th-highest of all 50 states and the District of Columbia), against 0.02 above nationally.
Rates are set mainly in one national market, so your credit, down payment and loan size matter more.
What are current jumbo mortgage rates in Mississippi?
The national jumbo 30-year average is 7.25% (Optimal Blue). A loan is jumbo above the $832,750 conforming limit, which applies in every Mississippi county. Jumbo lenders typically want 10–20% down, a 700+ credit score and 6–12 months of reserves.
Should I choose a 15-year or 30-year mortgage?
On a $232,000 loan (20% down on Mississippi's median list price), a 30-year at 7.18% costs $1,572 a month and a 15-year at 6.57% costs $2,030.
The 15-year saves about $200,410 in interest but needs $458 more a month, so it fits only if that payment is comfortable.
How much does a 1% difference in mortgage rates change my monthly payment?
On a $232,000 loan (20% down on Mississippi's median list price), moving from 7.18% to 8.18% raises the principal-and-interest payment from $1,572 to $1,732, or $160 a month.
Over 30 years that is about $57,559 more in interest, which is why comparing several lenders on the same day matters.
Are mortgage rates different for purchase and refinance loans?
Yes, slightly. In 2025, Mississippi's conventional rate-and-term refinances closed at a median 6.50% and purchases at 6.63%, partly because refinances bunch up when rates dip. Refinances priced 0.06 percentage points above the market benchmark; cash-out refinances usually cost more. Your own pricing depends on credit, loan-to-value and points.
How much is a $400,000 mortgage at 7.18% interest?
About $2,710 a month in principal and interest over 30 years. In Mississippi, a $500,000 home with that loan adds roughly $267 a month in property tax at the 0.64% effective rate, plus homeowners insurance. Over 30 years the loan costs about $575,506 in interest.
How much income do I need to buy a home in Mississippi?
About $83,000 a year for a home at the $290,000 median list price with 20% down, if the full $1,931 monthly payment, including tax and insurance, stays within 28% of gross income.
Smaller down payments add mortgage insurance and raise that figure; existing debts lower what lenders approve.
What down payment assistance is available in Mississippi?
MHC, the state housing finance agency, runs Smart and Easy8 assistance and Trusty10 and Home4All, offered through participating lenders. Help usually comes as a grant or a deferred or forgivable second loan paired with the agency's first mortgage.
Amounts, income limits and funding change during the year, so confirm current terms with MHC or a participating lender before you apply.
- Freddie Mac — Primary Mortgage Market Survey
- FFIEC / CFPB — Average Prime Offer Rates (APOR)
- FFIEC / CFPB — HMDA data browser (2025 loan-level records)
- Optimal Blue OBMMI via FRED (FHA, VA, USDA, jumbo)
- FHFA — 2026 conforming loan limits by county
- U.S. Census Bureau — 2024 American Community Survey microdata (property tax and homeowners insurance)
- HUD — Handbook 4000.1 (FHA mortgage insurance)
Rates shown are national weekly averages for general guidance, not an offer or personalized quote. Payment estimates assume the down payment noted plus estimated taxes and insurance. Confirm current pricing with a licensed lender.