Compare Current Mortgage Rates in Mississippi
If you are comparing home purchase or refinance rate options in Jackson, Gulfport, Southaven, Biloxi, Hattiesburg, or other Mississippi cities, start by checking today’s mortgage rates. With many loan options available, you can explore different payment plans and terms to help you reach your homeownership goals.
Get a quoteThe rates, APRs, points, and estimated monthly payments shown here are current as of today and may change anytime. These figures assume a FICO® Score of 780 or higher, and the down payment amounts shown for each loan type. They also assume the loan is for a single-family home used as your primary residence, and that you may purchase up to one mortgage discount point to lower the rate. To learn more about mortgage points, speak with a licensed loan officer.
Today’s Mortgage Rates for Mississippi from a Top-Rated Mortgage Broker
Purchase rates
Conventional Fixed Rate Loans
Conventional fixed-rate loans provide stable monthly payments and a consistent interest rate for 15, 20, or 30 years. Borrowers typically need a 3% to 20% down payment and may be required to pay private mortgage insurance if equity is low. Credit score, closing costs, and property appraisal are important in determining eligibility.
Conforming Adjustable Rate Mortgage (ARM) Loans
Adjustable-rate mortgages (ARMs) begin with lower interest rates than fixed loans, resulting in smaller initial payments. Over time, rates may rise or fall depending on market conditions. ARMs are best suited for borrowers planning shorter ownership periods or those comfortable with payment adjustments in the future.
Federal Housing Administration (FHA) Loans
FHA loans, backed by the Federal Housing Administration, make homeownership more accessible for borrowers with lower credit or limited savings. They allow down payments as low as 3.5%, but require both upfront and annual mortgage insurance premiums. FHA loans are especially popular among first-time homebuyers.
Veteran Affairs (VA) Loans
VA loans, supported by the U.S. Department of Veterans Affairs, are available to eligible veterans, active-duty service members, and surviving spouses. These loans offer no down payment, no mortgage insurance, and typically have lower interest rates and easier qualification compared to conventional loans.
Jumbo Loans
Jumbo loans are for properties that exceed the conforming loan limits. They are ideal for high-value homes but come with stricter requirements. Borrowers usually need larger down payments, strong credit, and may face slightly higher interest rates compared to standard loans.
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Refinance rates
Conventional Fixed rate loans
A conventional fixed-rate refinance gives homeowners stable payments and a consistent interest rate over 15, 20, or 30 years. Borrowers usually need 20% equity to avoid private mortgage insurance. Credit history, appraisal value, and closing funds all affect loan approval.
Conforming Adjustable Rate Mortgage (ARM) Loans
ARM refinance loans begin with a lower rate that adjusts over time. They work well for homeowners planning to sell or refinance soon or those who are comfortable with rate changes. While riskier than fixed loans, ARMs can offer lower short-term costs.
Federal Housing Administration (FHA) Loans
FHA refinance loans allow homeowners with lower credit or less equity to refinance at competitive rates. These loans are government-insured and require mortgage insurance for the life of the loan, but they provide flexible refinancing options.
Veteran Affairs (VA) Loans
VA refinance programs help eligible veterans and service members reduce monthly payments, consolidate debt, or move from adjustable to fixed rates. VA loans require no down payment and no mortgage insurance, making them one of the most cost-effective refinancing options.
Jumbo Loans
Jumbo refinance loans are meant for high-value properties that exceed conforming limits. These loans let homeowners access significant equity or modify loan terms. They typically require higher credit scores and larger down payments but offer flexibility for large loan amounts.
Frequently asked questions about mortgage rates
1. What are the benefits of an adjustable-rate mortgage (ARM)?
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2. Why choose an FHA loan?
3. How do VA loans help veterans and service members?
4. What is a jumbo loan, and who needs it?
5. Can I refinance my ARM or FHA loan?
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