Current Mississippi Mortgage and Refinance Rates
Mortgage interest rates currently average 6.11% for 30-year fixed loans and 5.23% for 15-year fixed loans.
Refinance rates in Mississippi
30-year FIXED
Current refinance rates are averaging:
6.52%
15-year FIXED
Current refinance rates are averaging:
6.06%
- Rate-and-term refinances allow you to replace your current home loan with a new one. Your new loan should have a more advantageous interest rate or loan term (or both), which can help make your monthly mortgage payment more affordable. In Mississippi today, refinance rates are often slightly higher than purchase mortgage rates.
- Cash-out refinances offer a way to replace your current home loan with a new mortgage while also accessing a portion of your home equity. They usually come with higher rates than rate-and-term refinances.
- Conventional refinances aren’t a part of a government loan program. You can expect them to come with higher rates than government-backed refinances.
- FHA refinances are insured by the Federal Housing Administration (FHA), and are usually easier to qualify for than conventional loans. FHA loan rates are typically lower than conventional refinance rates — in the current rates environment in Mississippi, they may be around 0.55 percentage points lower.
- VA refinances are part of the benefits package offered to qualified military borrowers. Because these loans are backed by the U.S. Department of Veterans Affairs (VA), they usually come with low VA rates and flexible qualification requirements.
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast?
LendingTree’s current mortgage interest rates prediction is for rates to remain around 6.0% in early 2026 after three rate cuts by the Federal Reserve in 2025.
These higher rates paired with high home prices and inflation mean that entering the housing market is not going to get easier for potential homebuyers in the near future. Mississippi homebuyers should focus on improving their financial qualifications to get the best rates and an affordable monthly payment on their home loan.
How do I get the best mortgage rate for my Mississippi home loan?
Many of the factors determining mortgage rates are out of your control, but there are a few steps you can take on your own to get the best mortgage rate:
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Boost your credit
Your credit score is one of the biggest factors influencing the mortgage rates lenders will offer you. A higher score can unlock better rates and increased savings over the life of your loan. Learn what your score is and how you can improve it today with LendingTree Spring. -
Lower your debt-to-income (DTI) ratio
Lenders calculate your DTI ratio to understand how heavy of debt load you’re carrying. If you can lower your DTI — by increasing your income, paying off some debts or getting a cosigner — you may see better rate offers. -
Buy a single-family, site-built home
The lowest interest rates tend to go to those buying traditional homes. So, if you can, avoid buying a manufactured home, a multifamily property, a vacation home or an investment property. -
Pay for mortgage points
Mortgage points are a way that borrowers can “buy down” their quoted interest rate. One point typically costs 1% of your loan amount and reduces your rate by up to 0.25 percentage points. If you can afford it, you can buy more than one point for a bigger discount. Just be sure the savings from a buydown outweigh the financial benefits of putting that money toward your principal balance instead. -
Compare offers from multiple lenders
Taking the time to gather loan estimates from three to five lenders can save you thousands of dollars over the life of your loan, according to LendingTree data.
Read more about our picks for the best mortgage lenders.
Once you’ve found a home you’re interested in and applied for a mortgage, you can request a mortgage rate lock. If you don’t lock your rate, you risk having it increase before you can close on your loan.
Mississippi home loan programs
The Mississippi Home Corporation (MHC) offers a variety of down payment assistance programs for first-time homebuyers, repeat buyers and borrowers at different income levels and credit score tiers.
Smart6
The Smart6 program provides a 30-year fixed-rate mortgage accompanied by a second mortgage for $6,000 in down payment assistance funds. You won’t have to make any payments on the second mortgage until you refinance, sell the home, pay off your first mortgage in full or stop living in the home.
Who qualifies
Borrowers must:
- Make no more than $122,000 in household income*
- Meet the loan servicer’s income limits*
*Unless the loan is used in conjunction with MHC’s Mortgage Credit Certificate program
Mortgage Revenue Bond 7 (MRB7)
This program is designed for first-time homebuyers but also open to veterans and those purchasing in targeted areas. It offers a 30-year loan with a second mortgage for $7,000 that can be used to cover closing costs, a down payment and other upfront costs. The second mortgage will be forgiven after 10 years, so you won’t have to repay those funds if you stay in the home for at least that long.
Who qualifies
Borrowers must:
- Be first-time homebuyers or qualified veterans or purchasing in a targeted area
- Purchase a home for no more than $332,000 in targeted areas and $275,000 in nontarget areas
- Meet the program’s income limits, which vary by location and household size
- Have the minimum credit score required by your loan program: 500 to 580 (FHA) or 620 (conventional). VA and USDA loans have no minimum credit requirement.
Who qualifies as a first-time homebuyer?
- People who have never owned a home
- People who haven’t owned residential real estate in the last three years
Trusty10
Trusty10 is geared toward borrowers who want more money to contribute to their down payment and closing costs than other MHC programs can provide. This program offers $10,000 in assistance along with a 30-year home loan. The assistance funds do have to be repaid over 15 years, and come with a low 2% interest rate.
Who qualifies
Borrowers must:
- Be first-time homebuyers or qualified veterans or purchasing in a targeted area
- Meet the program’s income limits, which vary by location and household size
- Have the minimum credit score required by their loan program: 500 to 580 (FHA) or 620 (conventional). VA and USDA loans have no minimum credit requirement.
- Take a homebuyer education course
Learn about different types of MS mortgage loans
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Mississippi conventional loans
You’re probably familiar with conventional loans, as they’re a standard choice for homebuyers with solid credit. They usually offer good value to borrowers, but you’ll have to meet their minimum requirements — which aren’t within reach for everyone. -
Mississippi FHA loans
FHA loan requirements provide a more accessible option for borrowers who can’t meet conventional loan requirements. While conventional loans require a 620 minimum credit score, you can get into an FHA loan with a score as low as 500. However, you’ll have to make a 10% down payment if your score is between 500 and 579. (If you have at least a 580 score, you can put down as little as 3.5%.) -
Mississippi VA loans
VA loan requirements offer a lot of flexibility and some great perks. Eligible military borrowers can qualify with low or no credit, purchase or refinance without making a down payment and avoid paying for mortgage insurance. -
Mississippi streamline refinances
are a faster and easier option for borrowers who want to refinance from an FHA loan into an FHA loan, or from a VA loan into a VA loan. Depending on your loan type, you’ll use either an FHA streamline refinance loan or VA interest rate reduction refinance loan (IRRRL).