Refinance rates in MississippiCurrent 30-year fixed mortgage refinance rates are averaging: 7.71%
The current average rate for a 15-year fixed mortgage refinance is: 7.12%
See whether refinancing makes sense for you using our mortgage refinance calculator.
What is the current mortgage rates forecast for 2024?The current mortgage rates forecast is for rates to remain high compared to where they sat before the COVID-19 pandemic. Our senior economist Jacob Channel expects rates to sit between 6% and 7% for most of this year, with the possibility of a dip closer to the 6% threshold in the latter half of the year.
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:
Read more about our picks for the best mortgage lenders.
When should I lock in my mortgage rate?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.
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.
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
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 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
→ 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).
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