Mississippi Mortgage and Refinance Rates

Current mortgage rates in Mississippi

As of Monday, September 15, 2025, current mortgage interest rates in Mississippi are 6.16% for a 30-year fixed mortgage and 5.36% for a 15-year fixed mortgage. imilar to borrowing costs nationwide, Mississippi mortgage rates have settled in a tight range between 6.5 percent and 7 percent for much of 2025. It's unclear how low rates could go — or how fast they could drop — as inflation concerns have kept the Federal Reserve from cutting rates further so far this year. However, rates could drop more meaningfully if the Fed decides to cut the federal funds rate in the back half of the year.

Refinance rates in Mississippi

Refinance rates in Mississippi often mirror those for purchase rates. That said, rates haven't moved significantly enough for refinancing to make sense for many borrowers. But if rates drop before the end of the year, pockets of refinancing opportunities may present themselves to those holding out for lower rates. 

If you have a large amount of equity, you can use a cash-out refinance to leverage that equity to remodel your home, pay down debt or cover any other expense.

National mortgage rates by loan type

As you rate shop with different lenders, compare their offers to the national averages for various loan types.

Mississippi housing market and mortgage rate statistics and trends

Known for big cities like Jackson, its roots in blues music, the Mississippi River and coastal areas, the Magnolia state has a lot to offer. As you begin your house-hunting journey in Mississippi, here are some helpful data points to inform your search:

• Median sales price (July 2025): $265,000
• Median down payment (June 2025): $4,048
• Median days on market (July 2025): 45
• Number of newly listed homes (June 2025): 2,542 (up 8.1 percent from year prior)

Sources: Redfin, ATTOM

Mortgage options in Mississippi

If you’re looking to get a mortgage in Mississippi, consider these loan options:

• Mississippi conventional mortgages: To qualify for a conventional loan, you’ll need a credit score of at least 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll need to pay for private mortgage insurance (PMI), as well.
• Mississippi FHA loans: If your credit history disqualifies you from a conventional loan, you might be eligible for a loan insured by the Federal Housing Administration (FHA). For this type of mortgage, you’ll need a credit score of at least 580 with a 3.5 percent down payment, or a score as low as 500 with 10 percent down. As with a conventional loan, if you put down less than 20 percent on an FHA loan, you’ll be on the hook for mortgage insurance.
• Mississippi VA loans: If you’re an eligible veteran or active-duty member of the military, you might qualify for a mortgage backed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee.
• Mississippi USDA loans: If you can qualify as a low- or moderate-income buyer and you’re planning to live in an eligible rural area of Mississippi, you might consider a USDA loan. This loan type also does not require a down payment.

First-time homebuyer programs in Mississippi

If saving enough money for a down payment is holding you back from first-time homeownership, or your credit history is less than ideal, the Mississippi Home Corporation might have a program that can help. The agency offers programs that provide cash for closing costs or a down payment, as well as programs that reduce your federal tax liability as a homeowner.

• Smart6: Mississippi Home Corporation’s Smart6 loan is a 30-year fixed-rate mortgage for eligible first-time and repeat homebuyers. The “6” refers to the accompanying $6,000 in down payment and closing cost assistance, which is set up as a second, deferred-payment mortgage with no interest. Among the eligibility requirements, your household income can’t exceed $132,770 unless you’re using it with the mortgage credit certificate.
• Easy8: Similar to the Smart6 program but only available to first-time buyers, Easy8 offers up to $8,000 of assistance with down payment and closing cost expenses. Income limits are lower than the Smart6 program and vary by county and household size.
• Trusty10: The Trusty10 program offers the highest amount of down payment and closing cost assistance — up to $10,000 — but it’s not a zero percent interest loan. Instead, you’ll pay a 2 percent rate for 15 years, and you’ll need to meet income and purchase price limits, which are the same as those in the Easy8 program.
• Housing Assistance for Teachers: Mississippi has a critical shortage of public educators. Teachers looking to buy and work in select counties in the state may be able to qualify for up to $6,000 of grant money that does not have to be repaid as long as they remain employed for at least three years.
• Mortgage credit certificate: Mississippi offers a mortgage credit certificate (MCC) that reduces the federal income tax you’ll pay each year. With the MCC, you can take a federal tax credit equal to 40 percent of the annual interest on your mortgage, up to $2,000 a year. There are both annual household income and purchase price limits associated with this program, but the credit is available to all homebuyers.

How to find the best mortgage rate in Mississippi for you

Additional Mississippi mortgage resources

• Mississippi first-time homebuyer assistance programs: Check out programs tailored especially for first-time buyers in need of financial assistance.
• Mississippi mortgage lenders: Review different lenders to narrow down your search, and request rate offers from them.
• Best homeowners insurance in Mississippi: Research the best options to ensure your home is properly covered.