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Whether you’re searching for a new home or planning to refinance, understanding mortgage and refinance rates is essential to navigating Mississippi’s housing market. That said, interest rates aren’t set in stone, and they fluctuate based on economic factors, like 10-year Treasury yields, market conditions, inflation and Federal Reserve policy.

We summarized the current Mississippi mortgage and refinance rates to help you understand these fluctuations and choose the right time to lock in a mortgage rate. Our team also compared Mississippi’s rate trends to nationwide rates to help you choose the right time to buy or refinance a home. Even a small change in rates can impact the overall cost of borrowing, and understanding Mississippi mortgage and refinance rates may help you save.

Today’s Mortgage Rates in Mississippi

Mississippi’s average APR on a 30-year mortgage climbed 0.089 points to 6.333% over the past week, according to data from the Mortgage Research Center. The rate is down 0.236 points over the last 90 days and basically flat over the last 30 days.

The state’s average APR for the benchmark 15-year fixed mortgage rose 0.125 points to 5.465% over the past week. Over the last 90 days, the rate is down 0.098 points; it’s up 0.073 points over the last 30 days.

The average APR for a 30-year jumbo mortgage climbed 0.064 points to 6.768% since last week. It’s down 0.093 points over the last 90 days and up 0.072 points over the last 30 days.

30-year fixed-rate mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.333%.
• Last week. 6.244%.

15-year fixed-rate mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.465%.
• Last week. 5.34%.

30-year fixed-rate jumbo mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.768%.
• Last week. 6.704%.

Today’s Refinance Rates in Mississippi

Mississippi’s average APR for the benchmark 30-year fixed refinance mortgage increased 0.046 points to 6.385% compared to a week ago. The rate is down 0.237 points over the last 90 days and down 0.024 points over the last 30 days.

The average APR in the state on a 15-year refinanced mortgage rose 0.112 points to 5.44% weekly. Over the last 90 days, the rate is down 0.127 points over the last 90 days; it’s up 0.084 points over the last 30 days.

For jumbo 30-year refinanced mortgages, the average APR climbed 0.058 points to 6.804% week-to-week. It’s down 0.154 points over the last 90 days and up 0.056 points over the last 30 days.

30-year fixed-rate refinance mortgage:

• Today. The average APR for the benchmark 30-year fixed mortgage is 6.385%.
• Last week. 6.339%.

15-year fixed-rate refinance mortgage:

• Today. The average APR on a 15-year fixed mortgage is 5.44%.
• Last week. 5.328%.

30-year fixed-rate jumbo refinance mortgage:

• Today. The average APR on the 30-year fixed-rate jumbo mortgage is 6.804%.
• Last week. 6.746%.

Mississippi Mortgage Rate Trends

Understanding the patterns and changes in Mississippi mortgage interest rates over time can empower you to make informed decisions about financing when purchasing a new home, refinancing or shopping for a second mortgage. Depending on your qualifications, analyzing Mississippi mortgage rate trends may help you save over the life of the loan.

Mississippi’s mortgage rates have trended downward over the last three months, as have national rates.

Mississippi Mortgage Rates vs. National Mortgage Rates

State mortgage rates generally move in line with the national average, but there are state-level differences.

Today’s average mortgage rate in Mississippi is 6.333%, while the national average rate is 6.335%. That’s 0.002 percentage points lower than the national average.

Mississippi’s mortgage refinance rate today is 6.385% versus the national average of 6.389% – 0.004 percentage points lower than the national average.

Use the chart below to explore the differences between states.

Buying a House in Mississippi

Whether you’re planning a move from out of state or relocating within Mississippi, the Magnolia State can be a wonderful place to call home. With beautiful towns from coastal Gulfport to quiet Holly Springs, Mississippi offers choices for a range of lifestyles and budgets. Working with a knowledgeable real estate professional can simplify the home-buying process and help you find a house that meets all of your needs, and understanding the Mississippi real estate market and home-buying process can help you settle into a new home faster.

How to Get the Best Mortgage Rates in Mississippi

You’ll need to do a bit of planning and research to get the best mortgage rates in Mississippi. Current interest rates and trends can vary widely across different regions, so start by understanding what to expect in your area. Then, shop around to compare offers from multiple lenders, including banks, credit unions and online mortgage providers.

You may also qualify for more favorable rates if you maintain a strong credit score, provide a substantial down payment and demonstrate a stable financial history. Consult with a local mortgage broker or financial advisor who’s familiar with the Mississippi housing market to gain valuable insights and navigate the process more efficiently. By staying informed and proactive, you can find a mortgage rate that best fits your financial situation and home-buying goals.