Mortgage Rates in Mississippi: Today's Averages & 2026 Outlook
Mississippi 30-year fixed rates are running around 6.9% — roughly 5 bps above the national average of 6.85%. Here's how MS rates stack up, what drives the spread, and the programs that can price you lower.
Today's Mississippi rates by loan type
Estimates for Mississippi based on the current national 30-year average of 6.85% plus the state's typical spread (+5 bps). Live national rate sourced daily from Freddie Mac PMMS via our rate feed. Your actual quote will depend on your credit, down payment, and lender.
What drives Mississippi mortgage rates
National rates set the floor — Freddie Mac's weekly PMMS average is the benchmark almost every Mississippi lender starts from. But MS typically prices about 5 basis points above that national average because of three local dynamics: the mix of loan types written in the state, lender density and competition, and how expensive the state is to close in.
Loan mix. FHA and USDA share is elevated; conventional dominant only in urban counties. The mix matters because FHA, VA, and USDA loans price differently than conventional — states with heavier government-loan share tend to show tighter buyer rates but higher fees.
Median loan size. The typical Mississippi loan is around $160,000 on a $175,000 home. That size sits well inside conforming loan limits, so most MS buyers get standard agency pricing.
Refi activity. Refi share is small — legacy sub-4% books dominate.
What a typical Mississippi payment looks like
| Line item | Estimate |
|---|---|
| Median home price | $175,000 |
| Median loan amount (typical LTV) | $160,000 |
| 30-yr rate (state avg) | 6.9% |
| Monthly principal & interest | $1,054 |
| Est. full PITI (add ~30% for taxes/insurance) | ~$1,370 |
Directional math for Mississippi in 2026. Add property taxes, homeowners insurance, PMI (if putting less than 20% down), and any HOA dues for a full monthly cost. Our mortgage calculator lets you plug in your exact numbers.
What's unique about financing in Mississippi
What most MS borrowers use
FHA and USDA share is elevated; conventional dominant only in urban counties.
Below-market MS rate options
MRB7 Program pairs a fixed rate with a forgivable second-mortgage DPA.
Is a refi worth it in MS?
Refi share is small — legacy sub-4% books dominate.
Rate + grants + closing costs
A below-market rate is only one lever. Stack it with MS down-payment assistance and seller-paid closing costs. See MS grants → · MS closing costs →
Get matched with a Mississippi lender — free
We'll match you with vetted MS lenders competing for your loan. Compare real Loan Estimates side-by-side — the same Mississippi buyer can save $2,000–$5,000+ over the life of the loan by shopping three quotes.
Mississippi mortgage rates: FAQ
What is today's mortgage rate in Mississippi?▾
The average 30-year fixed mortgage rate in Mississippi is around 6.9% — roughly 5 bps above the current national average of 6.85%. 15-year fixed loans run about 6.15%, FHA around 6.65%, and VA around 6.55%. Your actual rate depends on credit score, down payment, loan type, and lender competition — always compare Loan Estimates from at least three lenders.
How do Mississippi mortgage rates compare to the national average?▾
Mississippi rates typically sit slightly above (about 5 bps higher than) the US 30-year average. The spread reflects local lender competition, loan mix (fha and usda share is elevated; conventional dominant only in urban counties.), and state-level closing-cost dynamics.
What monthly payment can I expect on a Mississippi home?▾
On the median Mississippi loan of $160,000 at 6.9% for 30 years, principal and interest run about $1,054/month — before property taxes, homeowners insurance, and (if applicable) PMI or HOA dues. Add roughly 25–35% to that P&I number to estimate a full PITI payment.
Are there special first-time homebuyer rate programs in Mississippi?▾
Yes. MRB7 Program pairs a fixed rate with a forgivable second-mortgage DPA. These state-agency programs typically pair a below-market rate with down payment assistance — worth comparing against a standard conventional loan before locking.
Should I refinance my Mississippi mortgage right now?▾
Refi share is small — legacy sub-4% books dominate. The break-even math: divide your total refi closing costs by your monthly payment savings — if you'll stay in the home longer than the payback period, refinancing pays off. Our free Refi Optimizer runs the numbers for you.