Mississippi Mortgage Rates March 2023: Mississippi, sometimes known as the Magnolia State, is a desirable area to reside in that is rich in American musical history and civic advancement. Mississippi Mortgage Rates are a little higher than normal, which will disappoint prospective homebuyers. The conforming loan limitations for Mississippi counties and the FHA limits are both typical.
Historical Mortgage Rates in Mississippi
Mortgage Rates in Mississippi: Brief Information
- $145,600 is the median home value (U.S. Census Bureau)
- 52.69% Loan Financing Rate (CFPB)
- 71.3% of Americans own a home (St. Louis Fed)
- Cost of homeownership on a monthly basis: $1,218 (U.S. Census Bureau)
The outdoor explorer will love Mississippi, the home of the blues, barbecue, and beaches. For both size and population, it is generally in the middle. Throughout the past 30 years, mortgage rates in Mississippi have fluctuated somewhat, dropping below, remaining at, or exceeding the national average. Current rates are higher than usual for the US.
You can prepare for the home-buying process by consulting a financial counselor in Mississippi. Financial consultants can also assist with investing and financial strategies, such as tax, retirement, and estate planning, to ensure that you are ready for the future.
Mississippi Historic Mortgage April 2023 Rates
| Year | Mississippi Rate | U.S. Rate |
|---|---|---|
| 2000 | 8.04 | 7.86 |
| 2001 | 6.89 | 6.94 |
| 2002 | 6.52 | 6.44 |
| 2003 | 5.66 | 5.67 |
| 2004 | 5.85 | 5.68 |
| 2005 | 5.89 | 5.85 |
| 2006 | 6.66 | 6.54 |
| 2007 | 6.62 | 6.42 |
| 2008 | 6.29 | 6.06 |
| 2009 | 5.15 | 5.05 |
| 2010 | 4.73 | 4.81 |
| 2011 | 4.57 | 4.56 |
| 2012 | 3.61 | 3.65 |
| 2013 | 3.99 | 3.84 |
| 2014 | 4.21 | 4.13 |
| 2015 | 4.02 | 3.88 |
| 2016 | 3.87 | 3.70 |
| 2017 | 4.22 | 4.03 |
| 2018 | 4.62 | 4.56 |
Setting a budget before starting your search for a property in the Magnolia State is a sensible move. You should be aware of the percentage of your monthly income that will go towards paying the mortgage. To hasten the home-buying process, you may also want to obtain mortgage preapproval from a lender.
The conforming loan maximum is $726,200 for all counties in the state, while the FHA maximum is $472,030. A measure of the general affordability of properties across the Magnolia State’s regions is provided by the usual loan limits.
Conforming and FHA Loan Limits by County
| County | Conforming Limit | FHA Limit |
|---|---|---|
| Adams | $726,200 | $472,030 |
| Alcorn | $726,200 | $472,030 |
| Amite | $726,200 | $472,030 |
| Attala | $726,200 | $472,030 |
| Benton | $726,200 | $472,030 |
| Bolivar | $726,200 | $472,030 |
| Calhoun | $726,200 | $472,030 |
| Carroll | $726,200 | $472,030 |
| Chickasaw | $726,200 | $472,030 |
| Choctaw | $726,200 | $472,030 |
| Claiborne | $726,200 | $472,030 |
| Clarke | $726,200 | $472,030 |
| Clay | $726,200 | $472,030 |
| Coahoma | $726,200 | $472,030 |
| Copiah | $726,200 | $472,030 |
| Covington | $726,200 | $472,030 |
| DeSoto | $726,200 | $472,030 |
| Forrest | $726,200 | $472,030 |
| Franklin | $726,200 | $472,030 |
| George | $726,200 | $472,030 |
| Greene | $726,200 | $472,030 |
| Grenada | $726,200 | $472,030 |
| Hancock | $726,200 | $472,030 |
| Harrison | $726,200 | $472,030 |
| Hinds | $726,200 | $472,030 |
| Holmes | $726,200 | $472,030 |
| Humphreys | $726,200 | $472,030 |
| Issaquena | $726,200 | $472,030 |
| Itawamba | $726,200 | $472,030 |
| Jackson | $726,200 | $472,030 |
| Jasper | $726,200 | $472,030 |
| Jefferson | $726,200 | $472,030 |
| Jefferson Davis | $726,200 | $472,030 |
| Jones | $726,200 | $472,030 |
| Kemper | $726,200 | $472,030 |
| Lafayette | $726,200 | $472,030 |
| Lamar | $726,200 | $472,030 |
| Lauderdale | $726,200 | $472,030 |
| Lawrence | $726,200 | $472,030 |
| Leake | $726,200 | $472,030 |
| Lee | $726,200 | $472,030 |
| Leflore | $726,200 | $472,030 |
| Lincoln | $726,200 | $472,030 |
| Lowndes | $726,200 | $472,030 |
| Madison | $726,200 | $472,030 |
| Marion | $726,200 | $472,030 |
| Marshall | $726,200 | $472,030 |
| Monroe | $726,200 | $472,030 |
| Montgomery | $726,200 | $472,030 |
| Neshoba | $726,200 | $472,030 |
| Newton | $726,200 | $472,030 |
| Noxubee | $726,200 | $472,030 |
| Oktibbeha | $726,200 | $472,030 |
| Panola | $726,200 | $472,030 |
| Pearl River | $726,200 | $472,030 |
| Perry | $726,200 | $472,030 |
| Pike | $726,200 | $472,030 |
| Pontotoc | $726,200 | $472,030 |
| Prentiss | $726,200 | $472,030 |
| Quitman | $726,200 | $472,030 |
| Rankin | $726,200 | $472,030 |
| Scott | $726,200 | $472,030 |
| Sharkey | $726,200 | $472,030 |
| Simpson | $726,200 | $472,030 |
| Smith | $726,200 | $472,030 |
| Stone | $726,200 | $472,030 |
| Sunflower | $726,200 | $472,030 |
| Tallahatchie | $726,200 | $472,030 |
| Tate | $726,200 | $472,030 |
| Tippah | $726,200 | $472,030 |
| Tishomingo | $726,200 | $472,030 |
| Tunica | $726,200 | $472,030 |
| Union | $726,200 | $472,030 |
| Walthall | $726,200 | $472,030 |
| Warren | $726,200 | $472,030 |
| Washington | $726,200 | $472,030 |
| Wayne | $726,200 | $472,030 |
| Webster | $726,200 | $472,030 |
| Wilkinson | $726,200 | $472,030 |
| Winston | $726,200 | $472,030 |
| Yalobusha | $726,200 | $472,030 |
| Yazoo | $726,200 | $472,030 |
Due to Mississippi’s real estate disclosure regulations, the sellers are required to list any flaws in the property they are aware of. For purchasers, that’s good news. Even so, it’s still recommended to choose a home inspection before formally closing on your house. This shields buyers from finding costly traps after they’ve bought the home.
If you apply for a home loan in Mississippi, you’ll probably be issued a deed of trust rather than a mortgage. In most cases, if you have a mortgage and you fall behind on your payments and your lender wants to foreclose on your property, they must do so through a judicial process. Different, a deed of trust enables the lender to completely avoid the legal system. The lender starts a power of sale and engages a third party to conduct the auction for the home it seeks to seize.
Although it’s unlikely that you’re purchasing a property with the intention of going into foreclosure later on, it’s still a good idea to understand your options in the event of an unforeseen event.
30-Year Fixed Mississippi Mortgage Rates
With this reputable mortgage, you have 30 years to pay off your debt, and the interest rate will not change (unless you decide to refinance or make prepayments on the loan).
Another option is a 15-year fixed-rate mortgage. This loan will assist you in paying off your debt more rapidly and at a lower interest rate in exchange for higher monthly payments. A 40-year loan is a less common option. Many people believe that this loan requires too much time to pay off and that the interest is high, but you can consider your options and decide which option is best for you.
Mississippi Mortgage Rates: Jumbo Loan Rates
Mississippi’s counties all have a minimum conforming loan ceiling of $726,200 due to the state’s lower real estate costs. A jumbo loan is what you’ll have if you need to obtain a larger loan than this to pay for your residence.
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Jumbo loans are in contrast to conforming loans, which are those worth $726,200 or less and are eligible for customary interest rates as well as the ability to be resold on the secondary mortgage market. You should be aware that jumbo loans typically have higher interest rates since they pose a greater risk to the lender. Jumbo loan interest rates, however, are now lower than fixed rates.
Mississippi Mortgage Rates: ARM Loan Rates
An adjustable-rate mortgage can be a good choice for you if you don’t intend to live in your new house for a long period (ARM). An ARM offers a cheaper interest rate for an initial term of one, three, five, seven, or ten years compared to a fixed-rate mortgage. The interest rate can alter once a year after that time has passed, and it often goes up. The terms of the loan specify the maximum rate that can be charged and what that ceiling is.
To avoid any unpleasant surprises later, read the small print carefully before choosing an ARM and make sure you can afford the maximum possible interest rate. In Mississippi, a 5/1 ARM’s typical rate is 5.73%. (Zillow, Jan. 2023).
Mississippi Mortgage Rates: Resources
Purchasing a residence in the Magnolia State? Here are a few alternatives that you have if you need help at any stage of the process. HOME initiatives are offered by the Mississippi Development Authority to assist homebuyers. In order to help families who are rebuilding or making extensive repairs to their homes in order to bring them up to code, the Rehabilitation/Reconstruction Program offers competitive grants.
First-time homebuyers and purchasers in certain regions of the state are the focus of programs offered by the Mississippi Home Corporation. By lowering the borrower’s federal income tax debt, the Mortgage Credit Certificate Program makes income available for mortgage qualification. The Smart Solution Program enables customers to upgrade or buy their first home.
Mississippi Mortgage Rates: Resources
Throughout the entire nation, the Rural Development program of the United States Department of Agriculture also provides funds for loans and mortgages. The initiative seeks to provide inhabitants with cheap homes while aiding in the development of a state’s rural districts. For individuals who qualify, Mississippi offers loan assistance programs, grants, and loans for home renovations.
Mississippi Mortgage Rates: Taxes
While filing federal income taxes, homeowners are permitted to exclude the annual mortgage interest they pay from their taxable income. Federal regulations are generally followed by Mississippi’s itemized deductions. As a result, homeowners can deduct two times as much from their state income taxes as they would from federal taxes. In Mississippi, transfer taxes are not applied to real estate transfers.
Mississippi Mortgage Rates: Refinance
Look into the Fannie Mae alternative if you want to refinance your Mississippi house. When the Home Affordable Refinancing Program, or HARP, was no longer in operation, this was created to fill the gap. The High Loan-to-Value Refinancing Option program is known by this name.
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