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When shopping for a home in Mississippi, it's important to get quotes from several mortgage lenders, since interest rates and loan terms vary. If you want to keep your monthly payments as low as possible, make sure you shop around for the best mortgage rates and keep track of today's mortgage rates in Mississippi. That way you can ensure your total cost of homeownership is lower over time.
This guide to mortgage and refinance rates in Mississippi will get you started as you research the costs of buying your home. You'll also find a list of the five most affordable places in the Magnolia State.
For today, January 22nd, 2022, the current average mortgage rate in Mississippi for a 30-year fixed-rate mortgage is 3.788%, the average rate for a 15-year fixed-rate mortgage is 2.935%, and the average rate for a 5/1 adjustable-rate mortgage (ARM) is 2.375%. Rates are quoted as annual percentage rate (APR) .
Current Mortgage and Refinance Rates in Mississippi
Rates As of Jan 21, 2022
| Product | Interest Rate | Average Points/Credits |
|---|---|---|
| Fixed 30 Year | 3.788% | -0.121 |
| Fixed 30 Year - FHA | 3.677% | 0.340 |
| Fixed 30 Year - VA | 3.628% | 0.152 |
| Fixed 30 Year | 3.806% | 0.071 |
| Fixed 20 Year | 3.461% | 1.598 |
| Fixed 15 Year | 3.144% | 0.203 |
| Fixed 30 Year - FHA | 3.728% | 1.504 |
| Fixed 30 Year - VA | 3.499% | -0.101 |
5 affordable places to live in Mississippi
If you're looking for a low-cost place to purchase your Mississippi home, check out these five places recognized for their low cost of living.
1. Jackson
Jackson is the 15th-cheapest city in all of America in terms of cost of living, according to Niche. The median home value of $90,800 is well below the national average of $184,700, and exactly half of all city residents own their homes rather than renting. In Hinds County, property taxes are also relatively low, averaging 0.79% of assessed fair market value, according to Tax Rates.org. Although Jackson is affordable, it doesn't lack attractions, including the Mississippi Children's Museum, the Jackson Zoological Park, and the Mississippi Museum of Natural Science.
2. Clarksdale
Although Mississippi doesn't have many inexpensive urban areas, this town of more than 16,000 has been recognized for its affordable cost of living and as a top place to retire. The median home value in Clarksdale is just $66,800, but only 47% of people own their own homes in the area. Property taxes are a bit more expensive here than in Jackson, coming in at 1.05% of the assessed fair market value.
3. Corinth
Corinth is another affordable Mississippi town, with a slightly smaller population than Clarksdale at just under 15,000. Corinth has also been named a great place to retire, and it's the 35th-best place for young professionals in Mississippi. Median values are higher here, at $106,500, and 58% of residents own rather than rent their homes. Alcorn County has some of the lowest property taxes in the U.S., averaging just 0.52% of assessed fair market value.
4. Laurel
Laurel is home to more than 18,000, and 62% of residents own their homes. Those homes have a median value of $87,300, and the county where Laurel is located, Jones County, has a property tax rate of just 0.66% of assessed fair market value. Laurel has also been recognized as a top place for young professionals to settle, and as number 35 out of 115 ranked locales in Mississippi for diversity. Although it's not a large town, there are still ample opportunities for recreation, including visiting Gardiner Park and the Lauren Rogers Museum of Art.
5. Grenada
Grenada is another affordable Mississippi town. Around 56% of the residents of this town of almost 13,000 own their homes, with a median value of $94,700. In Grenada County, property taxes are also among the lowest in the country, averaging 0.73% of assessed fair market value.
Affordable home prices and low property taxes make becoming a homeowner easier on a low budget. But no matter the price of the home you buy, shopping around for the best mortgage rates helps you keep interest costs and total debt as low as possible as you pay off your loan.
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The Ascent's best mortgage lenders
If you want to uncover more about the best mortgage lenders for low rates and fees, our experts have created a shortlist of the top mortgage companies. Some of our experts have even used these lenders themselves to cut their costs.
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