HELOC rates in Mississippi rose from 4.2% in 2021 to 8.6% in 2024. If the trend persists, borrowing costs could increase further. Homeowners should consider locking in current rates to avoid potential hikes.
HELOC
Best HELOC Rates in Mississippi
Updated: November 19, 2024
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Key Takeaways
Higher loan-to-value (LTV) ratios lead to higher rates. The average APR for a HELOC in Mississippi with an 80% LTV is 8.3%, compared with 8.8% for a 90% LTV.
HELOC rates vary by city in Mississippi. Mathiston has an average APR of 7.8%, whereas Blue Springs' is 9.4%.
Different lenders offer varying rates for the same loan types. All In Federal Credit Union's average APR is 7.5%, whereas Veritas Federal Credit Union's is 9.5%.
Current HELOC Rates in Mississippi
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HELOC Rates in Mississippi by LTV Ratio
HELOC rates in Mississippi vary based on your loan-to-value (LTV) ratio and line limit. Lenders consider a lower LTV less risky, as you have more equity. For instance, with an 80% LTV, you've borrowed less against your home compared to a 90% LTV, reducing the chance to default on your HELOC.
The following table lets you filter between different loan amounts, offering a clearer view of what you may qualify for:
Data filtered by:Results filtered by:
Line Limit:
Line Limit:$100,000
HELOC Rates in Mississippi by City
HELOC rates in Mississippi vary by city due to local housing markets and lender competition. For example, cities with robust real estate markets may offer lower rates, reducing lender risk.
Use the table below to filter by your city and see average APRs for $50k and $100k HELOCs.
Data filtered by:Results filtered by:
City:
City:Jackson
| $100,000 | 8.2% |
| $50,000 | 8.2% |
HELOC Rates in Mississippi by Lender
HELOC interest rates in Mississippi vary among lenders due to different pricing strategies and risk assessments. The table below highlights the five lenders in Mississippi offering the lowest average APRs, allowing you to compare competitive rates.
| Magnolia Federal Credit Union | 7.5% |
| All In Federal Credit Union | 7.5% |
| Chevron Federal Credit Union | 7.8% |
| Bank of Kilmichael | 7.8% |
| Gulf Trust Federal Credit Union | 7.8% |
HELOC rates today can vary between lenders in the same city. Use the table below to filter lenders by city and compare APRs, helping you find the best rate in your area.
Data filtered by:Results filtered by:
City:
City:Jackson
| Magnolia Federal Credit Union | Credit Union | 7.5% |
| Riverland Federal Credit Union | Credit Union | 8.0% |
| Keesler Federal Credit Union | Credit Union | 8.0% |
| Cadence Bank | Commercial Bank | 8.1% |
| Community Bank of Mississippi | Commercial Bank | 8.5% |
| Regions Bank | Commercial Bank | 8.5% |
| Trustmark National Bank | Commercial Bank | 9.0% |
COMPARING HELOC RATES IN MISSISSIPPI: BANKS VS. CREDIT UNIONS
HELOC rates in Mississippi vary between banks and credit unions. Commercial banks typically have higher rates, with the best HELOC rate in the state averaging 8.3%. In contrast, credit unions in Mississippi offer an average APR of 8.5%, as they are not-for-profit institutions.
Consider more than just rates when choosing between banks and credit unions. Banks may provide more convenience, while credit unions often offer better customer service and lower fees. Be sure to check membership requirements for credit unions and any hidden fees or rate adjustment clauses with both lenders.
Ask the experts:
How do lenders assess risk when setting HELOC rates for different property types (e.g., primary residence vs. investment property), and how can borrowers mitigate higher rates for non-primary homes?
Credit & Mortgage Expert
All loans are about risk. The higher the risk, the higher your rate will be. With investment properties or second homes, since they are not your primary residence the risk is inherently higher in the eyes of the lender — for example, if someone falls on hard times, they are more likely to continue making timely payments on the home they live in rather than an investment or second home.
Usually, if you are taking a HELOC on an investment property, you are using those funds to improve the property or using it to buy another investment property. Having access to cash to make more cash is what investors do. They should always take into account the higher rates when making an investment decision. If successful, the higher rate won't be a problem.
HELOC Payment Calculator
HELOCs have become a popular tool for homeowners across the U.S. looking to tap into their home's equity. Use our Mississippi HELOC payment calculator to determine your monthly payments based on draws, loan terms, and APR.
Our tool also offers an amortization schedule and shows how payments divide between principal and interest over time. Understanding these details can help you manage your HELOC and your finances more effectively.
Mississippi HELOC Payoff Calculator
This HELOC payment calculator assumes that you take out one lump sum at the start of your interest-only period. Your actual payoff schedule will vary depending on your interest rate and market conditions.
Credit Line Information
Draw Period Payment
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Repayment Period Payment
$0
- Graph view
- Table view
- Amortization
Credit Payoff Schedule for Home Equity Line
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Ending balance
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How to Get the Best HELOC Rates in Mississippi
Finding the best HELOC rates in Mississippi can reduce your loan costs significantly. For example, a lower rate on a $50,000 HELOC could save you hundreds annually. To secure competitive rates, consider these five strategies:
Maintain a strong credit score
The average credit score in Mississippi is 680. Improving it can help you secure more competitive HELOC rates.
Compare offers from multiple lenders
By comparing offers from various lenders, you can find competitive rates and use them to negotiate better terms.
Reduce your debt-to-income (DTI) ratio
Lower debt-to-income (DTI) ratios show financial stability. Paying off credit card debt can help reduce your DTI ratio.
Increase your home equity
More equity reduces lender risk, leading to better rates. Paying down your mortgage or making home improvements can increase equity.
Review closing costs and rate caps
Closing costs affect loan expenses. Understanding rate caps helps manage HELOC costs as rates adjust.
HELOC Loan Rates vs. Home Equity Loan Rates in Mississippi
HELOC interest rates in Mississippi average 8.5%, while home equity loan rates are lower at 7.6%. The difference stems from HELOCs having variable rates, whereas home equity loans offer fixed rates.
- HELOCs are flexible, revolving credit lines with variable interest rates that adjust with market conditions. In rising interest rate environments, HELOC rates can increase, affecting homeowners' finances over time.
- In contrast, home equity loans provide a lump sum with a fixed interest rate, offering stable payments. They are better suited for situations where financial certainty is preferred over flexibility.
When deciding between these options, consider whether you value the flexibility of a HELOC or the predictability of a home equity loan. Assessing your financial goals and risk tolerance will help determine which product aligns best with your needs.
CONSIDERING A HELOC ALTERNATIVE? TRY A CASH-OUT REFINANCE
Cash-out refinance is a HELOC alternative that replaces your existing mortgage with a new, larger loan, offering cash access. Unlike HELOCs or home equity loans, it creates a new primary mortgage.
If you have a loan backed by the Federal Housing Administration (FHA), an FHA cash-out refinance could provide funds by refinancing your home’s value.
FAQ: Best HELOC Rates in Mississippi
What are the current HELOC rates in Mississippi and how do they compare to national rates?
Mississippi's HELOC rates average 8.5%, slightly higher than the national average of 8.4%.
What fees are commonly associated with HELOCs in Mississippi?
Common fees include application, appraisal, annual, and early closure fees, but specifics vary by lender.
How do HELOC rates in Mississippi compare to home equity loan rates?
HELOC rates in Mississippi average 8.5%, while home equity loan rates are lower at 7.6%. This is particularly relevant for those with bad credit.
How do HELOC Rates in Mississippi vary between banks and credit unions?
Commercial banks in Mississippi offer HELOC rates averaging 8.3%, while credit unions offer lower rates at 8.5%.
What's the best HELOC rate in Jackson? How does it compare to the current HELOC rate in Mississippi?
Jackson's rates average 8.2%, slightly lower than the Mississippi state average of 8.5%.
MoneyGeek examined 44 different banks and credit unions in Mississippi using S&P Global's SNL Depository Rates dataset to stay current on the latest home equity line of credit rates.
This data is accurate as of November 15, 2024.
44Lenders Analyzed
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.