Home Equity Loan Rates in Mississippi (January 2025)

The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Mississippi's home equity loan rates are 7.5% APR for a 10-year term and 7.8% for a 15-year term, compared to the national averages of 7.7% and 7.9%, respectively. We've compiled detailed insights on current home equity loan rates in Mississippi, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Mississippi is 7.8%, but several factors might affect what lenders offer. For instance, a better credit score often results in a lower APR, while borrowing a larger amount might increase your rate. Repayment terms also play a role in determining your rate. The table below shows the average APRs for different loan terms in Mississippi.

Interest rates for a home equity loan change daily. Monitoring these changes can help you pay less in interest over the life of the loan and consolidate high-interest debts more effectively.

For example, a 15-year home equity loan with a 7.9% APR results in a monthly payment of $475 and a total interest of $35,490. In contrast, a 10-year loan with a 7.5% APR has a monthly payment of $594 and a total interest of $21,221. Keeping track of these rates can guide you in making the most cost-effective decision.

The rate you qualify for depends on your loan-to-value ratio, which is the amount you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For instance, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio presents a greater risk to lenders, resulting in higher rates. In Mississippi, the average APR for a 15-year equity loan with an LTV ratio of 80% is 7.7%, compared to 8.3% for an LTV ratio of 90%. Review the table to see what average home equity loan rates you might qualify for based on your LTV ratio.

Average APRs also vary between cities in Mississippi. Differences in property taxes or local fees can influence rates, affecting overall borrowing costs. In larger or more densely populated cities, more lenders compete, which can lead to lower interest rates.

In Mississippi, Carthage has an average APR of 5.8%, while Blue Springs has an average APR of 9.4%. Below is a table showing the cities in Mississippi and their average APRs for home equity loans with different terms.

Home equity loan rates in Mississippi vary significantly between lenders due to differing policies and market strategies. For instance, First Financial Bank and Federal Aviation Administration Federal Credit Union offer the lowest average APR at 5.8%, while Keesler Federal Credit Union has the highest at 9.6%.

Comparing rates and terms from various lenders is essential to secure the lowest home equity loan rates. Explore the interactive table to see which lenders offer the lowest rates in your city.

Securing the best possible home equity interest rates can lower monthly payments and reduce overall borrowing costs, enhancing your financial flexibility. To achieve the best home equity loan rates in Mississippi, consider these strategies:

MoneyGeek addresses common questions from Mississippi homeowners about home equity loan rates, offering precise and reliable information.