Updated: January 8, 2025
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Mississippi's current mortgage refinance rates are 6.15% for a 15-year fixed loan and 6.72% for a 30-year fixed loan. The national averages are 6.12% and 7.08%, respectively.
Our guide provides essential insights into Mississippi's current refinance rates, trends and strategies to help you refinance effectively. From understanding today's rates and trends to knowing when and how to refinance, we offer insights tailored to your needs, helping you make informed decisions.
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Mississippi. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
The current 30-year refinance rate in Mississippi is 6.72%. The state's average mortgage debt was $146,515 as of September 2023, according to Experian.
If your existing mortgage rate exceeds 6.72%, refinancing your mortgage could lower your monthly payments and the total interest over the life of your loan. Below are the current refinance rates in Mississippi to help you explore your options.
| 15-Year Fixed | 6.02% | 6.15% |
| 30-Year Fixed | 6.65% | 6.72% |
In December 2024, Mississippi's 15-year refinance rate increased to 6.15% from 6.03% the previous month. Its 30-year refinance rate also rose to 6.72% from 6.68%.
Data from 2024
Interest rates rise due to the Federal Reserve's monetary policy, inflation and employment rates. These changes impact refinance rate trends in Mississippi, making it important to stay informed about economic conditions and market demand.
Refinancing your mortgage in Mississippi can reduce monthly payments or interest rates. Understanding the steps will help you make informed decisions. Here's how to make refinancing work for you.
Credit scores affect the rates you qualify for; a higher score may secure better terms. If your score is below Mississippi's average of 680, consider paying down debt or disputing errors to improve it.
Assess your current mortgage terms against Mississippi's 30-year rates at 6.72% and 15-year at 6.15%. Refinancing may be wise if these rates are lower and you plan to stay in your home long-term.
Prepare documents like pay stubs, tax returns and bank statements to streamline your application. Having these ready when reviewing your original mortgage ensures a smoother refinancing process.
Compare lenders to find the best terms. Look for competitive rates, low fees and good customer service.
Be aware of closing costs such as appraisal and origination fees. Mississippi's average is $2,622, according to the National Association of Realtors.
Submit your application with the chosen lender. Ensure all documents are accurate and complete. Pre-filling forms online can save time and reduce errors.
Secure your rate with a mortgage rate lock to protect against market fluctuations. Confirm the lock duration to match your closing schedule, ensuring stable rates.
Finalize your loan by signing documents and paying any remaining fees. Scheduling a convenient closing time can reduce stress, ensuring all parties are present and prepared.
Begin payments under the new terms. Setting up automatic payments can help avoid late fees and ensure timely payments, maintaining your credit score.
Regularly monitor market rates and assess your financial situation to identify future refinancing opportunities. This helps ensure your mortgage terms remain optimized for potential savings.
How soon you can refinance a mortgage in Mississippi depends on the loan type. Conventional loans allow immediate refinancing, but a cash-out refinance usually requires a six-month seasoning period. USDA loans typically require a 12-month waiting period before refinancing.
Mississippi's refinance rate dropped to 6.02% in October, offering a potential opportunity to refinance if rates are lower. However, refinancing soon after securing a mortgage involves closing costs that can take years to recover. It's typically worth considering only if interest rates significantly reduce.
Refinancing your mortgage can reduce monthly payments by lowering interest rates. However, watch out for closing costs that might offset these savings. Knowing when to refinance a mortgage in Mississippi ensures you maximize financial benefits. Explore the following scenarios where refinancing could be a smart move.
Refinancing when interest rates are lower can reduce monthly payments. Visit local banks and credit unions to negotiate rates that can help you secure the best deal.
Refinancing can raise home equity when your property's value increases. Enhancing curb appeal can boost value. With Mississippi's average home value at $183,340, this approach can lead to better loan terms.
A better credit score can lower your mortgage rate. Paying bills on time and reducing debt can improve your score.
Refinancing to a shorter loan term can save on interest and build equity faster, making it a smart choice for those who can afford higher monthly payments.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage can stabilize payments, protecting you from rate hikes and offering predictable financial planning.
Use MoneyGeek's free mortgage refinance calculator to determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score affects the rates you qualify for. Mississippi's current average refinance rate for a 30-year fixed-rate loan with a loan-to-value ratio (LTV) of 80% or lower is 6.88% for scores between 680 and 740, compared to 6.72% for scores above 740. The table below shows average APRs for various credit scores and LTV ratios.
| 5.94% | 6.18% |
Loan type also affects the rates you qualify for. Mississippi's current average refinance rate for a 30-year fixed loan is 6.72%, compared to 7.98% for a 30-year FHA fixed loan. The table below shows the average APRs for different loan types.
| 6.06% | 6.26% |
Understanding refinance rates in Mississippi can be tricky due to fluctuating rates and economic changes. To help you, we answer common questions about refinancing.
Refinancing your mortgage can be beneficial if it lowers your interest rate, reduces your monthly payment or shortens your loan term. However, consider the closing costs and whether you'll stay in your home long enough to recoup these expenses.
To secure the best refinance rate, shop with multiple lenders and compare their offers. Also, improve your credit score and consider paying down your mortgage.
The pros of refinancing include potentially lower interest rates and reduced monthly payments, which can free up cash flow. On the downside, refinancing comes with closing costs, and extending the loan term might mean paying more interest over time.
Refinancing a mortgage typically involves appraisal fees, title insurance and closing costs, which can add 2% to 5% of the loan amount.
In Mississippi, the average refinance rate for a 15-year fixed loan is 6.15%, while a 30-year fixed loan averages 6.72%. Rates in Jackson are likely to reflect these state averages, but the rate you qualify for may vary based on factors such as your credit score and loan-to-value ratio.
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.
