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Home Mortgage Rates in Mississippi

Biloxi Marina Pier Sunrise.

Whether you are buying your first home, downsizing after the kids have grown or upgrading your home, there is information you will want to have. Purchasing a home is the largest investment many people will ever make. Having pertinent information is important so that the best decisions can be made. Here you will find information specific to the Magnolia State of Mississippi.

Median Mississippi Home Prices are below the National Average

Mortgage rates in Mississippi average three quarters of one percent below the national average. As of February 24, 2010, the national average for mortgage rates is 5.08%, while in Mississippi the rate is 4.25%.

According to realestateabc.com the nation’s median home value is $178,000. Median home value in Mississippi is $155,000 according to Zillow. This means that in Mississippi you can not only get a larger house for your money, but you can also enjoy a lower interest rate with that house.

Places to Live

Metropolitan Areas

MS Rank US Rank Metropolitan Area 2016 Pop 2010 Pop Change % △
1 42 Memphis, TN-MS-AR Metro Area 1,342,842 1,324,829 18,013 1.36%
2 94 Jackson 579,229 567,122 12,107 2.13%
3 136 Gulfport-Biloxi-Pascagoula 391,266 370,702 20,564 5.55%
4 283 Hattiesburg 149,138 142,842 6,296 4.41%
5 299 Tupelo 140,460 136,268 4,192 3.08%
6 372 Meridian 103,539 107,449 -3,910 -3.64%
7 430 Laurel 84,531 84,823 -292 -0.34%
8 530 Columbus 59,602 59,779 -177 -0.30%
9 550 Vicksburg 56,279 58,377 -2,098 -3.59%
10 554 Picayune 55,310 55,834 -524 -0.94%
11 566 Oxford 53,796 47,351 6,445 13.61%
12 578 McComb 52,125 53,535 -1,410 -2.63%
13 587 Natchez, MS-LA Micro Area 51,168 53,119 -1,951 -3.67%
14 595 Starkville 49,833 47,671 2,162 4.54%
15 618 Greenville 47,231 51,137 -3,906 -7.64%
16 694 Greenwood 40,111 42,914 -2,803 -6.53%
17 733 Corinth 37,304 37,057 247 0.67%
18 767 Brookhaven 34,523 34,869 -346 -0.99%
19 791 Cleveland 32,737 34,145 -1,408 -4.12%
20 850 Indianola 26,407 29,450 -3,043 -10.33%
21 872 Clarksdale 23,809 26,151 -2,342 -8.96%
22 897 Grenada 21,275 21,906 -631 -2.88%
23 906 West Point 19,850 20,634 -784 -3.80%

The Most Popular Cities To Move To

Jackson, Mississippi Skyline.

Mississippi may be well known for its farmland and ranches, but it also offers popular urban areas. Jackson, Gulfport, Biloxi, Southaven, Natchez and Vicksburg are the larger cities in the state. As with so many urban areas, however, the most popular cities are often just outside the larger urban areas.

Southaven

  • The population of Southaven has grown 6.2% since 2000.
  • Taxes are low.
  • Cost of living is low.
  • This city is close to Memphis, TN.
  • Jobs are available here in the transportation, warehousing, and utilities industries.

Brandon

  • Convenient, 15-minute drive to the state capital Jackson.
  • Boasts several parks for nature lovers.
  • The crime rate is very low.
  • Average home price is $125,000
  • Possibility of government employment in nearby Jackson.

Olive Branch

  • Located near the border of Mississippi and Tennessee, it is only 30 minutes from Memphis.
  • Area enjoyed a 40% increase in jobs between 2000 and 2006.
  • Local colleges, professional schools and golf courses are available for residents.

Ridgeland

  • Suburb of Jackson, boasting a 15-minute commute.
  • Has a 444 mile national park known as the Natchez Trace Parkway
  • 33,000 acre reservoir is available for recreational use
  • Convenient shopping, golf courses and Crafts Center.

Biloxi

Biloxi.

  • The crime rate is lower than the national average
  • Third largest gaming site in the United States
  • Beautiful beaches along the Gulf of Mexico
  • Deep Sea fishing and many other activities
  • Keesler AFB provides job opportunities, as well as the casinos and tourist industry.

Mississippi Census Data

According to the United States Census an estimated 2,988,726 people live in the state of Mississippi. The state has 46,923.27 mi² of land area, which gave it a population density of 63.69 per mi². Here is a list of cities, towns, villages & Census Designated Places with more than 2,000 residents, with their estimated population as of June 2016 & the 2010 United States Census. For Census Designated Places (CDP) where there was no population estimate available for 2016, the 2011-2015 American Community Survey 5-Year Estimates data was used.

All table columns are sortable. Click on the column headers to sort by that column. Click again to sort low to high. Cities with higher levels of population growth typically see the increased demand drive faster real estate price appreciation.

Rank Geography County 2016 Pop 2010 Pop Change % △ Land mi² Pop Den mi²
1 Jackson Hinds, Madison & Rankin 169,148 173,514 -4,366 -2.52% 111.05 1,523.17
2 Gulfport Harrison 72,076 67,793 4,283 6.32% 55.59 1,296.56
3 Southaven DeSoto 53,214 48,982 4,232 8.64% 41.25 1,290.04
4 Hattiesburg Forrest & Lamar 46,926 45,989 937 2.04% 53.39 878.93
5 Biloxi Harrison 45,975 44,054 1,921 4.36% 38.22 1,202.90
6 Meridian Lauderdale 39,113 41,148 -2,035 -4.95% 53.74 727.82
7 Tupelo Lee 38,842 34,546 4,296 12.44% 51.14 759.52
8 Olive Branch DeSoto 36,699 33,484 3,215 9.60% 36.7 999.97
9 Greenville Washington 31,517 34,400 -2,883 -8.38% 26.89 1,172.07
10 Horn Lake DeSoto 27,042 26,066 976 3.74% 16.02 1,688.01
11 Pearl Rankin 26,485 25,092 1,393 5.55% 23.6 1,122.25
12 Madison Madison 26,031 24,149 1,882 7.79% 25.22 1,032.16
13 Starkville Oktibbeha 25,570 23,888 1,682 7.04% 25.51 1,002.35
14 Clinton Hinds 25,211 25,216 -5 -0.02% 41.82 602.85
15 Columbus Lowndes 24,561 23,640 921 3.90% 22.06 1,113.37
16 Ridgeland Madison 24,483 24,047 436 1.81% 19.61 1,248.50
17 Brandon Rankin 23,826 21,705 2,121 9.77% 25.91 919.57
18 Oxford Lafayette 23,290 18,916 4,374 23.12% 15.83 1,471.26
19 Vicksburg Warren 22,925 23,856 -931 -3.90% 32.98 695.12
20 Pascagoula Jackson 21,981 22,392 -411 -1.84% 15.38 1,429.19
21 Laurel Jones 18,756 18,540 216 1.17% 16.24 1,154.93
22 Gautier Jackson 18,471 18,572 -101 -0.54% 30.23 611.02
23 Ocean Springs Jackson 17,652 17,442 210 1.20% 11.52 1,532.29
24 Clarksdale Coahoma 16,272 17,962 -1,690 -9.41% 13.89 1,171.49
25 Long Beach Harrison 15,677 14,792 885 5.98% 10 1,567.70
26 Hernando DeSoto 15,631 14,090 1,541 10.94% 25.73 607.50
27 Natchez Adams 15,109 15,792 -683 -4.32% 13.2 1,144.62
28 Corinth Alcorn 14,818 14,573 245 1.68% 30.16 491.31
29 Greenwood Leflore 14,415 15,205 -790 -5.20% 12.34 1,168.15
30 Canton Madison 13,643 13,189 454 3.44% 21.24 642.33
31 Moss Point Jackson 13,570 13,704 -134 -0.98% 24.16 561.67
32 McComb Pike 12,811 12,790 21 0.16% 11.57 1,107.26
33 Grenada Grenada 12,708 13,092 -384 -2.93% 30.01 423.46
34 Bay St. Louis Hancock 12,667 9,260 3,407 36.79% 14.69 862.29
35 Brookhaven Lincoln 12,359 12,513 -154 -1.23% 21.64 571.12
36 Cleveland Bolivar 12,101 12,334 -233 -1.89% 7.3 1,657.67
37 Byram Hinds 11,545 11,489 56 0.49% 18.36 628.81
38 D'Iberville Harrison 11,503 9,486 2,017 21.26% 7.06 1,629.32
39 Yazoo City Yazoo 11,180 11,403 -223 -1.96% 9.84 1,136.18
40 West Point Clay 10,880 11,307 -427 -3.78% 20.88 521.07
41 Petal Forrest 10,704 10,454 250 2.39% 16.87 634.50
42 Picayune Pearl River 10,625 10,878 -253 -2.33% 12.96 819.83
43 Indianola Sunflower 9,655 10,683 -1,028 -9.62% 8.57 1,126.60
44 Flowood Rankin 8,859 7,823 1,036 13.24% 28.41 311.83
45 New Albany Union 8,786 8,034 752 9.36% 18.23 481.95
46 Booneville Prentiss 8,744 8,743 1 0.01% 25.75 339.57
Gulf Hills CDP Jackson 8,493 7,144 1,349 18.88% 7.66 1,108.75
Diamondhead CDP Hancock 8,425 8,425 0 0.00% 11.09 759.69
47 Diamondhead Hancokc 8,217 8,425 -208 -2.47% 11.1 740.27
48 Senatobia Tate 7,909 8,165 -256 -3.14% 15.56 508.29
St. Martin CDP Jackson 7,728 7,730 -2 -0.03% 4.25 1,818.35
49 Holly Springs Marshall 7,682 7,699 -17 -0.22% 12.78 601.10
50 Batesville Panola 7,391 7,463 -72 -0.96% 19.95 370.48
51 Philadelphia Neshoba 7,361 7,477 -116 -1.55% 12.21 602.87
52 Kosciusko Attala 7,139 7,402 -263 -3.55% 7.54 946.82
53 Richland Rankin 7,111 6,912 199 2.88% 12.52 567.97
54 Amory Monroe 7,067 7,316 -249 -3.40% 12.54 563.56
Latimer CDP Jackson 7,009 6,079 930 15.30% 16.34 428.95
West Hattiesburg CDP Lamar 6,674 5,909 765 12.95% 2.43 2,746.50
55 Waveland Hancock 6,428 6,435 -7 -0.11% 8.49 757.13
56 Louisville Winston 6,324 6,631 -307 -4.63% 15.07 419.64
57 Columbia Marion 6,143 6,582 -439 -6.67% 6.75 910.07
Gulf Park Estates CDP Jackson 6,113 5,719 394 6.89% 2.65 2,306.79
58 Pontotoc Pontotoc 6,109 5,625 484 8.60% 11.18 546.42
Vancleave CDP Jackson 5,783 5,886 -103 -1.75% 43.15 134.02
59 Pass Christian Harrison 5,701 4,613 1,088 23.59% 8.29 687.70
60 Forest Scott 5,672 5,684 -12 -0.21% 13.08 433.64
61 Aberdeen Monroe 5,391 5,612 -221 -3.94% 12.09 445.91
62 Ripley Tippah 5,373 5,395 -22 -0.41% 11.32 474.65
63 Saltillo Lee 5,008 4,752 256 5.39% 8.19 611.48
64 Waynesboro Wayne 4,944 5,043 -99 -1.96% 12.69 389.60
65 Crystal Springs Copiah 4,889 5,044 -155 -3.07% 5.43 900.37
66 Carthage Leake 4,860 5,075 -215 -4.24% 9.29 523.14
University CDP Lafayette 4,619 4,202 417 9.92% 0.71 6,505.63
67 Ellisville Jones 4,567 4,448 119 2.68% 10.52 434.13
68 Wiggins Stone 4,545 4,390 155 3.53% 10.75 422.79
Beechwood CDP Warren 4,528 3,426 1,102 32.17% 6.26 723.32
69 Florence Rankin 4,396 4,141 255 6.16% 8.07 544.73
70 Winona Montgomery 4,383 5,043 -660 -13.09% 13.52 324.19
71 Magee Simpson 4,315 4,408 -93 -2.11% 5.13 841.13
72 Leland Washington 4,104 4,481 -377 -8.41% 3.59 1,143.18
73 Fulton Itawamba 4,066 3,961 105 2.65% 8.49 478.92
Pearl River CDP Neshoba 4,040 3,601 439 12.19% 31.03 130.20
74 Hazlehurst Copiah 3,883 4,009 -126 -3.14% 4.38 886.53
Escatawpa CDP Jackson 3,825 3,722 103 2.77% 6.68 572.60
Mississippi State CDP Oktibbeha 3,797 4,005 -208 -5.19% 2.34 1,622.65
75 Houston Chickasaw 3,524 3,623 -99 -2.73% 7.38 477.51
76 Morton Scott 3,434 3,462 -28 -0.81% 7.19 477.61
77 Water Valley Yalobusha 3,393 3,392 1 0.03% 7.01 484.02
78 Baldwyn Prentiss & Lee 3,332 3,297 35 1.06% 11.59 287.49
79 Newton Newton 3,317 3,373 -56 -1.66% 7.15 463.92
New Hope CDP Lowndes 3,083 3,193 -110 -3.45% 5.04 611.71
80 Lucedale George 3,043 2,923 120 4.11% 6.39 476.21
81 Verona Lee 3,019 3,006 13 0.43% 3.72 811.56
82 Iuka Tishomingo 2,989 3,028 -39 -1.29% 9.69 308.46
83 Poplarville Pearl River 2,977 2,894 83 2.87% 5.42 549.26
84 Ruleville  Sunflower 2,727 3,007 -280 -9.31% 2.52 1,082.14
85 Guntown Lee 2,720 2,083 637 30.58% 4.66 583.69
Nicholson CDP Pearl River 2,636 3,092 -456 -14.75% 6.15 428.62
86 Okolona Chickasaw 2,618 2,692 -74 -2.75% 6.65 393.68
87 Macon Noxubee 2,614 2,768 -154 -5.56% 3.83 682.51
88 Collins Covington 2,569 2,586 -17 -0.66% 7.96 322.74
89 Hollandale Washington 2,496 2,702 -206 -7.62% 2.22 1,124.32
90 Mendenhall Simpson 2,457 2,504 -47 -1.88% 5.35 459.25
91 Durant Holmes 2,431 2,673 -242 -9.05% 2.24 1,085.27
92 Purvis Lamar 2,341 2,175 166 7.63% 3.88 603.35
93 Magnolia Pike 2,330 2,420 -90 -3.72% 6.14 379.48
Lynchburg CDP DeSoto 2,307 2,437 -130 -5.33% 1.93 1,195.34
94 Lumberton Lamar & Pearl River 2,226 2,086 140 6.71% 7.24 307.46
95 Raymond Hinds 2,220 1,933 287 14.85% 3 740.00
96 Moorhead Sunflower 2,215 2,405 -190 -7.90% 1.3 1,703.85
97 Quitman Clarke 2,189 2,323 -134 -5.77% 5.18 422.59
98 Farmington Alcorn 2,189 2,186 3 0.14% 6.38 343.10
Kiln CDP Hancock 2,169 2,238 -69 -3.08% 13.16 164.82
99 Shelby Bolivar 2,083 2,229 -146 -6.55% 2.73 763.00
100 Eupora Webster 2,075 2,197 -122 -5.55% 3.32 625.00
101 Belmont Tishomingo 2,032 2,021 11 0.54% 4.65 436.99
102 Belzoni Humphreys 2,029 2,235 -206 -9.22% 1.02 1,989.22
103 Rolling Fork Sharkey 2,025 2,143 -118 -5.51% 1.41 1,436.17
104 Charleston Tallahatchie 2,010 2,193 -183 -8.34% 1.35 1,488.89
105 Tchula Holmes 1,981 2,096 -115 -5.49% 1.41 1,404.96

Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2016
Source: U.S. Census Bureau, Population Division
Release Date: May 2017.

Mortgage Laws In Mississippi

As of 2017 the conforming loan limit across the United States is set to $424,100, with a ceiling of 150% that amount in areas where median home values are higher. High local affordability makes the $424,100 ceiling apply statewide for single unit homes. Dual unit homes have a limit of $543,000, triple unit homes have a limit of $656,350 & quadruple unit homes have a limit of $815,650. People buying premium properties in the Jackson area may be above these thresholds, requiring a jumbo loan. Jumbo loans typically have a slightly higher rate of interest than conforming mortgages, though spreads vary based on credit market conditions.

  1. Fixed interest rates are guaranteed for borrowers who are taking out large mortgages.
  2. Interest can not be charged more than one day prior to the mortgage being recorded, regardless of when the loan is actually received.
  3. Lenders may not charge points and fees exceeding 6% of the principal financed amount.
  4. Lenders are prohibited from making loans that the borrowers can not reasonably afford to repay.

Mississippi Special Mortgages

  1. Buyers looking at houses in Mississippi can qualify for both federal and state funded loans such as FHA, USDA and VA.
  2. Fist time home owners can also apply for a Mississippi FHA loan offering special below-market interest rates.
  3. USDA loans can help people with low incomes in rural parts of the state qualify for a subsidized low-interest loan.

  1. Professionals and Teachers who work within the state school system may be able to take advantage of Mississippi’s Extra Credit Teacher Home Purchase Program. This program offers down payment assistance in the form of a loan that carries forgivable interest.
  2. Mississippi’s Interest Only PLUS loan gives qualified homebuyers a special 35-year loan that allows for interest-only payments during the first 5 years of the loan. The details of this program vary from one county to the next. Qualified individuals or groups for these loans include disabled people, as well as people who live with and care for individuals with disabilities.

Natural Disasters

Flood Insurance

Homeowner's insurance policies typically do not cover flooding. Many counties across the state have a very low to moderate risk of flooding. Counties with moderate, high & very high risk are listed below.

  • moderate flood risk: Copiah, Covington, George, Jasper, Jones, Madison, Meridian, Rankin, Smith
  • high flood risk: Forrest, Hinds, Issaquena, Pearl River, Tunica, Warren
  • very high flood risk: Harrison, Jackson, Lowndes, Washington, Wayne
  • high risk of hurricane storm surges: Jackson
  • very high risk of hurricane storm surges: Harrison

Home buyers with mortgages in high-risk areas are required to buy flood insurance. Most flood insurance policies are sold by the United States federal government through The National Flood Insurance Program. Under-priced flood insurance in high-risk areas act as a subsidy to wealthy homeowners.

The NFIP does not charge nearly enough to cover the expected costs of its liabilities. The assessments are not sufficient to build any buffer to cover an extraordinary year, such as what occurred with Hurricane Katrina in 2005 or Hurricane Sandy in 2012. Because homeowners don€™t incur the full cost of building in a flood zone we end up with more houses there than if homeowners incurred the full cost of the flood risk, which exacerbates the government€™s costs in the next disaster.

Typically, homes built after 2002, when building code regulations tightened, are subject to lower insurance rates than older homes. On the other hand, homes without hurricane straps, with roofs that do not meet current standards for wind, with older plumbing or with outdated electrical systems may be difficult €“ or very expensive €“ to insure.

Homeowners who live in lower risk areas & are not required to purchase flood insurance heavily cross-subsidize homeowners who are in areas where floods are more common.

Tornadoes

Most of the state is considered to have a moderate to very high tornado risk. A basic homeowners policy should cover financial damages from tornadoes.

Hail

Hail damage is not uncommon across the state. Damage from hail is typically covered by home insurance policies.

Mississippi Foreclosure Process

  1. Advertising is required. The foreclosure sale must be listed in a local newspaper for the county that that land is located in. This sale ad must run for three consecutive weeks before the sale can take place.
  2. A notice must be posted at the county courthouse door. This notice is required to list all borrowers who are on the title.
  3. The Cure Procedure allows the borrower to stop the foreclosure by paying the money that is in default. This can include the missed payments, accrued costs, and legal fees. While the lender may be calling the full loan due, if the missed payments and fees are paid in full the foreclosure will be halted.
  4. Mississippi offers special procedures when a homeowner has been affected by a major disaster. When the governor declares a natural disaster of any kind, a moratorium is imposed on foreclosures. This can extend for up to two years after the declaration of disaster. This can benefit homeowners who find that their property value has fallen by fifteen percent or more and find themselves unable to refinance the property. Lenders can still file foreclosures, and if the borrowers do not respond by obtaining an injunction under this provision, the foreclosure will stand.

Mississippi Foreclosure Laws

  1. Judicial Foreclosures occur when the court system is involved. The courts will schedule the sale of the home. They are allowed in Mississippi, but they are not typically utilized.
  2. Non-judicial foreclosures are allowed and more commonly executed in Mississippi. With these proceedings, the lender notifies the homeowner 30 days before a scheduled sale with a Notice of Default. The homeowner can halt the sale by paying the amount in default. This must be done before the date of the sale.
  3. No Rights of Redemption in Mississippi. Some states will allow homeowners a set period of time after a foreclosure sale is completed in which they can pay the default amount and reclaim their home. The State of Mississippi does not allow this. Once the foreclosure sale is finalized, ownership of the property transfers to the new buyer. The original homeowner will not be able to reclaim the home after the sale by paying the defaulted amount.
  4. Mississippi is a Non-Recourse state. When the lender forecloses on a home and sells it to a new buyer, they do not always recoup all the money that is owed on the house. The house might have a mortgage on it of $300,000 and the final sale price after foreclosure might only be $200,000. The lender is not allowed to pursue the homeowners for the $100,000 balance.

Mortgages are available in Mississippi. Borrowers can take advantage of any federal programs, as well as conventional, traditional mortgages. They can also utilize the different state programs that are available. Mississippi offers reasonably priced homes that can be purchased using lower than average mortgage rates.