Mississippi Mortgage Refinance

Average home vales throughout Mississippi (population 2,910,540) have a wide range starting from a quaint villa in Shannon (38868) for $90,785 to a grand home in Saltillo (38866) valued at $289,835. The “Magnolia State” has homes selling for an average of $162,993. Like home values, different cities garner results higher and lower than the average state wide price. For example, recent home sales in Belden (38826) were $208,500 and 153,500; whereas home sales in Madison (39110) were $74,801 and $179,500. With rates at historic lows, many home owners in Mississippi are refinancing their mortgages to save money on monthly payments. Plenty of qualified lenders throughout the state are offering competitive rates on mortgage refinance products. Understanding the best way to compare rates will help home owners make an informed decision. Before gathering rates from lenders throughout Mississippi, learn the difference between a fixed and adjustable rate mortgage (ARM). With a fixed rate product, the rate stays the same through the life of the loan, providing stability and security for the borrower. However, an ARM is typically associated with a lower rate, but fluctuates based on market changes. Not all borrowers in Mississippi can get the lowest possible rate. Having a good to excellence credit score has a direct impact on rate. Borrowers with a poor credit rating may not qualify for a mortgage or must pay points (fees). When shopping for rates, compare quotes from several lenders in Mississippi to determine the best fit. For example, rates on a 30 year fixed mortgage are 5.28% APR to 5.45% APR. For a 10/1 ARM, rates are at 4.40% APR.