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Compare Current Southaven, Mississippi Mortgage Rates
Compare Southaven, MS mortgage rates and fees from top lenders. Review free, personalized mortgage rates based on your specifc loan amount, program and other factors. Easily compare APRs, closing costs and monthly payments to find the lowest mortgage rates in Southaven.
We recommend that you contact at least five lenders as shopping multiple lenders is the best way to save money on your mortgage in Southaven. Plus, shopping lenders is free and there is no obligation.
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Southaven, MS Mortgage Rates as of December 5, 2024
Loan terms assume conforming mortgage amount on single family residence, 80% LTV ratio and minimum borrower credit score of 740. $150,000 minimum mortgage amount. Borrower is responsible for $1,055 lender fee. Loan terms are subject to change without notice.
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Rate data provided by RateUpdate.com. Displayed by ICB, a division of Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Payments do not include taxes, insurance premiums or private mortgage insurance if applicable. Actual payments will be greater with taxes and insurance included. Read through our lender table disclaimer for more information on rates and product details.
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Compare Today's Southaven, MS Mortgage Rates
December 5, 2024
Current mortgage rates in Southaven, MS are % for a 30 year fixed rate loan, % for a 15 year fixed loan and % for a 5/1 adjustable rate mortgage (ARM)
Mortgage Program
Today's Southaven, MS Rates
National Average
Comparison
30 Year Fixed Rate
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6.670%
15 Year Fixed Rate
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5.960%
5/1 Adjustable Rate Mortgage
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6.250%
How Affordable is Housing in Southaven, Mississippi?
Below we provide helpful information on the real estate market, home prices and housing affordability in Southaven. Understand how much you need to earn to afford a home in Southaven, including the mortgage you need to qualify for. Review the monthy payment so you can determine if owning a house in Southaven fits your budget. This information is based on proprietary analysis you can only find on FREEandCLEAR and we offer it to help you decide if living in Southaven is right for you.
The median home value for Southaven, MS (DeSoto County) is $261,287
Based on current mortgage rates and a 10% down payment, you need to make $54,509 per year to buy the median priced home in Southaven
With this income, you could qualify for a $235,158 mortgage, assuming your monthly debt expense is reasonable
Based on this loan amount, the monthly mortgage payment required to buy the median priced home in Southaven is $1,262
The median household income for Southaven, MS (DeSoto County) is $71,519
Based on this income, you can afford a home valued at approximately $342,827
The home price you can afford to buy based on household income in Southaven is 131% of the median home value which means housing prices are average.
Southaven (DeSoto County) ranks 78 out of 82 counties in Mississippi and 2,300 out of 3,142 counties in the United States for housing affordability.
According to the FREEandCLEAR Housing Affordability Index, the housing market in Southaven, MS is average
Loan Limits for Southaven, Mississippi
Mortgage limits affect your loan terms, mortgage program eligibility and what price home you can afford. Review the loan limits for Southaven (DeSoto County) below.
Conforming loan limits for Southaven, MS
1 unit:$726,200
2 units:$929,850
3 units:$1,123,900
4 units:$1,396,800
FHA loan limits for Southaven, MS
1 unit:$472,030
2 units:$604,400
3 units:$730,525
4 units:$907,900
VA loan limits for Southaven, MS
1 unit:$726,200
Additional Mortgage Resources for Southaven, MS Residents