Mississippi USDA Loan Rates, Closing Costs & Stats

Mississippi

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    • USDA loans are zero-downpayment loans targeted towards lower-income households in rural areas. They can be made directly by the US Department of Agriculture or through a participating lender-- and they typically to borrowers with credit scores over 640. They can have subsidized rates, making them very competitive in terms of cost, but they have more stringent standards on who is eligible as well as specific covenants such as only being available in rural areas and limits on home size.

    Mississippi USDA Loans, 30 Year Fixed Rates

    30 Year USDA mortgages in Mississippi averaged 6.71% for the week of 2024-04-12, compared to the national average (all USDA variants) of 6.705% for the same period.

    Mississippi's average USDA mortgage closing costs are $4,845.

    The average rate for the prior week (2024-04-05) was 6.33% and one month ago for the week of 2024-03-08, the average rate was 6.49%.

    The average rate one year ago was 6%.

    For refis of the same type during the week of 2024-04-12, the average rate was 6.89%.

    Click on whitespace and scroll within the chart to zoom in/out. Larger bubbles equate with more originations.

    Mississippi USDA Loan Lenders by Rates & Fees

    The below table looks at the average fees/closing costs and rates for USDA 30 Year Fixed Rate (purchase, first lien) mortgages originated by each lender at the Mississippi level.

    Name # of Loans 2023 Avg. 30yFix Rate 2023 Avg. Closing Costs
    Trustmark National Bank 94 6.22% $5,998
    Flagstar Bank, FSB 89 6.50% $7,036
    Renasant Bank 76 6.67% $5,979
    CROSSCOUNTRY MORTGAGE, LLC 63 6.72% $6,983
    BancorpSouth 56 6.23% $6,073
    Regions Bank 52 6.46% $5,863
    FAIRWAY INDEPENDENT MORTGAGE CORPORATION 52 6.41% $6,420
    GMFS LLC 48 6.58% $5,136
    OPEN MORTGAGE, LLC 43 6.75% $7,267
    STOCKTON MORTGAGE CORPORATION 39 6.39% $7,091
    CMG MORTGAGE, INC. 36 6.55% $7,600
    PLANET HOME LENDING, LLC 36 6.62% $8,172
    Community Bank of Mississippi 28 6.41% $4,822
    Magnolia Bank 28 6.37% $6,552
    FIRST COMMUNITY MORTGAGE, INC. 26 6.59% $5,968
    UNITED WHOLESALE MORTGAGE, LLC 26 6.36% $7,915
    Bank of England 21 6.39% $7,689
    Nations Lending Corporation 21 7.02% $4,053
    CARDINAL FINANCIAL 19 6.31% $8,177
    SWBC MORTGAGE CORPORATION 16 6.50% $5,183
    DHI MORTGAGE COMPANY, LTD. 12 5.24% $5,071
    Equity Prime Mortgage LLC 11 6.35% $8,075
    MORTGAGE INVESTORS GROUP, INC. 11 6.68% $5,683
    Paramount Residential Mortgage Group, Inc. 10 6.75% $7,557
    FIDELITY BANK 10 6.84% $5,865
    Eagle Bank and Trust Company 9 6.29% $7,826
    UNION HOME MORTGAGE CORP. 8 6.48% $5,751
    CB&S Bank, Inc. 8 6.53% $4,963
    NEWREZ LLC 8 6.77% $5,548
    The Citizens National Bank of Meridian 8 6.19% $5,381
    MORTGAGE SOLUTIONS OF COLORADO, LLC 8 6.77% $6,745
    DELMAR FINANCIAL COMPANY 7 6.41% $7,542
    AMERICAN PACIFIC MORTGAGE CORPORATION 7 6.46% $7,996
    BankPlus 7 6.31% $4,831
    BROKER SOLUTIONS, INC. 7 6.68% $6,627
    Origin Bank 7 6.50% $5,894
    Merchants & Marine Bank 6 6.62% $8,396
    FIRST COLONY MORTGAGE CORPORATION 6 6.88% $8,928
    MOVEMENT MORTGAGE, LLC 6 6.92% $5,438
    PRIMELENDING, A PLAINSCAPITAL COMPANY 6 6.67% $6,922
    LEADERONE FINANCIAL CORPORATION 5 6.98% $6,565
    COMMUNITY MORTGAGE CORPORATION 5 6.12% $7,404
    GUARANTY HOME MORTGAGE CORPORATION 5 5.85% $6,351
    DRAPER AND KRAMER MORTGAGE CORP. 5 7.02% $7,295
    EUSTIS AND AMERICAN MORTGAGE COMPANY 5 6.83% $6,982
    AMERICAN FINANCIAL NETWORK, INC. 5 6.85% $7,785
    PRIMARY RESIDENTIAL MORTGAGE, INC. 5 6.78% $6,144
    MICHIGAN MUTUAL, INC. 4 6.69% $5,213
    GENEVA FINANCIAL, LLC 4 6.38% $8,986
    GUILD MORTGAGE COMPANY 4 6.53% $6,031
    MID AMERICA MORTGAGE, INC. 4 7.16% $6,233
    KEESLER 4 6.56% $5,513
    EVERETT FINANCIAL, INC. 3 7.29% $7,622
    Evolve Bank & Trust 3 6.33% $6,025
    FirstTrust Home Loans, Inc. 3 7.25% $8,321
    HIGHLANDS RESIDENTIAL MORTGAGE, LTD. 3 7.18% $7,447
    LOANDEPOT.COM, LLC 3 6.38% $5,672
    Mortgage Research Center, LLC 3 7.33% $2,684
    Northpointe Bank 3 6.75% $8,609
    Plains Commerce Bank 3 6.17% $6,776
    AMERICAN FINANCIAL RESOURCES, INC. 3 6.79% $5,743
    GUARANTEED RATE, INC. 2 7.13% $9,703
    Grand Bank for Savings, FSB 2 7.25% $7,040
    CRESCENT MORTGAGE COMPANY 2 5.88% $3,877
    EVANSVILLE TEACHERS 2 5.75% $5,701
    PLAZA HOME MORTGAGE, INC. 2 7.19% $9,922
    First Horizon Bank 2 6.69% $5,442
    Citizens Bank 2 6.00% $5,595
    CIS Financial Services, Inc. 2 5.88% $7,641
    BAYSHORE MORTGAGE FUNDING, LLC 2 7.13% $6,984
    Assurance Financial Group, L.L.C. 2 7.06% $6,797
    Ixonia Bank 2 6.63% $6,194
    FirstBank 1 5.63% $7,894
    The First National Bank of Middle Tennessee 1 6.13% $4,748
    TOWNE MORTGAGE COMPANY 1 6.13% $8,276
    America's Mortgage Resource, Inc. 1 6.75% $5,216
    Sierra Pacific Mortgage Company, Inc. 1 7.13% $3,802
    Simmons Bank 1 6.25% $5,611
    CHURCHILL MORTGAGE CORPORATION 1 5.88% $7,730
    SUCCESS MORTGAGE PARTNERS, INC. 1 6.63% $7,736
    DIRECT MORTGAGE LOANS, LLC 1 7.13% $11,158
    ACADEMY MORTGAGE CORPORATION 1 7.25% $9,413
    Fifth Third Bank 1 5.75% $12,094
    Hancock Whitney Bank 1 5.63% $5,806
    Wells Fargo Bank 1 7.13% $5,826
    Cornerstone First Mortgage, Inc 1 6.63% $4,911
    First Federal Bank, A FSB 1 5.63% $6,792
    The Central Trust Bank 1 6.13% $6,023
    DSLD MORTGAGE, LLC 1 5.88% $3,280

    The top Mississippi USDA lender as defined by loan originations is Trustmark National Bank, with 94 USDA loans originated. Their average total fees are $5,998, which is $1,038 lower than the next largest lender, Flagstar Bank, FSB.

    The lowest fee Mississippi USDA lenders (with over 10 loans originated) are Nations Lending Corporation ($4,053), Community Bank of Mississippi ($4,822), DHI MORTGAGE COMPANY, LTD. ($5,071), GMFS LLC ($5,136) and SWBC MORTGAGE CORPORATION ($5,183).

    The lowest rate Mississippi USDA lenders (with over 10 loans originated) are DHI MORTGAGE COMPANY, LTD. (5.24%), Trustmark National Bank (6.22%), BancorpSouth (6.23%), CARDINAL FINANCIAL (6.31%) and Equity Prime Mortgage LLC (6.35%).