Mortgage interest rates surpass 7 percent in Mississippi

If you’re looking to buy a home right now, we have some updated numbers.

The national average for a 30-year fixed mortgage jumped from 6.5 percent in February to over 7 percent this week.

The interest rates in Mississippi are now currently sitting at 7.1 percent for a 30-year fixed mortgage and 6.29 percent for a 15-year fixed mortgage.

With these high rates, buyers can see a reduction in housing prices.

In a stagnant real estate market, buyers also can take advantage of seller incentives. Fairway Independent Mortgage Branch Sales Manager Donna Stewart said, “When the rates go back down, housing supply is going to be limited, housing demand goes up, house prices goes back up, you have way less negotiating power, way less houses available on the market, and so you really kind of could look at this as a prime time to buy.”

Stewart says that mortgage interest rates are slowly trickling back down and could level off back into the fives in the near future.