Gulfport, Mississippi Mortgage Refinance Interest Rates
Discover the latest mortgage interest rates to make informed decisions about your home refinancing.
Interest rate over time in Gulfport, Mississippi
Timeframe
Daily refinance averages provided by the Mortgage Research Center.
Compare mortgage rates in Gulfport, Mississippi
Showing results for: 15-Year Fixed and 30-Year Fixed refinance offers for Single Family or Townhome properties in MS, total loan amount of $228,000.
| Lender | APR / Rate | Monthly Payment | |
|---|---|---|---|
Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, NMLS #1907, Equal Housing Opportunity. Rates and fees are estimates and subject to change without notice. Payments do not include taxes and insurance premiums. Actual payments may be higher. Not all lenders participate in this marketplace. Loan availability and terms may vary by state and lender. Lender offers, including badges like “Lowest APR” or “Lowest Payment,” are based only on results displayed here and may not reflect the absolute lowest offer available in the market. Rate and product details
Should You Refinance in Gulfport?
3.7% annual appreciation
· Data updated 10/4/2026In Gulfport's stable market, refinancing decisions should focus on interest rate comparisons. Even a 0.5% rate reduction can result in significant savings over the life of your loan.
Local Market Context
Gulfport, Mississippi homes have a median value of $98,500, with 3.7% year-over-year appreciation. Consistent home values provide a solid foundation for refinancing decisions focused on lowering interest rates and monthly payments.
Estimated Monthly Payment in Gulfport
Based on the median home price of $98,500 with 20% down at 7.54% (30-year fixed):
| Principal & Interest | $553.25/mo |
| Property Tax | $65/mo |
| Homeowner's Insurance (est.) | $125/mo |
| Estimated Total (PITI) | $743/mo |
Rate Savings Scenarios for Gulfport
How your monthly principal & interest payment changes at different rates (20% down on $98,500 median home):
| Interest Rate | Monthly P&I | vs. Current Rate |
|---|---|---|
| Current rate (7.54%) | $553 | — |
| 7.04% (–0.5%) | $526 | –$27/mo |
| 6.54% (–1.0%) | $500 | –$53/mo |
Down Payment Impact in Gulfport
Monthly principal & interest at 7.54% for different down payments on the $98,500 median home:
| Down Payment | Loan Amount | Monthly P&I |
|---|---|---|
| 10% down ($9,850) | $88,650 | $622 |
| 15% down ($14,775) | $83,725 | $588 |
| 20% down ($19,700) | $78,800 | $553 |
Property Tax Impact
Property taxes in Gulfport, Mississippi average 0.79% of home value, which is lower compared to the national average. When refinancing, it's important to remember that your total monthly payment includes these taxes (approximately $65 per month for a median-valued home). A lower interest rate might reduce your principal and interest payment, but your property tax portion stays the same.
Mississippi ranks 32nd (low) nationally for property taxes, which directly affects your total monthly payment when buying or refinancing.
Cost of Living Context
Gulfport's cost of living is 2% below the national average (index: 98), meaning housing costs tend to run lower than typical — which may allow for higher purchasing power when buying or refinancing.
Calculate Your Exact Refinance Savings
Get a personalized analysis based on your specific mortgage details, compare multiple offers, and see your break-even point.
Use Refinance CalculatorSmart Refinancing Strategies for Gulfport Homeowners
Hey Gulfport! Our local market offers highly accessible housing and steady growth. This stability is a huge advantage when you are planning your financial future and managing your household budget.
FHA to Conventional & Your LTV
Because Gulfport is incredibly affordable, almost all buyers utilize FHA, USDA, or VA loans. Refinancing relies heavily on your Loan-to-Value (LTV) ratio.
If this growth pushes your LTV under 80%, refinancing into a Conventional loan can permanently remove expensive monthly mortgage insurance premiums.
Property Tax Tip for Gulfport Homeowners
Because your home value and taxes are so low, fixed closing costs can feel like a larger percentage of your loan. Look for "no-closing-cost" refinance options where the lender covers the fees in exchange for a slightly higher rate.
Hero & Housing Programs for Gulfport
Take advantage of the MHC (Mississippi Home Corporation). Their programs help moderate-income owners find long-term financial stability, especially if you have a military service history and can combine benefits.
What Interest Rate Drop Makes Refinancing Worth It in Gulfport?
In Gulfport's stable market with 3.7% annual appreciation, refinancing is generally worthwhile when you can reduce your rate by at least 0.75-1%. For a $98,500 home with an 80% LTV ($78,800 loan), dropping from 7% to 6% saves approximately $140/month. With typical closing costs around $1,970, you'd break even in about 14 months. If you plan to stay in your home at least 2 years, refinancing makes financial sense.
How Do I Calculate My Break-Even Point for Refinancing in Gulfport?
Calculate your break-even point by dividing total closing costs by monthly savings. In Gulfport, closing costs typically run 2-3% of your loan amount. If you're refinancing $78,800 (80% of Gulfport's $98,500 median home value), expect around $1,970 in costs. Compare your current monthly payment to your new payment including the 0.79% property tax, insurance, and the new principal/interest. If refinancing saves $150/month, your break-even is 13 months. Don't forget to factor in how long you plan to keep the home.
Should I Refinance from a 30-Year to 15-Year Mortgage in Gulfport?
Shortening your term from 30 to 15 years can save substantial interest and typically offers rates 0.5-0.75% lower. On Gulfport's median home value of $98,500, you could save over $100,000 in interest over the loan's life. However, monthly payments increase significantly-a $78,800 loan at 6% jumps from approximately $535/month (30-year) to $686/month (15-year at 5.5%). Refinance to a 15-year if you can comfortably afford the higher payment and want to build equity faster in Gulfport's stable market.
Can I Refinance If I Still Have PMI in Gulfport?
Yes, and eliminating PMI is often a primary refinancing goal. PMI typically costs 0.5-1% of your loan amount annually. On a $78,800 mortgage in Gulfport, that's $200-400/month. With 3.7% annual appreciation plus principal paydown, you may have crossed the 80% LTV threshold. If you purchased with 5-10% down 3-4 years ago, appreciation likely brought you to 20%+ equity. Refinancing removes PMI permanently (unlike conventional loans where it can take years to cancel), immediately lowering your payment even if you get the same interest rate.
Is a No-Closing-Cost Refinance a Good Deal in Gulfport?
No-closing-cost refinances roll $2,364 in typical closing costs into your loan balance or offset them with a slightly higher interest rate (usually 0.25-0.5% higher). In Gulfport's stable market, this makes sense if you plan to move within 3-5 years, avoiding the $13-month break-even period on traditional refinances. However, if you're staying long-term, paying closing costs upfront and getting a lower rate saves more money over time. Calculate both scenarios: upfront costs with lower rate versus no costs with higher rate over your expected timeline.
How Gulfport compares across Mississippi
Median home prices vary widely across Mississippi, which changes what a typical refinance costs. Here is the estimated monthly principal and interest on a median-priced home (80% loan-to-value) at today's average 30-year fixed rate of 7.54%:
| City | Median home price | Est. monthly P&I | vs. Gulfport |
|---|---|---|---|
| Gulfport | $98,500 | $553 | — |
| Hattiesburg | $115,300 | $648 | +$95/mo |
| Biloxi | $151,500 | $851 | +$298/mo |
| Tupelo | $168,200 | $945 | +$392/mo |
Estimates use each city's median home price with the same statewide average rate; actual quotes vary by lender, credit profile, and loan size.