Mortgage Rates in Horn Lake, Mississippi — April 2026
Updated April 2026 | Based on Horn Lake market data and regional lending conditions
Horn Lake is a smaller Mississippi community of 27,523 where home prices remain well below the national median, making homeownership more attainable. The current 30-year fixed rate here is 6.88% (0.79% above the national average). At a median home price of $146,000, the estimated $870/month payment (with 20% down) is affordable on the local median income of $42,500.
Whether you call it a 30-year mortgage, 30-year home loan, 30-year house loan, or 30-year mortgage loan, the underlying product is the same: a fixed-rate amortizing loan paid over 360 months. In Horn Lake, MS, the current 30-year rate is 6.88%. Shorter terms (15-year fixed at 6.1% or 20-year fixed, typically priced between the 15- and 30-year) reduce total interest paid but increase monthly payments — see our 15-year vs 30-year comparison for the math. Government-backed options include FHA loans (6.57%) and VA loans (6.32%), often available at lower rates with reduced down payment requirements.
Current Mortgage Rates in Horn Lake, MS
Below are the current average mortgage rates available in the Horn Lake area as of April 2026. Rates vary by lender, credit score, and loan-to-value ratio. Use our free calculator above to see your personalized estimate.
| Loan Type | Rate | National Avg | Difference |
|---|---|---|---|
| 30-Year Fixed | 6.88% | 6.09% | +0.79% |
| 15-Year Fixed | 6.1% | 5.58% | +0.52% |
| 5/1 ARM | 6.33% | 5.95% | +0.38% |
| FHA | 6.57% | 5.85% | +0.72% |
| VA | 6.32% | 5.65% | +0.67% |
| Jumbo | 7.13% | 6.25% | +0.88% |
Horn Lake Housing Market Overview
Horn Lake is one of the more affordable housing markets, with a median home price of just $146,000 — significantly below the national median. Combined with a property tax rate of 0.84%, the total monthly housing cost of $870 is within reach for many local households earning the median $42,500.
Monthly Payment Breakdown for Horn Lake
Based on the median home price of $146,000 with 20% down ($29,200), here is what you can expect to pay monthly in Horn Lake:
15-Year vs. 30-Year Mortgage in Horn Lake
Choosing a 15-year mortgage in Horn Lake at 6.1% instead of a 30-year at 6.88% would save you $97,920 in total interest over the life of the loan. However, your monthly payment would be $992 instead of $768 — an increase of $224 per month.
Calculate Your Horn Lake Mortgage Payment
Use our free calculator to get a personalized estimate based on your loan amount, interest rate, and term.
Open Free CalculatorFrequently Asked Questions About Mortgages in Horn Lake
What are the current mortgage rates in Horn Lake, MS?
As of April 2026, the average 30-year fixed mortgage rate in Horn Lake, Mississippi is 6.88%, while the 15-year fixed rate is 6.1%. FHA loans average 6.57% and VA loans 6.32%. These rates are 0.79% above the national average of 6.09%.
How much is a monthly mortgage payment in Horn Lake?
Based on the median home price of $146,000 with 20% down, the estimated monthly mortgage payment in Horn Lake is $768 for principal and interest. Including property taxes of $102/month, the total monthly housing cost is approximately $870.
What income do I need to buy a home in Horn Lake?
Using the 28% rule, you would need an annual income of approximately $37,286 to afford the median-priced home in Horn Lake at $146,000. The median household income in Horn Lake is $42,500. The median income is currently sufficient to meet this threshold.
Is Horn Lake a good place to buy a home in 2026?
Horn Lake offers a below-average cost of living with a cost of living index of 78.9 (national average = 100). The property tax rate in Mississippi is 0.84%, which is near the national average. Horn Lake has a population of 27,523 and offers a very affordable lifestyle.
Mortgage Rates in Other Mississippi Cities
Related Tools & Guides
📊 Sources & Methodology
- 30-yr/15-yr fixed rates: Freddie Mac Primary Mortgage Market Survey (PMMS), weekly national average adjusted for Mississippi regional spread.
- Median home price: $146,000 sourced from Redfin / Zillow real estate listings (2026 data).
- Property tax rate: 0.84% effective rate per Tax Foundation 2026 state property tax data.
- Median household income: $42,500 per US Census Bureau ACS 5-year estimate.
- Calculations: standard amortization formula M = P[r(1+r)^n] / [(1+r)^n − 1], with r = monthly rate, n = 360 months, P = loan amount (80% of home price).
Last updated: April 2026. Rates are approximate averages based on regional lending data for the Horn Lake, Mississippi area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.