Mortgage Rates in Ocean Springs, Mississippi — March 2026
Updated March 2026 | Based on Ocean Springs market data and regional lending conditions
Ocean Springs is a growing city in Mississippi with a population of 18,127. The current 30-year fixed mortgage rate in Ocean Springs is 6.77%, which is 0.12% above the national average. With a median home price of $115,000 and a 20% down payment of $23,000, homebuyers can expect a monthly principal and interest payment of approximately $598.
Current Mortgage Rates in Ocean Springs, MS
Below are the current average mortgage rates available in the Ocean Springs area as of March 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 | 6.77% | 6.65% | +0.12% |
| 15-Year Fixed | 6.01% | 5.89% | +0.12% |
| 5/1 ARM | 6.26% | 6.15% | +0.11% |
| FHA | 6.51% | 6.25% | +0.26% |
| VA | 6.26% | 6.05% | +0.21% |
| Jumbo | 7.02% | 6.85% | +0.17% |
Ocean Springs Housing Market Overview
The Ocean Springs housing market offers relatively affordable housing compared to many major cities. The median household income in Ocean Springs is $47,500, and the cost of living index is 74.8 (national average = 100). Based on the 28% affordability rule, the median income in Ocean Springs is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Ocean Springs
Based on the median home price of $115,000 with 20% down ($23,000), here is what you can expect to pay monthly in Ocean Springs:
15-Year vs. 30-Year Mortgage in Ocean Springs
Choosing a 15-year mortgage in Ocean Springs at 6.01% instead of a 30-year at 6.77% would save you $75,420 in total interest over the life of the loan. However, your monthly payment would be $777 instead of $598 — an increase of $179 per month.
Calculate Your Ocean Springs 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 Ocean Springs
What are the current mortgage rates in Ocean Springs, MS?
As of March 2026, the average 30-year fixed mortgage rate in Ocean Springs, Mississippi is 6.77%, while the 15-year fixed rate is 6.01%. FHA loans average 6.51% and VA loans 6.26%. These rates are 0.12% above the national average of 6.65%.
How much is a monthly mortgage payment in Ocean Springs?
Based on the median home price of $115,000 with 20% down, the estimated monthly mortgage payment in Ocean Springs is $598 for principal and interest. Including property taxes of $76/month, the total monthly housing cost is approximately $674.
What income do I need to buy a home in Ocean Springs?
Using the 28% rule, you would need an annual income of approximately $28,886 to afford the median-priced home in Ocean Springs at $115,000. The median household income in Ocean Springs is $47,500. The median income is currently sufficient to meet this threshold.
Is Ocean Springs a good place to buy a home in 2026?
Ocean Springs offers a below-average cost of living with a cost of living index of 74.8 (national average = 100). The property tax rate in Mississippi is 0.79%, which is below the national average. Ocean Springs has a population of 18,127 and offers a very affordable lifestyle.
Mortgage Rates in Other Mississippi Cities
Related Tools & Guides
Last updated: March 2026. Rates are approximate averages based on regional lending data for the Ocean Springs, Mississippi area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.