Mortgage Rates in Petal, Mississippi — March 2026
Updated March 2026 | Based on Petal market data and regional lending conditions
Petal is a growing city in Mississippi with a population of 10,854. The current 30-year fixed mortgage rate in Petal is 6.8%, which is 0.15% above the national average. With a median home price of $138,000 and a 20% down payment of $27,600, homebuyers can expect a monthly principal and interest payment of approximately $720.
Current Mortgage Rates in Petal, MS
Below are the current average mortgage rates available in the Petal 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 | 6.8% | 6.65% | +0.15% |
| 15-Year Fixed | 6.03% | 5.89% | +0.14% |
| 5/1 ARM | 6.28% | 6.15% | +0.13% |
| FHA | 6.53% | 6.25% | +0.28% |
| VA | 6.28% | 6.05% | +0.23% |
| Jumbo | 7.05% | 6.85% | +0.2% |
Petal Housing Market Overview
The Petal housing market offers relatively affordable housing compared to many major cities. The median household income in Petal is $47,800, and the cost of living index is 73.9 (national average = 100). Based on the 28% affordability rule, the median income in Petal is sufficient to afford the median-priced home.
Monthly Payment Breakdown for Petal
Based on the median home price of $138,000 with 20% down ($27,600), here is what you can expect to pay monthly in Petal:
15-Year vs. 30-Year Mortgage in Petal
Choosing a 15-year mortgage in Petal at 6.03% instead of a 30-year at 6.8% would save you $91,260 in total interest over the life of the loan. However, your monthly payment would be $933 instead of $720 — an increase of $213 per month.
Calculate Your Petal 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 Petal
What are the current mortgage rates in Petal, MS?
As of March 2026, the average 30-year fixed mortgage rate in Petal, Mississippi is 6.8%, while the 15-year fixed rate is 6.03%. FHA loans average 6.53% and VA loans 6.28%. These rates are 0.15% above the national average of 6.65%.
How much is a monthly mortgage payment in Petal?
Based on the median home price of $138,000 with 20% down, the estimated monthly mortgage payment in Petal is $720 for principal and interest. Including property taxes of $87/month, the total monthly housing cost is approximately $807.
What income do I need to buy a home in Petal?
Using the 28% rule, you would need an annual income of approximately $34,586 to afford the median-priced home in Petal at $138,000. The median household income in Petal is $47,800. The median income is currently sufficient to meet this threshold.
Is Petal a good place to buy a home in 2026?
Petal offers a below-average cost of living with a cost of living index of 73.9 (national average = 100). The property tax rate in Mississippi is 0.76%, which is below the national average. Petal has a population of 10,854 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 Petal, Mississippi area. Individual rates may vary by lender, credit score, loan amount, and other factors. Use our free calculator for a personalized estimate.