Missouri Mortgage and Refinance Rates

As of Tuesday, June 30, 2026, current mortgage interest rates in Missouri are 0.00% for a 30-year fixed mortgage and 0.00% for a 15-year fixed mortgage.

Missouri mortgage rates hit record lows in 2021, but in the years afterward, they rose sharply, even though the Federal Reserve cut its benchmark rate three consecutive times in late 2024. More recently, however, rates have fallen to between 6 and 7 percent. Many experts expect this trend to continue, with rates decreasing modestly — though remaining above 6 percent — for the rest of 2025 and into 2026.

Refinance rates in Missouri — and nationally — are well above the lows of 2020 and 2021, making refinancing a less appealing option for Missourians. And even if rates continue to decrease, they have a long way to go before a refinance would save many homeowners any money. According to the Consumer Financial Protection Bureau, nearly 60 percent of U.S. homeowners have a rate below 4 percent. 

However, if you bought your home within the last few years, when rates were closer to 8 percent, you may save money by refinancing now. According to ATTOM Data Solutions, refinance loans in the state were up 8.6 percent year-over-year in August. 

And if you’ve seen your home value increase in recent years, you may have another reason to refinance. Homeowners withdrew $52 billion in equity via home equity products and cash-out refinances in Q2 2025, according to the September 2025 ICE Mortgage Monitor report — the largest quarter for equity extraction in nearly three years. If you have a big expense coming up, a cash-out refi may be a more economical way to pay for it than other borrowing options.

Missouri's median home price is well below the national median — although it's on the rise, up 7.6 percent year-over-year — and there are more than 10 percent more homes on the market in the state than at this time last year. More homes are also experiencing price drops, which is good news for first-time buyers. 

• • Median home sale price, August 2025: $290,000
  • Median home value, August 2025: $266,362
  • Median down payment, August 2025: $34,000
  • Median days on market, September 2025: 33
  • Perentage of homes sold above list price, September 2025: 19.7%
  • Percentage of homes with price drops, September 2025: 31.2%
  • Homeownership rate, Q1 2025: 69.1%

Sources: ATTOM, Redfin, U.S. Census Bureau

If you’re looking to get a mortgage in Missouri, there are several options:

• Missouri conventional mortgages: To qualify for a conventional mortgage, you’ll usually need a minimum credit score of 620 and a debt-to-income (DTI) ratio of no more than 45 percent. If you make a down payment of less than 20 percent, you’ll also need to pay private mortgage insurance (PMI) premiums. Conventional mortgages are often best for those with higher credit scores and more down payment savings.
• Missouri FHA loans: If your credit history disqualifies you from a conventional mortgage, you might be able to obtain a loan insured by the Federal Housing Administration (FHA). If you have a credit score of at least 580, you could qualify for an FHA loan with a down payment as low as 3.5 percent. With their lower credit score and down payment requirements, FHA loans are great for first-time homebuyers.
• Missouri VA loans: If you’re a veteran or active-duty military member, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan won’t usually require a down payment, and you won’t have to pay for mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent of the loan amount for home purchases.

If you’re a homebuyer in Missouri, you might be eligible for one or more mortgage programs through the Missouri Housing Development Commission (MHDC), including:

• First Place Loan Program: The Missouri First Place Loan Program is designed for first-time homebuyers. Borrowers who meet income and purchase price limits can qualify for down payment and closing cost assistance, as well as additional cash assistance in the form of a forgivable second mortgage.
• Next Step Program: MHDC’s Next Step Program provides a primary mortgage with a low interest rate, as well as down payment and closing cost assistance. This program is available to first-time and repeat homebuyers with higher household incomes who wouldn’t qualify for the First Place Loan Program.