Missouri Mortgage and Refinance Rates

Current mortgage rates in Missouri

As of Saturday, May 24, 2025, current mortgage interest rates in Missouri are 6.96% for a 30-year fixed mortgage and 6.16% 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, on average, due to economic uncertainty. 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

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’ve seen your home value increase in recent years, you may have another reason to refinance. The average homeowner with a mortgage can borrow against approximately $203,000 in equity, according to the March 2025 ICE Mortgage Monitor report. If you have a big expense coming up, using a cash-out refinance may be a more economical way to pay for it than other borrowing options.

National mortgage rates by loan type

Missouri housing market statistics and trends

• Most affordable counties (based on median home value): Atchison, Dunklin, Mississippi, Pemiscot, Sullivan
• Median home sales price, Jan. 2025: $248,133
• Median home value, Feb. 2025: $249,837 
• Median down payment, Jan. 2025: $16,750
• Homeownership rate, Q4 2024: 71.6%

Sources: ATTOM, U.S. Census Bureau

Mortgage options in Missouri

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, as they come with fewer fees.
• 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.

First-time homebuyer programs in Missouri

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.

How to find the best mortgage rate in Missouri for you

Additional Missouri mortgage resources

• Missouri loan limits by county: Learn the loan limits for FHA and conventional loans broken down by county.
• Missouri homeowners insurance: Find the right homeowners insurance coverage and rate for you.
• Mortgage calculator: Use this tool to estimate your monthly mortgage payment based on your purchase price.
• Missouri housing market: Learn more about the housing market across the state. 

Meet our Bankrate experts

Written by: Jeff Ostrowski, Principal Reporter, Mortgages

I cover mortgages and the housing market. Before joining Bankrate in 2020, I spent more than 20 years writing about real estate and the economy for the Palm Beach Post and the South Florida Business Journal. I’ve had a front-row seat for two housing booms and a housing bust. I’ve twice won gold awards from the National Association of Real Estate Editors, and since 2017 I’ve served on the nonprofit’s board of directors.

Read more from Jeff Ostrowski

Edited by: Alice Holbrook, Editor, Home Lending

I have been a writer and editor in the personal finance space for more than a decade, with more than three of those focused on homebuying and homeownership. I’ve had work appear in outlets including Newsweek, The Washington Post, The Associated Press, USA Today and MarketWatch.

Read more from Alice Holbrook