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Missouri Mortgage and Refinance Rates

On Friday, June 02, 2023, the national average 30-year fixed mortgage APR is 7.10%. The national average 30-year fixed refinance APR is 7.14%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

Bankrate has offers for Missouri mortgage and refinance loans from top partners that are well below the national average. Compare, apply, and start saving today.

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Current mortgage rates in Missouri


As of Friday, June 2, 2023, current mortgage interest rates in Missouri are 7.00% for a 30-year fixed mortgage and 6.42% for a 15-year fixed mortgage. Missouri is home to nearly 6.2 million people. Homes are affordable in Missouri compared to coastal states, and some 69 percent live in homes they own, according to Census estimates. The Missouri Housing Development Commission (MHDC) is a government-affiliated organization dedicated to providing financing and aid for citizens to obtain affordable housing. The MHDC also provides educational, training and consulting services to other nonprofit housing organizations.


Refinance rates in Missouri


Refinance rates have also been trending upward. If you’re considering refinancing, use Bankrate’s mortgage calculator to figure out what the monthly payments would be and determine how much you may save by resetting your mortgage.

How to find the best mortgage rate in Missouri for you

It’s always best to shop around to find the most competitive mortgage loan. Comparing multiple offers from lenders can save thousands of dollars over the course of a mortgage.

Mortgage options in Missouri

When it comes to mortgages in Missouri, options include:

  • Fixed-rate mortgages: Fixed-rate mortgages maintain the same interest rate over the life of your loan, which means your monthly mortgage payment always stays the same.
  • Adjustable-rate mortgages: Unlike the stability of fixed-rate loans, adjustable-rate mortgages (ARMs) have interest rates that fluctuate with market conditions.
  • FHA loans: Backed by the FHA, these home loans come with competitive interest rates, and help make homeownership possible for borrowers without a large down payment or pristine credit.
  • VA loans: VA loans provide flexible, low-interest mortgages for members of the U.S. military (active duty and veterans) and their families.
  • USDA loans: USDA loans help moderate- to low-income borrowers who meet certain income limits buy homes in rural, USDA-eligible areas.
  • Jumbo loans: Jumbo mortgages are home loan products that fall outside FHFA borrowing limits. Jumbo loans are more common in higher-cost areas where home prices are often on the higher end.

First-time homebuyer programs in Missouri

Qualifying individuals and families in Missouri may have access to a variety of national programs and local educational opportunities to help them through the buying process. In addition to nationally available programs, there are some Missouri-specific first-time homebuyer programs available to residents.

  • First Place Loan Program: The Missouri First Place Loan Program, administered by the MHDC, is designed to help first-time homebuyers (or those who have not owned a home in the preceding three years) purchase a home. Through the program, borrowers are eligible for cash assistance for the down payment and closing costs (equivalent to 4 percent of the first mortgage amount) and additional cash assistance in the form of a second mortgage, which will be forgiven if the borrower stays in the home for at least 10 years. Income limits based on the number of residents in the household apply, and are calculated based on where the borrower resides. For instance, a one- to two-person household in the St. Louis area must not exceed a household income of $82,900. There are also statewide purchase price limits that vary based on the number of units and whether the home is located in a non-targeted or targeted area.
  • Missouri Mortgage Credit Certificate: The Missouri Mortgage Credit Certificate (MCC) program converts a portion of the borrower’s mortgage interest paid into a non-refundable federal tax credit. The MCC program is available to low- to moderate-income first-time homebuyers who work with an MHDC-certified mortgage lender to receive the certificate. The program is structured to help first-time borrowers qualify for their first home loan by reducing the taxes they would otherwise have to pay. The maximum tax credit in a year is $2,000; minimum credit scores, household income limits and home purchase price limits apply. First-time homebuyers can also combine the MCC with another MHDC program, Next Step, that assists with down payment and closing costs in the form of a 4 percent second mortgage. To be eligible, borrowers must meet the same credit, income and purchase price requirements of the MCC program.

Additional Missouri mortgage resources