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Missouri Mortgage and Refinance Rates

On Saturday, May 25, 2024, the national average 30-year fixed mortgage APR is 7.13%. The national average 30-year fixed refinance APR is 7.14%, according ... to Bankrate's latest survey of the nation's largest mortgage lenders.

Current mortgage rates in Missouri

As of Saturday, May 25, 2024, current mortgage interest rates in Missouri are 7.38% for a 30-year fixed mortgage and 6.63% for a 15-year fixed mortgage.

Elevated mortgage rates continue to make housing affordability a challenge for Missouri homebuyers, and refinances far less desirable for homeowners. While mortgage rates are difficult to predict, many economists expect them to remain well above their historical lows for the foreseeable future.

Refinance rates in Missouri

Refinance rates in Missouri have risen significantly in the past two years, making refinancing less of an option for Missourians. However, with potential rate cuts coming from the Federal Reserve this year, refinancing could be beneficial if you can secure a lower interest rate.

Missouri borrowers who saw their home equity rise in recent years might still be interested in refinancing as a way to tap those funds.

Missouri mortgage rate trends

Mortgage rates hit record lows in 2021, but they have risen sharply since then. As of October 2023, mortgage rates nationally and in Missouri were at their highest levels since 2000, according to Bankrate’s national survey of lenders. As the Federal Reserve may cut rates this year, rates are expected to trend downward in 2024 and into 2025.

National mortgage rates by loan type

Product Interest Rate APR
30-Year Fixed Rate 7.08% 7.13%
15-Year Fixed Rate 6.54% 6.62%
5-1 ARM 6.61% 7.93%
30-Year Fixed Rate FHA 6.92% 6.96%
30-Year Fixed Rate VA 7.11% 7.15%
30-Year Fixed Rate Jumbo 7.17% 7.22%

Rates as of Saturday, May 25, 2024 at 6:30 AM



Mortgage statistics for Missouri

Here are some statistics about mortgages and the housing market in Missouri:

  • Average home value (as of Mar. 2024): $238,125 (Zillow)
  • Homeownership rate (as of Q4 2023): 70.5% (U.S. Census Bureau)
  • Homes with price drops (as of Feb. 2024): 23.7% (Redfin)
  • Number of homes for sale (as of Feb. 2024): 19,109 (Redfin)

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 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 need to pay private mortgage insurance (PMI) premiums, as well. Conventional mortgages are often best for those with higher credit scores and down payments, 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 down payment of at least 3.5 percent, you could qualify for this type of loan with a credit score as low as 580. With their lower credit score, income and down payment requirements, FHA loans are great for first-time homebuyers and applicants with lower incomes.
  • Missouri VA loans: If you’re a veteran or active-duty member of the military, you might qualify for a mortgage guaranteed by the Department of Veterans Affairs (VA). A VA loan doesn’t require a down payment or mortgage insurance, but you do need to pay a funding fee, which ranges from 1.25 percent to 3.3 percent.

First-time homebuyer programs in Missouri

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

  • 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. There are income limits based on the number of residents in the household and where the borrower intends to buy a home. For instance, a one- to two-person household in the St. Louis area can’t have an income exceeding $100,500. 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.
  • Next Step Program: MHDC’s Next Step Program provides a mix of a low interest rate primary mortgage with 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. Like the First Place Program, the down payment and closing cost assistance comes as a second mortgage worth up to 4 percent of the first mortgage amount, and is forgivable after 10 years of the home being a primary residence. 
  • 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.

How to find the best mortgage rate in Missouri for you

  • Step 1: Strengthen your credit score - Long before you start looking for a mortgage lender or applying for a loan, give your finances a checkup, and improve your credit score if needed.
  • Step 2: Determine your budget - To find the right mortgage, you’ll need a good handle on how much house you can afford.
  • Step 3: Know your mortgage options - There are a few different types of mortgages.
  • Step 4: Compare rates and terms from several lenders - Rate-shop with at least three different banks or mortgage companies.
  • Step 5: Get preapproved for a mortgage - Getting a mortgage preapproval is the only way to get accurate loan pricing for your specific situation.

Learn more about how to get a mortgage.

Lender compare

Compare mortgage lenders side by side

Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163


Rating: 3.6 stars out of 5
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Recent Customer Reviews

Rating: 4.98 stars out of 5



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NMLS: 2289

State License: 4965


Rating: 4.5 stars out of 5
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Recent Customer Reviews

Rating: 4.94 stars out of 5



Additional Missouri mortgage resources


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: Laurie Dupnock, Editor, Home Lending

I’ve spent five years in writing and editing roles, and I now focus on mortgage, mortgage relief, homebuying and mortgage refinancing topics. I’m most interested in providing resources for aspiring first-time homeowners to help demystify the homebuying process. In 2021, I earned a Poynter ACES Certificate in Editing. I have an MA in English. 

Read more from Laurie Dupnock