Mortgage Rates in Missouri

As of Saturday, April 17, 2021, current rates in Missouri are 3.09% for a 30-year fixed, 2.49% for a 15-year fixed, and 2.81% for a 5/1 adjustable-rate mortgage (ARM).

We’ll help you find Missouri mortgage and refinance rates well below the national average so you can apply and start saving on your home today.

About our Mortgage Rate Tables: The above mortgage loan information is provided to, or obtained by, Bankrate. Some lenders provide their mortgage loan terms to Bankrate for advertising purposes and Bankrate receives compensation from those advertisers (our "Advertisers"). Other lenders' terms are gathered by Bankrate through its own research of available mortgage loan terms and that information is displayed in our rate table for applicable criteria. In the above table, an Advertiser listing can be identified and distinguished from other listings because it includes a "Next" button that can be used to click-through to the Advertiser's own website or a phone number for the Advertiser.

Availability of Advertised Terms: Each Advertiser is responsible for the accuracy and availability of its own advertised terms. Bankrate cannot guaranty the accuracy or availability of any loan term shown above. However, Bankrate attempts to verify the accuracy and availability of the advertised terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. Click here for rate criteria by loan product.

Loan Terms for Bankrate.com Customers: Advertisers may have different loan terms on their own website from those advertised through Bankrate.com. To receive the Bankrate.com rate, you must identify yourself to the Advertiser as a Bankrate.com customer. This will typically be done by phone so you should look for the Advertisers phone number when you click-through to their website. In addition, credit unions may require membership.

Loans Above $548,250 May Have Different Loan Terms: If you are seeking a loan for more than $548,250, lenders in certain locations may be able to provide terms that are different from those shown in the table above. You should confirm your terms with the lender for your requested loan amount.

Taxes and Insurance Excluded from Loan Terms: The loan terms (APR and Payment examples) shown above do not include amounts for taxes or insurance premiums. Your monthly payment amount will be greater if taxes and insurance premiums are included.

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Compare today's average mortgage rates in the state of Missouri. Bankrate aggregates mortgage rates from multiple sources to provide averages for Missouri.

Missouri Mortgage Interest Rates Saturday, April 17
Loan Term Interest Rate Change 1 Day Rate Last Week
30-year fixed mortgage rate 3.09% trend-up-red 0.11% 3.20%
15-year fixed mortgage rate 2.49% trend-up-red 0.01% 2.48%
5/1 ARM mortgage rate 2.81% -- 0.00% 2.81%
30-year fixed jumbo mortgage rate 3.03% trend-up-red 0.14% 3.17%
30-year fixed refinance rate 3.17% trend-up-red 0.10% 3.27%

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to help consumers in their mortgage process. To learn more about the different rate averages Bankrate publishes above, see Understanding Bankrate's Rate Averages.

Missouri mortgage overview

By Zach Wichter

Missouri is home to just over 6 million people, and approximately 67 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.

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. The home purchased can be a:

  • Single-family detached home
  • Condo
  • Townhome
  • One-half duplex
  • Manufactured home on a permanent foundation
  • Semi-detached home

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 (MCC)

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.

Missouri mortgage refinancing

For Missouri homeowners interested in refinancing, the MHDC offers a refinance program that assists with closing costs on a refinance, offering up to 3 percent of the loan amount as a second mortgage, which can be forgiven if the owner remains in the home for five years. If equity is an issue, borrowers may be able to also qualify for a grant up to $10,000.

To be eligible, borrowers must meet minimum credit requirements and receive in-person credit counseling from a HUD-approved agency. In addition, the property must not appraise for more than the maximum purchase price limit, among other requirements.

If you believe it could be beneficial to refinance your home in Missouri, private lenders, banks and mortgage brokers are other options, as well.

Regardless of which program or lender you choose, it’s wise to identify your goals in refinancing (such as a lower monthly mortgage payment, a shorter term or a lower interest rate), do your research and shop around to make sure you’re getting the best possible rate and terms.