Today's 30-year mortgage rate in Missouri averages 5.90%, lower than the national average of 6.40%. Missouri offers homebuyer assistance through programs like First Place and Next Step to make mortgage costs more manageable.
Mortgage
Today's Mortgage Rates in Missouri (October 2024)
Updated: October 16, 2024
Advertising & Editorial Disclosure
MoneyGeek uses publicly available data from Zillow for the rates on this page. Mortgage rates shift daily, and we take a snapshot of rates to analyze rate information for Missouri. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless specifically noted otherwise, rates featured in the content are annual percentage rates (APRs).
This data was last updated on October 2024.
Current Mortgage Rates in Missouri
Missouri's current 30-year fixed mortgage rate for October 2024 is 5.9%, down from 6.0% last month. If you take out a $250,000 loan with a 20% down payment, this dip could save you about $5,080 in total interest, excluding costs like property taxes or HOA fees.
Rates often change due to economic factors and Federal Reserve actions. Our line chart shows how rates in Missouri have shifted in recent months.
Even small changes in mortgage rates can significantly impact your finances. Understanding the current mortgage rate in Missouri will help you budget effectively.
Who Needs to Know Current Mortgage Rates in Missouri?
Understanding today's mortgage interest rates in Missouri can benefit first-time homebuyers and existing homeowners looking to refinance, especially given the shifts in the housing market.
First-time homebuyers
First-time homebuyers in Missouri can benefit from knowing current mortgage rates to gauge what rates to expect and assess their competitiveness.
Homeowners with mortgages
Existing homeowners in Missouri might check current mortgage rates to consider a mortgage refinance when rates drop below their own.
Purchase and refinance rates in Missouri differ. As of October 2024, the average APR for a 30-year fixed-rate mortgage is 5.90%. Refinancing comes with a higher average APR of 6.08%. Keeping track of these rates can help you decide whether to buy, refinance or stay with your current loan.
Current Mortgage Rates in Missouri by Loan Type
A 30-year fixed-rate mortgage is usually higher than a 15-year mortgage due to the longer term's increased risk. A 15-year mortgage typically offers a lower rate and faster payoff.
Rates depend on your financial details mortgage types in Missouri. Use a mortgage calculator to estimate monthly payments and total interest based on current rates.
Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
| 4.95% | 5.09% |
INTEREST RATE VS. APR: WHAT'S THE DIFFERENCE?
An interest rate on a mortgage is the percentage you pay every year to borrow money. In Missouri, the average mortgage interest rate for a 30-year fixed mortgage is 5.82%.
An APR (annual percentage rate) includes the interest rate and other costs such as mortgage points and fees. In Missouri, a 30-year fixed mortgage has an average APR of 5.90%, which represents the total yearly cost of the loan.
Current Mortgage Rates in Missouri by Credit Score
In Missouri, if your credit score is 740 or higher and you make a 5% to 20% down payment, the average APR for a 30-year fixed mortgage is 6.56%. For scores below 680, the average APR rises to 7.51%.
Your credit score impacts the mortgage rates you might qualify for. Check out the interactive table below to find the rates you could get based on your credit score and down payment:
Data filtered by:Results filtered by:
Credit Score Range:
Credit Score Range:680 - 740
Down Payment:
Down Payment:20% or higher
| 10-year Fixed | 5.13% |
| 15-year Fixed | 5.22% |
| 20-year Fixed | 6.00% |
| 30-year Fixed | 6.28% |
| 5-year ARM | 7.57% |
| 7-year ARM | 7.45% |
Mortgage Types in Missouri
As of October 2024, VA loans offer the lowest average APR at 5.61% among 30-year fixed-rate mortgages in Missouri. Understanding your mortgage options helps you make an informed choice that suits your financial situation.
Mortgage Type | Definition | Impact on Rates | 30-Year Rates in Missouri |
|---|---|---|---|
Conventional Loans | Conventional loans in Missouri meet the funding criteria of Fannie Mae and Freddie Mac. | Rates on conventional loans are influenced by credit score, down payment and loan amount. | 5.90% |
FHA Loans | FHA loans in Missouri are backed by the Federal Housing Administration and designed for low-to-moderate income borrowers. | FHA loans usually offer lower rates for borrowers with less than perfect credit. | currently unavailable |
VA Loans | VA loans in Missouri are available to veterans, active service members and eligible military spouses. | VA loans often have competitive rates due to government backing. | 5.61% |
USDA Loans | USDA loans in Missouri support home purchases in rural and suburban areas for low-to-moderate income earners. | USDA loans can come with lower rates since they are designed to boost rural development. | currently unavailable |
Jumbo Loans | Jumbo loans in Missouri exceed the conforming loan limits set by Fannie Mae and Freddie Mac. | Jumbo loans typically have higher rates due to the larger loan amounts and increased risk. | 6.29% |
MORTGAGE RATE STRUCTURES IN MISSOURI
Mortgage rates come in two types: fixed and adjustable.
- A fixed-rate mortgage means your monthly mortgage payments stay the same throughout the loan term. This stability can make budgeting easier.
- An adjustable-rate mortgage (ARM) typically begins with a lower rate that can change, potentially leading to lower initial payments.
As of October 2024, the average APR for a 30-year fixed-rate loan in Missouri is 5.90%, while a seven-year ARM averages 7.06%.
Mortgage Lenders in Missouri
Rocket Mortgage, Better and Lower are reliable mortgage options in Missouri due to their state presence, Better Business Bureau (BBB) accreditation and homeowner assistance programs. This list is not exhaustive; other lenders may also meet your needs.
The mortgage rate you receive in Missouri can vary by lender. Since lenders offer different options and terms, comparing several offers will help you find the best rate.
- Rocket
- 4Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 8:30 am to 9:00 pm ET Saturday, 9:00 am to 4:00 pm ETCustomer Service Hours
Rocket Mortgage offers a range of mortgage options, including FHA, conventional, VA and jumbo loans. The minimum credit score is 620 for ONE+ and conventional loans, 580 for FHA and VA loans and 680 for jumbo loans.
The ONE+ product requires just 1% upfront for down payments, with the lender covering an additional 2%. FHA loans need 3.5%, conventional loans require 3%, and VA loans have no down payment requirement.
Rocket Mortgage provides support via phone or chat Monday to Friday from 8:30 a.m. to 9:00 p.m. ET and Saturday from 9:00 a.m. to 4:00 p.m. ET. It also offers programs like ONE+, HomeReady, HomePossible and Freddie Mac BorrowSmart Access to assist with homeownership.
Pros
- Hassle-free online prequalification
- Access to Fannie Mae and Freddie Mac programs
- ONE+ program contributes to downpayment
Cons None
- Better
- 4Number of Mortgage Options
- YesOnline Application
- B+BBB Rating
- Monday to Friday, 8 am to 9 pm ET Saturday and Sunday, 9 am to 9 pm ETCustomer Service Hours
Better, an online-only lender, provides fixed-rate and adjustable-rate mortgages. For a conventional loan, a minimum credit score of 620 is required. For an FHA loan, the minimum score is 580.
Down payments range from 3% to 5% for non-FHA loans. If your credit score is below 580, expect to make a 10% down payment. With a score of 580 or higher, the down payment can be as low as 3.5%. If a co-borrower who won’t live in the property is involved, the down payment increases to 25%.
Customer service is available via phone or email Monday through Friday, 8 a.m. to 9 p.m. ET, and on weekends from 9 a.m. to 9 p.m. ET. Missouri homebuyers can also benefit from the Better Real Estate discount, which helps reduce financial stress in the homebuying process.
Pros
- No commission for loan officers
- 24-hour loan Commitment Letter for eligible borrowers
- Sunday customer support hours
Cons
- No VA or USDA mortgage options
- Entirely online with no branches
- B+ rating with BBB
- Lower.com
- 5Number of Mortgage Options
- YesOnline Application
- A+BBB Rating
- Monday to Friday, 9 am to 5 pm ETCustomer Service Hours
Lower operates exclusively online and is a top HELOC lender in most states. Conventional loans typically require a credit score of at least 620, while FHA loans can be obtained with a score starting at 580.
Customer service is available by phone and text Monday through Friday from 9 a.m. to 5 p.m. ET. Missouri homeowners may benefit from Lower's Buy Before You Sell program, which helps transition between homes.
Pros
- Online prequalification available
- Accredited with A+ BBB rating
- Extensive FAQ section available
Cons
- No unique mortgage choices
- No in-person support available
- Need phone call to complete application
Mortgage Programs in Missouri
Owning a home comes with hidden costs. For support, check out the Missouri Housing Development Corporation, which offers various mortgage programs.
Program | Description |
|---|---|
Offers mortgage rates lower than the Missouri average, reducing your monthly payments. The Cash Assistance program provides help with down payments and closing costs. Homebuyers with a credit score of at least 640 and a good financial history may qualify for a fully forgivable second loan. This program is available to first-time buyers, veterans and residents in certain areas, potentially making it easier to purchase your new home. | |
Offers lower rates and cash assistance for down payments and closing fees. Choose a forgivable loan that disappears within a decade for lower monthly payments. Combine the Next Step program with a Mortgage Credit Certificate for added tax credits. With a minimum credit score of 640 and specific financial criteria, there's a good chance you’ll qualify. | |
Offers federal tax credits on a portion of your mortgage interest, potentially saving you up to $2,000 annually. With options for 25%, 35% or 45% tax credits and eligibility as long as you live in the property, this program can make homeownership more affordable. |
FAQ: Mortgage Rates in Missouri
Understanding today's mortgage rates in Missouri is critical for anyone looking to purchase a home in the state. We've answered common questions to help you make informed decisions on securing a mortgage.
What are the current mortgage rates in Missouri?
Current average APRs for various loan types in Missouri are impacted by several factors. As of October 2024, a 30-year fixed conforming loan has an average APR of 5.90%, while a seven-year ARM jumbo loan is at 7.72% APR.
How do mortgage rates in Missouri compare to national rates?
The current average APR for a 30-year fixed-rate mortgage in Missouri is 5.90%, lower than the national average rate of 6.40%, as of October 2024. The average APR for a five-year adjustable-rate mortgage in Missouri, 7.56%, is also slightly below the national rate of 7.92%.
How does my credit score impact the mortgage rates I get in Missouri?
In Missouri, your credit score significantly influences the mortgage rates you qualify for. Typically, a higher credit score can help you secure low mortgage rates as it indicates reduced risk to lenders.
Are there any special mortgage programs in Missouri to help homebuyers?
Yes, there are mortgage programs in Missouri designed to assist homebuyers, such as First Place, Next Step and the Mortgage Credit Certificate (MCC). These programs offer various benefits tailored to different buyer needs.
How can I get the best possible mortgage rate in Missouri?
To obtain the best possible mortgage rate in Missouri, consider strategies such as improving your credit score, shopping around for lenders to compare rates and making a larger down payment. A higher down payment can often translate into more favorable rates.
What are today's mortgage refinance rates in Missouri?
On average, today's refinance rates in Missouri are 5.36% for a 15-year fixed loan and 6.08% for a 30-year fixed loan.
How do I calculate my mortgage payments?
You can accurately calculate your payments using a mortgage calculator for Missouri, which will factor in elements such as the home price, down payment amount, interest rate and loan term.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
sources
- Missouri Housing Development Corporation. "First Place." Accessed October 8, 2024.
- Missouri Housing Development Corporation. "Mortgage Credit Certificate (MCC)." Accessed October 8, 2024.
- Missouri Housing Development Corporation. "Next Step." Accessed October 8, 2024.