Today's Mortgage Rates in Missouri

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Updated: July 16, 2024

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Today's 30-year mortgage rate in Missouri averages at 7.02%, which is right in line with the current national average rate of 6.90% for the same kind of mortgage. Missouri offers homebuyers assistance through programs like First Place and Next Step, which aim to make the costs of a mortgage more manageable.

With insights on current average rates across various loan types and how these rates may change based on your credit score, we'll help you navigate mortgage options in Missouri. Along with a thorough breakdown of mortgage structures and lenders, you'll also discover Missouri-specific mortgage programs designed to support your home buying journey, empowering you with knowledge to secure financing that works best for you.

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 content are annual percentage rates (APRs).

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This data was last updated on July 2, 2024.

Current Mortgage Rates in Missouri

The current mortgage rate in Missouri for a 30-year fixed-rate mortgage in July 2024 is 7.02%. The rate was at 6.74% the previous month. With a $250,000 loan and a 20% down payment, this rate movement can impact your savings significantly — you would see an increase in total interest cost by around $13,478, not including additional expenses like property taxes or HOA fees.

Current Mortgage Rates in Missouri (Jan to May)

Understanding the current mortgage rate in Missouri is a step in the right direction when you start to help you budget. Rates shift frequently, largely because of changes in the economy and actions by the Federal Reserve. Our line chart indicates how the rates in Missouri have varied over recent months, placing the impact of these shifts at your fingertips.

Who Needs to Know Today's Mortgage Rates in Missouri?

Both first-time homebuyers and existing homeowners looking to refinance can benefit from understanding today's mortgage interest rates in Missouri, especially with shifts in the housing market.

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    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.

    homeowner icon

    Homeowners with mortgages

    Existing homeowners in Missouri might check current mortgage rates to consider a mortgage refinance when rates drop below their own.

Purchase rates and refinance rates often differ — a clear example is shown in today’s mortgage rates in Missouri. If you're looking to buy a home, the average APR for a 30-year fixed-rate mortgage stands at 7.02% — choosing to refinance comes with an average APR of 8.15%. Keeping an eye on these rates can influence your decision on whether to buy now or wait, as well as to refinance or stick with your current loan.

Current Mortgage Rates in Missouri by Loan Type

A 30-year fixed-rate mortgage in Missouri usually comes with a higher rate than a 15-year fixed-rate mortgage. This is because the longer timeframe of a 30-year loan presents a larger window for interest rate fluctuations and the possibility of non-payment. By contrast, the 15-year fixed-rate mortgage typically offers a lower rate because it reduces the lender’s exposure to these risks and you pay off your home in half the time.

Interest rates fluctuate based on your personal financial details and the specifics of mortgage loan types in Missouri. To estimate your monthly payments and interest, utilize a mortgage calculator. This tool will help you gauge the impact of current rates on your home-buying budget.

Data filtered by:Results filtered by:
Loan Type:
Loan Type:10-Year Fixed
5.87%APR6.06%
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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 6.95%.

APR or annual percentage rate includes the interest rate and other costs such as mortgage points and fees. In Missouri, a 30-year fixed mortgage comes with an average APR of 7.02%, which represents the total yearly cost of your loan.

Current Mortgage Rates in Missouri by Credit Score

In Missouri, if your credit score is a solid 740 or above and you put down between 5% and 20%, you'll see an average APR of 6.97% for a 30-year fixed mortgage. If your score dips below 680, you're looking at an average APR of 8.09% for the same terms.

Your credit score impacts the mortgage rates you might qualify for in Missouri. Check out the interactive table below to discover the rates you could be eligible for 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 FixedAPR5.87%
15-year FixedAPR6.35%
20-year FixedAPR6.91%
30-year FixedAPR6.74%
5-year ARMAPR7.72%
7-year ARMAPR7.65%

Mortgage Types in Missouri

As of July 2024, 30-year fixed-rate VA loans show the lowest average APR in Missouri at 6.53% for a 30-year fixed-rate mortgage. Knowing your mortgage options helps you make an informed choice that fits your financial situation. Here's a breakdown of the mortgage loan types available for you in Missouri:

Mortgage Type
Definition
Impact on Rates
30-Year Rates in Missouri

Conventional Loans

A conventional loan is a mortgage not insured by government agencies in Missouri.

Credit score and down payment size can influence the rates offered on conventional loans in Missouri.

7.02%

FHA Loans

An FHA loan is a government-backed mortgage designed to help Missouri buyers with lower credit scores.

Mortgage insurance premiums required for FHA loans may impact overall rates for Missouri borrowers.

7.05%

VA Loans

A VA loan offers military service members and veterans mortgage loans with special terms in Missouri.

VA loans provide potentially lower rates due to government backing for qualified Missouri veterans.

6.53%

USDA Loans

A USDA loan provides homebuyers in rural and suburban Missouri areas with affordable mortgage options.

Rates for USDA loans can be favorable due to government backing, benefiting Missouri buyers in eligible areas.

currently unavailable

Jumbo Loans

A jumbo loan exceeds the conforming loan limits set by Fannie Mae and Freddie Mac in Missouri.

Jumbo loans may have higher rates given the larger loan amounts and higher perceived risk in Missouri.

7.08%

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MORTGAGE RATE STRUCTURES IN MISSOURI

Mortgage rates in Missouri 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 begins with a usually lower rate that can change, potentially leading to lower initial payments.

In Missouri, as of July 2024, the average APR for a 30-year fixed-rate loan is 7.02% and for a seven-year ARM is 7.50%.

Mortgage Lenders in Missouri

Rocket, Lower and Better stand out as solid options for securing a mortgage in Missouri. They have been handpicked for their presence in the state, sterling Better Business Bureau accreditation, and homeowner assistance programs they offer. This list isn't exhaustive — Missouri is home to other lenders that might fit your specific mortgage needs.

Your choice of lender can influence the mortgage rate you get in Missouri. Because lenders have different mortgage options and terms, including rates, comparing offers from several lenders is a smart move.


  • 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 offers a variety of mortgage options for prospective buyers in Missouri, including FHA, conventional, VA and jumbo smart loans. The minimum credit score for its ONE+ and Conventional loans is 620, while for FHA and VA loans it's a bit lower at 580. For those eyeing the bigger jumbo loans, a credit score of 680 is the starting point.

    As for down payments, for the ONE+ product, you'll need as little as 1% upfront, with Rocket covering an additional 2%. FHA loans require a 3.5% down payment, Conventional loans ask for 3%, and VA loans boast no down payment requirement, a perk for qualified veterans and service members.

    The company ensures you can access support with customer service hours extending from 8:30 am to 9:00 pm Eastern Time Monday to Friday and a shorter window on Saturdays, from 9:00 am to 4:00 pm ET. Contact channels include both phone and chat, enabling direct and convenient assistance. For homeowners seeking aid, Rocket provides programs such as ONE+, HomeReady and HomePossible, along with the Freddie Mac BorrowSmart Access program, designed to help ease the path to homeownership.

    Pros

    • Hassle-free online prequalification
    • Access to Fannie Mae and Freddie Mac programs
    • ONE+ program contributes to downpayment

    Cons

    Rocket

  • 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, offers a selection of mortgage products including fixed-rate and adjustable-rate mortgages. If you’re aiming for a conventional loan, you'll need a credit score of at least 620, but for an FHA loan, the requirement goes down to 580. When it comes to making a down payment, you're looking at 3% to 5% for non-FHA loans. But if your credit score is below 580, be prepared to put down 10%. On the flip side, a score of 580 or above means you can make a down payment as low as 3.5%. Should a co-borrower who won't live in the property be part of your plan, the down payment requirement goes up to 25%.

    Better's customer service hours are from Monday to Friday, 8 am to 9 pm Eastern Time, extending to weekends from 9 am to 9 pm, through phone or email . Additionally, Missouri homebuyers could benefit from the Better Real Estate discount, easing some financial stress in the home buying journey. Keep in mind, accessibility to professional support throughout the week ensures you get the assistance you need exactly when you need it.

    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
    Better

  • 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, offering Missouri borrowers a selection of mortgage products. Two noteworthy options include conventional loans and FHA loans, catering to different needs and financial backgrounds. Conventional loans often require a credit score of at least 620, whereas FHA loans can be more accommodating with scores starting at 580. Lower doesn't publicly disclose its minimum down payment figures, so you'll need to get in touch to find the specific requirement that applies to you.

    Lower provides customer service through phone and text, active Monday to Friday from 9 am to 5 pm ET. This ensures that you can get support during standard business hours to navigate your mortgage needs. Missouri homeowners might also benefit from Lower's "Buy Before You Sell" program, which can aid in the transition between homes. Notably, Lower also stands out as the top home equity line of credit (HELOC) lender for most states, as recognized by MoneyGeek's analysis.

    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
    Lower.com

Mortgage Programs in Missouri

Owning a home brings extra hidden costs not covered by your mortgage. In Missouri, you can find support through the Missouri Housing Development Corporation, which provides several mortgage programs.

Program
Content

First Place

The First Place program presents more affordable mortgage rates than the Missouri market average, lessening the load of monthly payments. Need help up front? Cash Assistance helps with down payments and closing costs. Prospective homeowners with a credit score of at least 640 and a responsible financial history can access a fully forgivable second loan. Not just for first-time buyers, veterans and certain locales, this could be the gateway to your new home.

Next Step

Missouri's Next Step program simplifies the complex world of mortgage rates by offering reduced rates and cash assistance for down payments and closing fees. Opt for a forgivable loan that vanishes within a decade, and enjoy lower monthly outgoings. Boost your savings further by combining with a Mortgage Credit Certificate, translating into tax credits that pad your wallet. A minimum credit score of 640 and specific financial thresholds apply, but the flexibility means there's a good chance you'll qualify.

Mortgage Credit Certificate (MCC)

The Mortgage Credit Certificate (MCC) slices through the expensive reality of owning a home by offering federal tax credits on a percentage of your mortgage interest. This can result in up to $2,000 annual savings, creating a more cost-effective homeownership journey. With options of 25%, 35% or 45% tax credits, and eligibility as long as you live in the property, this program may make the dream of buying a home that much more achievable against the backdrop of Missouri's mortgage landscape.

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 your commonly asked questions to help you make informed decisions on securing a mortgage in Missouri.

What are the current mortgage rates in Missouri?
How do mortgage rates in Missouri compare to national rates?
How does my credit score impact the mortgage rates I get in Missouri?
Are there any special mortgage programs in Missouri to help homebuyers?
How can I get the best possible mortgage rate in Missouri?
What are today's mortgage refinance rates in Missouri?
How do I calculate my mortgage payments?

About Zachary Romeo

Zachary Romeo headshot

Zachary Romeo is the Head of Loans and Banking at MoneyGeek, with over 10 years of experience and forthcoming certification as a Commercial Banking and Credit Analyst (CBCA). Previously, he led production teams for some of the largest online informational resources in higher education.

Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt through people-first content.

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