MoneyGeek provides the current refinance rates in Missouri to help you determine which loan type best fits your needs. The latest average rates in Missouri are included in the table below.
Today’s Refinance Rates in Missouri
Missouri homeowners have an average outstanding mortgage debt of $139,545 and pay an average monthly mortgage premium of $1,020. Homeowners often refinance their mortgages to modify their terms or reduce interest rates.
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Morgan Hull
Freelance Editor
Morgan Hull is an environmental engineer and editor, with five years of experience covering topics ranging from environment and education to health and finance. She is a personal finance editor at MoneyGeek. Hull holds a Bachelor of Science in Environmental Engineering from the University of Florida. She enjoys breaking down complex financial topics to help people make sound financial decisions.
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Morgan Hull
Freelance Editor
Morgan Hull is an environmental engineer and editor, with five years of experience covering topics ranging from environment and education to health and finance. She is a personal finance editor at MoneyGeek. Hull holds a Bachelor of Science in Environmental Engineering from the University of Florida. She enjoys breaking down complex financial topics to help people make sound financial decisions.
Updated: January 18, 2024
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Current Refinance Rates in Missouri
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Mortgage Refinance Rates From Top Lenders
What Is a Good Refinance Rate in Missouri?
MoneyGeek found that the current average refinance rates in Missouri are 4.43% for a 15-year FRM and 5.11% for a 30-year FRM. This indicates that the state’s current refinance rates for a 15-year FRM and 30-year FRM are less than the current national average mortgage rates of 4.45% and 5.30%, respectively. However, the state’s current 5/1 ARM of 4.62% is greater than the current national average rate of 4.19%.
A "good” rate is subjective because it’s based on several factors like loan term and loan size, as well as your credit score, income and existing debt. To ensure that you’re getting the best rate for your unique situation, you should compare rates from different lenders.
During your research, be mindful that mortgage rates are subject to daily fluctuations — the quote you receive today may be significantly different from the one you get next week.
Estimate Your New Monthly Mortgage Payment
Using MoneyGeek’s mortgage calculator, you can estimate your new monthly mortgage payment. Enter your mortgage details and the current refinance rates in Missouri to receive your estimate. While this tool will provide an approximation, your actual payment amount may vary due to fluctuating interest rates and homeowner factors.
By Mandy Sleight, Licensed Insurance Agent
Frequently Asked Questions About Refinance Rates in Missouri
MoneyGeek answered some of the most commonly asked questions about refinance rates in Missouri to help you make a well-informed decision.
A good refinance rate varies by homeowner and the current market rate. To find the best rate for you, obtain quotes from multiple lenders.
A refinance rate may be bad if it’s higher than your current mortgage rate or does not result in significant monthly savings.
The average 30-year FRM in Missouri is 5.11%. Rates that are similar to or less than this rate may be favorable.
A rate that’s less than or equal to 4.43% — Missouri’s current average 15-year FRM — may be considered a good rate.
Rates that are similar to Missouri’s current average interest rate for a 5/1 ARM of 4.62% may be good options.
Read More on Mortgages
sources
- Federal Reserve Bank of St. Louis. "Mortgage Rates." Accessed July 13, 2022.