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Mortgage rates in Missouri
They typically come in slightly higher than the national average.
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Mortgage rates during the coronavirus
As mortgage rates fall to record lows in the wake of COVID-19, our partners are seeing an increase in demand for loans and refinancing. As they work through this influx of applications, you may see rates that are higher than expected — or no rates at all. We recommend comparing offers from multiple lenders to ensure you're getting the best deal possible.
Missouri mortgage rates average 4.759% for 30-year conventional loans. And interest rates are expected to stay at or around the 4% mark into 2020.
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How much do Missouri rates vary?
The average 30-year mortgage rates in Missouri ranged from 4.613% to 4.782% in 2018. Many components, such as the length of the loan, go into determining your interest rate. For example, 15-year mortgages typically have lower interest rates than their 30-year counterparts.
2018 average rates in Missouri by loan type
| Loan type | 15-year average rate | 30-year average rate |
|---|---|---|
| Conventional | 4.337% | 4.759% |
| FHA | 4.264% | 4.782% |
| VA | 4.067% | 4.613% |
| USDA | N/A | 4.749% |
Based on data from ffiec.cfpb.gov.
If you had a $135,000 conventional mortgage over 30 years, you might pay around $700 in monthly payments, excluding taxes and other costs unique to your mortgage. But with a 15-year loan, you’d pay around $1,020 each month.
If you can afford the higher monthly payments with a 15-year mortgage, you could save $69,900 in overall interest over the life of the loan.
Which way are rates trending in Missouri?
Rates in Missouri are predicted to hold at or slightly above the 4% mark in 2020.
Mortgage buyers Freddie Mac, Fannie Mae and other US housing authorities predict rates to range from 3.55% to 3.90% in 2020. Missouri rates historically ride the high side of the national average and should teeter around 4% in the upcoming year.
Compare mortgage rates throughout Missouri
The Show-Me State has a wide variety of rates and home prices, both of which can affect the cost of homeownership. Lenders charge rates that depend on the neighborhood and proximity to cities.
We combed through data from the Home Mortgage Disclosure Act (HMDA) to give you a rundown of what you might pay on the average 30-year fixed-rate mortgage in specific metropolitan areas throughout Missouri.
| Metropolitan statistical area (MSA) | Average mortgage rate | Median loan amount | Estimated monthly cost |
|---|---|---|---|
| Cape Girardeau MSA (Bollinger and Cape Girardeau Counties, MO) | 4.754% | $75,000 | $390 |
| Columbia | 4.646% | $175,000 | $900 |
| Jefferson City | 4.780% | $135,000 | $710 |
| Joplin | 4.813% | $125,000 | $660 |
| Kansas City MSA (Bates, Caldwell, Cass, Clay, Clinton, Jackson, Lafayette, Platte and Ray Counties, MO) | 4.752% | $175,000 | $910 |
| St. Joseph MSA (Andrew, Buchanan and DeKalb Counties, MO) | 4.868% | $125,000 | $660 |
| St. Louis MSA (Franklin, Jefferson, Lincoln, St. Charles, St. Louis and Warren Counties, MO) | 4.721% | $175,000 | $910 |
| Springfield | 4.715% | $145,000 | $750 |
These projected amounts don’t include any taxes or fees exclusive to your mortgage.
Based on data from ffiec.cfpb.gov.
How to get the best mortgage rate in Missouri
A few strategies for getting a better rate on your mortgage:
- Compare loan products. Lenders usually offer a variety of loan products, each with slightly different rates. Know your options and choose the right program for your circumstances.
- Build a strong credit profile. Borrowers with solid credit usually get the best rates. Paying down existing debt can increase your credit score and make you a more attractive borrower.
- Plan for closing costs. Be aware that some lenders advertise low rates but hike up their closing costs, so evaluate the whole picture. Closing costs in Missouri generally average 0.93% to 1.86% of the final purchase price.
Historical mortgage interest rates in Missouri
Bottom line
Missouri rates tend to follow or come in slightly above the national average. Compare home loans and lenders to find the right mortgage program with the most competitive rates.
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