Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content.
Mortgage rates in Missouri
They typically come in slightly higher than the national average.
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.
Compare mortgage lenders and brokersCompare these lenders and lender marketplaces by the type of home loan you're searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates.
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|
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|
|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|
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
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.
Frequently asked questions
More guides on Finder
How to start a solo 401(k)
A retirement plan for self-employed individuals but may come with high administrative fees.
Different types of mortgage loans
A 101 guide covering the types of mortgage loans every homebuyer should know.
Best and worst states for women in the US
How states compare on employment, earnings, poverty, education, health and wellbeing.
How President Biden’s administration can affect mortgage rates
Biden took office on Wednesday, but interest rates didn’t seem to take much note. Here’s the outlook for the year ahead.
Is the low-rate mortgage window closing?
Industry experts predict mortgage rates will move past 3% this year, but that doesn’t mean refinancing is off the table.
US mortgage statistics
We take a look at national home loan data & trends and speculate where the mortgage market is heading.
Top school districts to purchase an affordable home
A look at America’s best school districts with the least expensive homes.
Mortgage insurance vs. life insurance
Term life insurance offers more versatile coverage, and can pay off more debts beyond your mortgage. Compare pros and cons now.
Debt relief resources in Virginia
What VA’s new debt relief regulations mean for you and how to protect yourself in the meantime.
Tree removal financing with credit cards
If you need to remove a tree from your property, consider paying with plastic.
Ask an Expert