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Mortgage rates in Missouri
Interest rates on a 30-year $300,000 conventional mortgage start at around 3.563%
If you have a credit score between 700 and 719 and can put 5% down, you’ll generally pay about 3.625% for a 30-year conventional loan with a fixed interest rate on a $350,000 home. But how much interest you pay for your Missouri home will depend on several factors, including your credit score, loan amount and lender.
Rates were last checked on January 10 and are from the Consumer Financial Protection Bureau (CFPB) website.
Your credit score affects the rate you’ll get
People with higher credit scores generally get lower interest rates because lenders assume they’re less likely to stop paying a mortgage. Here are the most common interest rates in Missouri by mortgage amount, according to the Consumer Financial Protection Bureau (CFPB).
|Credit score||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
*Based on a 10% down payment for a 30-year fixed-rate conventional mortgage
Interest rates vary by lender
Interest rates are affected by the economy and the federal funds rate, or the rate that banks charge each other for overnight loans. But they’re also affected by individual lenders, which can have differing overhead costs, profit margins and credit score requirements.
Comparing lenders can help you find the best deal. Select See rates to provide the company with basic property and financial details for personalized rates.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Interest rates also vary by loan type
The type of loan you get can also affect how much you pay for your Missouri home. 15-year mortgages generally offer lower interest rates than 30-year mortgages, and you’ll see different rates for conventional loans than government loans.
|Loan type||$200,000 mortgage||$300,000 mortgage||$400,000 mortgage||$500,000 mortgage|
|15-year FHA||3.063%||2.938%||Not eligible||Not eligible|
|30-year FHA||3.563%||3.625%||Not eligible||Not eligible|
*Based on a 10% down payment, fixed interest rate and 710 credit score
Research ahead of time to get the best rates
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.
Home values in Missouri are soaring
As the number of available homes for sale shrinks, prices are going up in the Show Me state. According to Zillow, home prices in Missouri increased by an average of 14% in the 12 months prior to June 2021, and it doesn’t look like the trend is slowing down.
In Worthington, home prices are predicted to spike by 22% by next June. And in Kansas City, Powersville and Newtown, prices are also expected to jump by 17.1%, 16.8% and 16% in the same period, according to Zillow.
While the most in-demand areas are commanding prices of $250,000 and up, the average home price in Missouri sits at $194,226 — and houses in this price range can still be found in St. Louis and other areas.
5 fast facts about Missouri’s housing market
Here are five facts to know if you’re in the market to buy a house in Missouri:
- According to Redfin, 57.2% of homes in Missouri sold over the asking price as of June 2021. Only 10.7% of homes saw a price drop.
- Zillow states the average price of a typical home in Missouri is $194,226 as of June 2021, which is 33.8%% below the national average.
- The US 2019 Census states the average monthly homeownership cost in Missouri is $1,277 with a home loan, which is $318 less than the national average.
- Closing costs in Missouri run about 0.71%, and on average, Missourians pay the least out of pocket for closing costs in all 50 states.
- According to SmartAsset, Missourians pay an average of 0.93% in property taxes, which is slightly lower than the national average.
Mortgage rates in Missouri vary by loan type, and factors like your credit score and lender affect what rate you get. But factors like your credit score and lender affect what rate you get. Compare mortgage lenders and programs to find one that best fits your homeownership goals.
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