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Missouri Mortgage Rates

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Use SmartAsset's mortgage rate comparison tool to compare mortgage rates from the top lenders and find the one that best suits your needs.

Overview of Missouri Mortgages

Missouri, the Show-Me State, is famous for its rich history, river towns and wide-open plains. For those wanting to move there, Missouri mortgage rates are a little above average. Missouri counties’ conforming loan limits remain standard, with only slight variation in FHA limits.

Today's Mortgage Rates in Missouri

Product Today Last Week Change
30 year fixed 3.71% 3.79% -0.09
15 year fixed 3.33% 3.08% +0.25
5/1 ARM 3.00% 3.00% 0.00
30 yr fixed mtg refi 3.53% 3.53% +0.00
15 yr fixed mtg refi 3.33% 3.08% +0.25
7/1 ARM refi 3.63% 3.63% 0.00
15 yr jumbo fixed mtg refi 3.24% 3.19% +0.06

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Historical Mortgage Rates in Missouri

Photo Credit: ©iStock.com/alex grichenko

Missouri Mortgage Rates Quick Facts

  • Median Home Value: $145,400 (U.S. Census Bureau)
  • Loan Funding Rate: 52.34% (CFPB)
  • Average Mortgage Rate: 4.58% (FHFA)
  • Homeownership Rate: 69.7% (FRED)
  • Median Monthly Homeownership Costs: $1,254 (U.S. Census Bureau)

Missouri is home to top-notch colleges and universities, St. Louis and the iconic Gateway Arch and the family-friendly vacation destination, Branson. Grassy plains give way to the Ozark Mountains, and the mighty Mississippi River flows near its border with Illinois. This Midwest state is average in terms of both size and population. Historically, Missouri mortgage rates have come in equal to or slightly higher than average rates for the rest of the nation.

A financial advisor in Missouri can help you plan for the homebuying process. Financial advisors can also help with investing and financial plans, including tax, retirement and estate planning, to make sure you are preparing for the future.

Missouri Historic Mortgage Rates

YearMissouri RateU.S. Rate
198214.4114.73
198312.2212.26
198411.9911.99
198511.0011.17
19869.689.79
19878.858.95
19888.838.98
198910.009.81
19909.839.74
19919.099.07
19927.917.83
19937.096.93
19947.357.31
19957.957.69
19967.647.58
19977.547.52
19987.006.97
19997.237.14
20007.997.86
20017.036.94
20026.626.44
20035.845.67
20045.935.68
20055.905.85
20066.476.54
20076.486.42
20086.146.06
20095.095.05
20105.024.81
20114.554.56
20123.703.65
20133.813.84
20144.154.13
20153.853.88
20163.693.73
20174.074.03
20184.584.56

Missouri Mortgages Overview

Traditionally, Midwestern states have more affordable real estate prices than homes on the coast; Missouri's market follows that rule.

Every county in the state has a standard conforming loan limit of $510,400. Only a handful of counties have FHA loan limits different than the standard. These counties are Bates, Caldwell, Cass, Clay, Clinton, Jackson, Lafayette, Platte and Ray. The conforming and FHA loan limits in Missouri is a reflection of the general affordability of homes in the state.

Conforming and FHA Loan Limits by County

CountyConforming LimitFHA Limit
Adair$510,400$331,760
Andrew$510,400$331,760
Atchison$510,400$331,760
Audrain$510,400$331,760
Barry$510,400$331,760
Barton$510,400$331,760
Bates$510,400$351,900
Benton$510,400$331,760
Bollinger$510,400$331,760
Boone$510,400$331,760
Buchanan$510,400$331,760
Butler$510,400$331,760
Caldwell$510,400$351,900
Callaway$510,400$331,760
Camden$510,400$331,760
Cape Girardeau$510,400$331,760
Carroll$510,400$331,760
Carter$510,400$331,760
Cass$510,400$351,900
Cedar$510,400$331,760
Chariton$510,400$331,760
Christian$510,400$331,760
Clark$510,400$331,760
Clay$510,400$351,900
Clinton$510,400$351,900
Cole$510,400$331,760
Cooper$510,400$331,760
Crawford$510,400$331,760
Dade$510,400$331,760
Dallas$510,400$331,760
Daviess$510,400$331,760
De Kalb$510,400$331,760
Dent$510,400$331,760
Douglas$510,400$331,760
Dunklin$510,400$331,760
Franklin$510,400$331,760
Gasconade$510,400$331,760
Gentry$510,400$331,760
Greene$510,400$331,760
Grundy$510,400$331,760
Harrison$510,400$331,760
Henry$510,400$331,760
Hickory$510,400$331,760
Holt$510,400$331,760
Howard$510,400$331,760
Howell$510,400$331,760
Iron$510,400$331,760
Jackson$510,400$351,900
Jasper$510,400$331,760
Jefferson$510,400$331,760
Johnson$510,400$331,760
Knox$510,400$331,760
Laclede$510,400$331,760
Lafayette$510,400$351,900
Lawrence$510,400$331,760
Lewis$510,400$331,760
Lincoln$510,400$331,760
Linn$510,400$331,760
Livingston$510,400$331,760
Mcdonald$510,400$331,760
Macon$510,400$331,760
Madison$510,400$331,760
Maries$510,400$331,760
Marion$510,400$331,760
Mercer$510,400$331,760
Miller$510,400$331,760
Mississippi$510,400$331,760
Moniteau$510,400$331,760
Monroe$510,400$331,760
Montgomery$510,400$331,760
Morgan$510,400$331,760
New Madrid$510,400$331,760
Newton$510,400$331,760
Nodaway$510,400$331,760
Oregon$510,400$331,760
Osage$510,400$331,760
Ozark$510,400$331,760
Pemiscot$510,400$331,760
Perry$510,400$331,760
Pettis$510,400$331,760
Phelps$510,400$331,760
Pike$510,400$331,760
Platte$510,400$351,900
Polk$510,400$331,760
Pulaski$510,400$331,760
Putnam$510,400$331,760
Ralls$510,400$331,760
Randolph$510,400$331,760
Ray$510,400$351,900
Reynolds$510,400$331,760
Ripley$510,400$331,760
St Charles$510,400$331,760
St Clair$510,400$331,760
Ste Genevieve$510,400$331,760
St Francois$510,400$331,760
St Louis$510,400$331,760
St Louis City$510,400$331,760
Saline$510,400$331,760
Schuyler$510,400$331,760
Scotland$510,400$331,760
Scott$510,400$331,760
Shannon$510,400$331,760
Shelby$510,400$331,760
Stoddard$510,400$331,760
Stone$510,400$331,760
Sullivan$510,400$331,760
Taney$510,400$331,760
Texas$510,400$331,760
Vernon$510,400$331,760
Warren$510,400$331,760
Washington$510,400$331,760
Wayne$510,400$331,760
Webster$510,400$331,760
Worth$510,400$331,760
Wright$510,400$331,760

Missouri is a deed of trust state. This means when you buy a home in Missouri, the document you sign is a deed of trust instead of a mortgage. The main difference with a deed of trust is that it allows lenders who want to foreclose on a home to bypass the court system when doing so. Instead the lender can initiate a power of sale foreclosure by hiring a third party to auction the home.

Missouri has real estate disclosure laws, meaning the seller must disclose what defects they know about the property. Naturally, that’s a positive for buyers. But it’s always best to opt for a home inspection before officially closing on your home to guard against any unexpected surprises once the property is yours.

30-Year Fixed Mortgage Rates in Missouri

Most homebuyers opt for a 30-year fixed-rate mortgage. This reliable option gives buyers a long period of time to pay off their loan. Because the mortgage rate remains the same for the duration of the loan, the monthly payments hold steady too.

You can also consider a 15-year fixed-rate mortgage which allows you to pay off your loan in a shorter period of time and has a lower interest rate, but the drawback of this is that your monthly payments will be higher.

The average Missouri rate for a fixed 30-year mortgage is 3.82%.

Missouri Jumbo Loan Rates

Missouri homes hit right about average with the rest of the country, so the conventional loan limit holds steady at $510,400 in every county. A jumbo loan is any home loan that is higher than that limit. Conforming loan limits exist because issuing a loan beyond that price presents a bigger risk for lenders. As a result, jumbo loans come with higher interest rates to offset that risk.

The average jumbo loan rate in Missouri is 3.94%.

Missouri ARM Loan Rates

Another mortgage choice is an adjustable-rate mortgage (ARM). An ARM is a mortgage that does exactly as its name tells you – it has an interest rate that “adjusts” or changes over time. The main attraction of an ARM is that is offers a lower initial interest rate as compared to a fixed-rate mortgage. This low rate is available for one, three, five, seven or 10 years, depending on the loan’s terms. Once that period has come to a close, the interest rate can increase or decrease once a year, though you can usually plan on it going up.

The terms of the loan will spell out how many times the rate can change and the highest level that it can jump to. This means that you do know what you are getting into if you select an ARM. It is extremely important to check what that interest rate cap is and make sure that it is one that you can actually afford.

The average rate for an ARM in Missouri is 3.93%.

Missouri Mortgage Resources

Buying a home in Missouri? If you need assistance, here are some of the options that can help you at any step of the process.

The Missouri Housing Development Commission offers programs to help homebuyers secure their first home. The MHDC First Place Loan Program provides cash assistance to help first-time homebuyers get a mortgage. The Mortgage Credit Certificate program provides first-time homebuyers who are income eligible with an opportunity to lower the federal income tax owed annually, freeing up some cash to put back into the home.

Missouri’s Beyond Housing group has a homeownership center that offers education and counseling to prepare buyers for homeownership, lending services for down payment and closing cost assistance for those who are eligible and foreclosure intervention programs for at-risk homeowners.

Available Resources

ResourceProblem or IssueWho Qualifies
Missouri Housing Development CommissionOffers loan and mortgage credit certificate programs to first-time homebuyers.Qualifying first-time homebuyers.
Beyond HousingHomebuyer education and counseling, down payment and closing cost assistance and foreclosure intervention.First-time homebuyers and other qualifying homebuyers, depending on the program.
USDA Rural Development - Single family loansOffers payment assistance to increase an applicant’s repayment ability.Applicants must be without decent, safe and sanitary housing; Be unable to obtain a loan from other resources on terms and conditions that can reasonably be expected to meet; Agree to occupy the property as your primary residence; Have the legal capacity to incur a loan obligation; Meet citizenship or eligible noncitizen requirements; Not be suspended or debarred from participation in federal programs.

The United States Department of Agriculture Rural Development program also offers loan help and mortgage grants throughout the entire country. The program is available in more rural areas of a state with the goal of helping with safe, affordable housing for residents. Missouri has grants and loans available for home repairs as well as loan assistance programs for those who qualify.

Missouri Mortgage Taxes

There are no transfer taxes on real estate transactions in Missouri. That means neither the buyer or seller will have to pay this type of tax at closing.

Missouri homeowners who itemizes deductions on federal income taxes can double the mortgage interest deduction by applying it to both federal and state income tax filings.

Missouri Mortgage Refinance

Refinancing can help cut thousands of dollars off of your overall mortgage. If you’re hoping to refinance your Missouri home, the Home Affordable Refinance Program (HARP) is no longer available to you. However, Fannie Mae's High Loan-to-Value Refinance Option is a viable alternative.

Best Places To Get A Mortgage

SmartAsset’s interactive mortgage map highlights the best counties in the country (and in each state) for securing a mortgage. Hover over counties and states to see data points for each region, or use the map’s tabs to view the top counties for each of the factors driving our analysis.

Worst
Better
Rank County Loan Funding Rate 5 Year Borrowing Costs Property Tax Annual Mortgage Payment

Methodology For many people buying a house means securing a mortgage. To determine the best places in the country to get a mortgage we looked at four factors: overall borrowing costs, ease of securing a mortgage, cheap property taxes and cheap annual mortgage payments.

To calculate the overall borrowing costs, we looked at the expected costs over the first five years of a $200,000 mortgage with a 20% down payment, including closing costs. We calculated the ease of getting a mortgage as the ratio of mortgage applications to actual mortgage originations (secured mortgages) in each county. We based annual mortgage payments on the annual principal and interest payments for a $200,000 loan in that location, using average mortgage rates in each county.

Finally, we ranked locations based on these four factors, and then averaged those rankings, giving equal weight to each factor. The areas with the lowest average rankings are the best places to get a mortgage.

Sources: Mortgage Bankers Association, US Census Bureau 2017 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset