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Missouri Mortgage Rates

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Use SmartAsset's mortgage comparison tool to compare mortgage rates from the top banks 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. Current Missouri mortgage rates are a little below 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

National Mortgage Rates

Source: Freddie Mac Primary Mortgage Market Survey, SmartAsset Research
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Missouri Mortgage Rates Quick Facts
  • Average Home Value: $134,500 (zillow.com)
  • Loan Funding Rate: 64.4%
  • Average Mortgage Rate: 4.06%
  • Homeownership Rate: 68.5% (St. Louis Fed)
  • Average Annual Mortgage Payment: $6,212

Historical Mortgage Rates in Missouri

Missouri is home to top-notch colleges and universities, St. Louis and its iconic Gateway Arch and family-friendly vacation destination, Branson. Grassy plains give way to the Ozark Mountains, and the mighty Mississippi flows near its Illinois border. It’s a mid-range state in terms of both size and population. Historically, Missouri rates have come in equal to or slightly higher than average rates for the rest of the nation. Rates for 2016 so far are just slightly lower than the average U.S. rates.

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

Missouri Mortgages Overview

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

Missouri Mortgage Rates

Single-Family Homes
Percentage of Homes89.20%
Average Property Value$93,110.12
Condominiums
Percentage of Homes4.70%
Average Property Value$107,194.45
PUD Homes
Percentage of Homes4.20%
Average Property Value$125,561.96
Townhomes
Percentage of Homes1.90%
Average Property Value$125,729.28

Every county in the state has a standard conforming loan limit of $417,000. A handful of counties have FHA loan limits of $278,300, which barely squeaks past the nation’s average of $271,050. Those counties are Bates, Caldwell, Cass, Clay, Clinton, Jackson, Lafayette, Platte and Ray. The on-the-nose 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$417,000$271,050
Andrew$417,000$271,050
Atchison$417,000$271,050
Audrain$417,000$271,050
Barry$417,000$271,050
Barton$417,000$271,050
Bates$417,000$278,300
Benton$417,000$271,050
Bollinger$417,000$271,050
Boone$417,000$271,050
Buchanan$417,000$271,050
Butler$417,000$271,050
Caldwell$417,000$278,300
Callaway$417,000$271,050
Camden$417,000$271,050
Cape Girardeau$417,000$271,050
Carroll$417,000$271,050
Carter$417,000$271,050
Cass$417,000$278,300
Cedar$417,000$271,050
Chariton$417,000$271,050
Christian$417,000$271,050
Clark$417,000$271,050
Clay$417,000$278,300
Clinton$417,000$278,300
Cole$417,000$271,050
Cooper$417,000$271,050
Crawford$417,000$271,050
Dade$417,000$271,050
Dallas$417,000$271,050
Daviess$417,000$271,050
De Kalb$417,000$271,050
Dent$417,000$271,050
Douglas$417,000$271,050
Dunklin$417,000$271,050
Franklin$417,000$271,050
Gasconade$417,000$271,050
Gentry$417,000$271,050
Greene$417,000$271,050
Grundy$417,000$271,050
Harrison$417,000$271,050
Henry$417,000$271,050
Hickory$417,000$271,050
Holt$417,000$271,050
Howard$417,000$271,050
Howell$417,000$271,050
Iron$417,000$271,050
Jackson$417,000$278,300
Jasper$417,000$271,050
Jefferson$417,000$271,050
Johnson$417,000$271,050
Knox$417,000$271,050
Laclede$417,000$271,050
Lafayette$417,000$278,300
Lawrence$417,000$271,050
Lewis$417,000$271,050
Lincoln$417,000$271,050
Linn$417,000$271,050
Livingston$417,000$271,050
Mcdonald$417,000$271,050
Macon$417,000$271,050
Madison$417,000$271,050
Maries$417,000$271,050
Marion$417,000$271,050
Mercer$417,000$271,050
Miller$417,000$271,050
Mississippi$417,000$271,050
Moniteau$417,000$271,050
Monroe$417,000$271,050
Montgomery$417,000$271,050
Morgan$417,000$271,050
New Madrid$417,000$271,050
Newton$417,000$271,050
Nodaway$417,000$271,050
Oregon$417,000$271,050
Osage$417,000$271,050
Ozark$417,000$271,050
Pemiscot$417,000$271,050
Perry$417,000$271,050
Pettis$417,000$271,050
Phelps$417,000$271,050
Pike$417,000$271,050
Platte$417,000$278,300
Polk$417,000$271,050
Pulaski$417,000$271,050
Putnam$417,000$271,050
Ralls$417,000$271,050
Randolph$417,000$271,050
Ray$417,000$278,300
Reynolds$417,000$271,050
Ripley$417,000$271,050
St Charles$417,000$271,050
St Clair$417,000$271,050
Ste Genevieve$417,000$271,050
St Francois$417,000$271,050
St Louis$417,000$271,050
St Louis City$417,000$271,050
Saline$417,000$271,050
Schuyler$417,000$271,050
Scotland$417,000$271,050
Scott$417,000$271,050
Shannon$417,000$271,050
Shelby$417,000$271,050
Stoddard$417,000$271,050
Stone$417,000$271,050
Sullivan$417,000$271,050
Taney$417,000$271,050
Texas$417,000$271,050
Vernon$417,000$271,050
Warren$417,000$271,050
Washington$417,000$271,050
Wayne$417,000$271,050
Webster$417,000$271,050
Worth$417,000$271,050
Wright$417,000$271,050

Missouri is what is called a “deed of trust” state. This means when you are buying a home in Missouri, you will get a deed of trust instead of a mortgage. The main difference you need to keep in mind 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 nasty surprises once the property is yours.

30-Year Fixed Mortgage Rates in Missouri

If you’re planning to buy in the Show Me State, unless you can afford to pay with cash, you’re probably going to end up with a 30-year fixed-rate mortgage. This reliable option gives buyers a nice, long time to pay off their loan and 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 mortgage rate for fixed-rate 30-year mortgages is 4%.

Missouri Jumbo Loan Rates

Missouri homes hit right about average with the rest of the country, so the “jumbo loan” limit holds steady at $417,000 in every county. A “jumbo loan” is a loan that is more expensive 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 4.19%.

Missouri ARM Loan Rates

If for some reason you decide against a fixed-rate mortgage, an adjustable-rate mortgage is another option you have. 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, though you can usually plan on it going up.

However, 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 2.62%.

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 QualifiesWebsite
Missouri Housing Development CommissionOffers loan and mortgage credit certificate programs to first-time homebuyers.Qualifying first-time homebuyers.http://www.mhdc.com/homes/index.htm
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.http://www.beyondhousing.org/
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.http://www.rd.usda.gov/programs-services/all-programs/single-family-housing-programs
Home Affordable Refinance ProgramRefinancing.Single family homes and condos that fit within lending loan limits.http://www.harp.gov/

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.

If you are a Missouri homeowner who itemizes deductions when filing your federal income taxes, here’s a nice bit of information for you. You can double the deduction on the mortgage interest you pay by applying it to both your federal and state income tax filings.

Missouri Mortgage Refinance

Refinancing can help cut thousands of dollars off your overall mortgage. If you’re hoping to refinance your Missouri home, one of your options is the Home Affordable Refinance Program of Missouri. This program grants eligible homeowners access to refinance assistance, interest and principal payment reductions and low closing costs.

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 2015 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset