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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 3.29% 3.29% 0.00
15 year fixed 2.56% 2.52% +0.04
5/1 ARM 3.00% 2.88% +0.13
30 yr fixed mtg refi 3.23% 3.23% 0.00
15 yr fixed mtg refi 2.38% 2.42% -0.04
7/1 ARM refi 2.88% 2.75% +0.13
15 yr jumbo fixed mtg refi 2.49% 2.49% -0.00

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: $168,000 (U.S. Census Bureau)
  • Loan Funding Rate: 55.13% (CFPB)
  • Homeownership Rate: 69.1% (St. Louis Fed)
  • Median Monthly Homeownership Costs: $1,277 (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
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

*The FHFA stopped reporting new data in 2018.

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 $548,250. Only a handful of counties have FHA loan limits different than the standard. 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$548,250$356,362
Andrew$548,250$356,362
Atchison$548,250$356,362
Audrain$548,250$356,362
Barry$548,250$356,362
Barton$548,250$356,362
Bates$548,250$389,850
Benton$548,250$356,362
Bollinger$548,250$356,362
Boone$548,250$356,362
Buchanan$548,250$356,362
Butler$548,250$356,362
Caldwell$548,250$389,850
Callaway$548,250$356,362
Camden$548,250$356,362
Cape Girardeau$548,250$356,362
Carroll$548,250$356,362
Carter$548,250$356,362
Cass$548,250$389,850
Cedar$548,250$356,362
Chariton$548,250$356,362
Christian$548,250$356,362
Clark$548,250$356,362
Clay$548,250$389,850
Clinton$548,250$389,850
Cole$548,250$356,362
Cooper$548,250$356,362
Crawford$548,250$356,362
Dade$548,250$356,362
Dallas$548,250$356,362
Daviess$548,250$356,362
De Kalb$548,250$356,362
Dent$548,250$356,362
Douglas$548,250$356,362
Dunklin$548,250$356,362
Franklin$548,250$356,362
Gasconade$548,250$356,362
Gentry$548,250$356,362
Greene$548,250$356,362
Grundy$548,250$356,362
Harrison$548,250$356,362
Henry$548,250$356,362
Hickory$548,250$356,362
Holt$548,250$356,362
Howard$548,250$356,362
Howell$548,250$356,362
Iron$548,250$356,362
Jackson$548,250$389,850
Jasper$548,250$356,362
Jefferson$548,250$356,362
Johnson$548,250$356,362
Knox$548,250$356,362
Laclede$548,250$356,362
Lafayette$548,250$389,850
Lawrence$548,250$356,362
Lewis$548,250$356,362
Lincoln$548,250$356,362
Linn$548,250$356,362
Livingston$548,250$356,362
Mcdonald$548,250$356,362
Macon$548,250$356,362
Madison$548,250$356,362
Maries$548,250$356,362
Marion$548,250$356,362
Mercer$548,250$356,362
Miller$548,250$356,362
Mississippi$548,250$356,362
Moniteau$548,250$356,362
Monroe$548,250$356,362
Montgomery$548,250$356,362
Morgan$548,250$356,362
New Madrid$548,250$356,362
Newton$548,250$356,362
Nodaway$548,250$356,362
Oregon$548,250$356,362
Osage$548,250$356,362
Ozark$548,250$356,362
Pemiscot$548,250$356,362
Perry$548,250$356,362
Pettis$548,250$356,362
Phelps$548,250$356,362
Pike$548,250$356,362
Platte$548,250$389,850
Polk$548,250$356,362
Pulaski$548,250$356,362
Putnam$548,250$356,362
Ralls$548,250$356,362
Randolph$548,250$356,362
Ray$548,250$389,850
Reynolds$548,250$356,362
Ripley$548,250$356,362
St Charles$548,250$356,362
St Clair$548,250$356,362
Ste Genevieve$548,250$356,362
St Francois$548,250$356,362
St Louis$548,250$356,362
St Louis City$548,250$356,362
Saline$548,250$356,362
Schuyler$548,250$356,362
Scotland$548,250$356,362
Scott$548,250$356,362
Shannon$548,250$356,362
Shelby$548,250$356,362
Stoddard$548,250$356,362
Stone$548,250$356,362
Sullivan$548,250$356,362
Taney$548,250$356,362
Texas$548,250$356,362
Vernon$548,250$356,362
Warren$548,250$356,362
Washington$548,250$356,362
Wayne$548,250$356,362
Webster$548,250$356,362
Worth$548,250$356,362
Wright$548,250$356,362

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 2.76% (Zillow, Jan. 2021).

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. However, it's important to note that jumbo loan rates are currently lower than fixed rates.

The average 30-year fixed jumbo loan rate in Missouri is 2.56% (Zillow, Jan. 2021).

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. Strangely enough, ARM rates are currently higher than jumbo rates and fixed rates.

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 3.10% (Zillow, Jan. 2021).

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

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

Methodology In order to determine the best places in the country to get a mortgage, our study compared four factors, including overall borrowing costs, likelihood of securing a mortgage, property taxes and annual mortgage payments.

To calculate the overall borrowing costs, we analyzed the expected costs throughout the first five years for 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 mortgage originations (secured mortgages) in each county. Annual mortgage payments are a measure of 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, 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 2018 5-Year American Community Survey, Informa, Bankrate, government websites, SmartAsset