Interest Rate
Average home price

If you are ready to purchase a home in Missouri, you’ll want to ensure that you are receiving the best possible rate. Your final rate will depend on a wide variety of factors, including your credit score, your down payment, your debt-to-income ratio, and your current level of income.

Get the best rates in Missouri by checking your credit report for any errors, and by making sure that all of your documentation is in order to be submitted to a professional mortgage lender for preapproval.

Here’s a quick look at current Missouri mortgage rates:

Loan Program Mortgage Rate APR* 1 Day Change
Conventional 30 year fixed 6.749% 6.826% +0.03%
Conventional 20 year fixed 6.217% 6.304% +0.06%
Conventional 15 year fixed 5.931% 6.067% +0.04%
Conventional 7 year ARM 6.906% 7.606% +0.03%
Conventional 5 year ARM 6.58% 7.683% -0.09%
FHA 15 year fixed 6.425% 7.139% Unchanged
FHA 30 year fixed 6% 6.769% -0.01%
VA 30 year fixed 5.958% 6.076% -0.25%
VA 15 year fixed 5.719% 5.863% -0.15%
VA 5 year ARM 6.312% 6.955% +0.08%

Data source: ©Zillow, Inc. Use is subject to the Terms of Use

Buying a Home in Missouri

Ready to purchase in Missouri? This could be the perfect time to find your dream home in the Show Me State. Here’s what you need to know:

Where would you like to live? Missouri is called home by a total population of just over 6 million people, of which one in five live in the state’s five largest cities, which exclude the state capital of Jefferson City.

  • Kansas City
  • St. Louis
  • Springfield
  • Independence
  • Columbia

How much home can you afford? Missouri ranks 36th in US homes for sale at average price, and 26th for homes over $1,000,000. Getting preapproved can help you to stay within your budget when you are house hunting

First-time Homebuyers

If you are a first-time home buyer, you may be able to qualify for assistance through programs administered by the Missouri Housing Development Commission

MHDC First Place Loan Program Loans are available with or without a Cash Assistance Loan (CAL) to help with a down payment and closing costs. Non-CAL First Place loans have a lower interest rate than CAL First Place loans.

MHDC Next Step Program Loans provide affordable mortgages with or without the CAL down payment and closing cost assistance.

To qualify for these first-time home buyer programs in Missouri, you’ll need:

  • To meet MHDC purchase price limits (vary by area)
  • To meet MHDC household income limits (lower for First Place, higher for Next Step)
  • DD Form 214 or statement of service (for military veterans)

Refinancing in Missouri

Looking to take advantage of favorable Missouri mortgage rates through refinancing? It is likely that you can do any of the following:

  • Refinance to lower your interest rate
  • Refinance to lengthen the term of your loan
  • Refinance to cash out your home equity
  • Refinance to get rid of your private mortgage insurance (PMI)

You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.


Buying a Home?

Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.

1 The First Step in Buying a Home – Preapproval

What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?

Read More

3 How much money do I need?

How Can I Lower My Mortgage Payment? | How Can I Lower My Closing Costs? | When Do I Pay Out-Of-Pocket Costs? | What are Prepaid Items or Escrows? | What Will My Closing Costs Be?

Read More

4 The Basics of Mortgage

What Documents Need to be Updated During the Home Loan Process? | What Contingencies Do I Need? | How Important is the Closing Date? | Steps in the Loan Process | Understanding Common Mortgage Terms

Read More

5 Finding a Real Estate Agent

What Are the Top 6 Questions to Ask a Real Estate Agent? | Should I Use the Seller's Real Estate Agent? | Are Online Discount Realty Services a Good Idea? | How Much Does a Buyer's Real Estate Agent Cost? | Why Do I Need a Real Estate Agent to Buy a Home?

Read More
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