The average mortgage rate in Missouri is currently 7.01% for the 30-year fixed loan term.
Here are the interest rates offered to Missouri residents looking to buy or refinance a home as of 03/07/2023:
- 30-year fixed purchase: 7.01%
- 30-year fixed refi: 7.01%
- 15-year fixed purchase: 6.08%
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The average fixed rate on a 30-year mortgage declined for the third consecutive week, retreating below 7% for the first time since February. Mortgage rates are highly volatile ahead of the busy spring homebuying season.
Mortgage interest rates are twice as high as they were at the beginning of 2022, which continues to have a tangible effect on mortgage affordability and consumer housing sentiment. Mortgage rates are still widely expected to fall through 2023 but have stayed stubbornly high in the first quarter of the year. Here are the current mortgage rates, without discount points unless otherwise noted, as of March 30:
- 30-year fixed: 6.92% (down from 7% a week ago).
- 20-year fixed: 6.71% (down from 6.78% a week ago).
- 15-year fixed: 6.12% (down from 6.2% a week ago).
- 10-year fixed: 6.29% (up from 6.25% a week ago).
- 5/1 ARM: 5.66% (down from 5.71% a week ago).
- 7/1 ARM: 5.77% (down from 5.86% a week ago).
- 10/1 ARM: 6.11% (down from 6.14% a week ago).
- 30-year jumbo loans: 6.99% (down from 7.06% a week ago).
- 30-year FHA loans: 5.84% with 0.06 point (down from 6% a week ago).
- VA purchase loans: 6.02% with 0.05 point (down from 6.21% a week ago).
Missouri homebuyers can get mortgage interest tax credits and help with down payments and closing costs from these programs.
- Available to: First-time homebuyers and qualified veterans.
- Income limits: Vary by county (see MHDC income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: A forgivable second mortgage of 4% of the loan amount can be used for down payment and closing costs. The second mortgage will be forgiven if the borrower stays in the home and loan for 10 years.
- Available to: First-time homebuyers and qualified veterans who do not need down payment or closing cost assistance.
- Income limits: Vary by county (see MHDC income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Benefit: Qualified homebuyers may get a lower interest rate.
- Available to: First-time homebuyers.
- Income limits: Vary by county (see MHDC income limits).
- First-time homebuyers only?: Yes.
- Benefit: Qualified borrowers get a non-refundable federal tax credit of 25% of the total amount of mortgage interest they pay each year.
- Available to: Borrowers who have owned homes before but who lack sufficient equity or funds for down payment to purchase their new home can get a lower interest rate. It also allows first-time buyers who fall outside the income limits for Cash Assistance Loans and Non Cash Assistance Loans to achieve homeownership.
- Income limits: Vary by county (see MHDC income limits).
- First-time homebuyers only?: No.
- Loan options: 30-year fixed-rate mortgages.
- Down payment and closing cost assistance: Down payment and closing cost assistance is available as a forgivable second mortgage of 4% of the loan amount. The mortgage is forgiven if the borrower stays in the home and loan for 10 years.
U.S. News selects the Best Loan Companies by evaluating affordability, borrower eligibility criteria and customer service. Those with the highest overall scores are considered the best lenders.
To calculate each score, we use data about the lender and its loan offerings, giving greater weight to factors that matter most to borrowers. For mortgage lenders, we take into account each company’s customer service ratings, interest rates, loan product availability, minimum down payment, minimum FICO score and online features.
The weight each scoring factor receives is based on a nationwide survey on what borrowers look for in a lender.
To receive a rating, lenders must offer qualifying loans nationwide and have a good reputation within the industry. Read more about our methodology.
To recap, here are the picks:
