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Missouri Mortgage Rates for April 2019

In Missouri, the average rate for a 30-year fixed-rate mortgage is 4.50%. 15-year fixed mortgage rates currently average 4.05%, while 5/1 adjustable-rate mortgages (ARM) have an average rate of 4.20%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.50%–0.03%–0.27%
15-year fixed4.05%–0.03%–0.24%
5/1 ARM4.20%–0.01%–0.13%
Rates for a $200,000 loan with 20% down payment

If you're looking for a mortgage to help pay for your home purchase, you're hardly alone. Becoming a homeowner usually means taking on the responsibility of monthly mortgage payments. To help you find an affordable rate on your home loan, we've kept track of interest rate lows, highs, and averages among Missouri's largest banks and cities.

Best Mortgage Rates in Missouri

At the moment, the lowest rate on a 30-year mortgage is 3.75%. If you're considering other mortgage types, rates can be lower: 3.25% for a 15-year mortgage and 2.88% for the initial fixed rate on 5/1 ARM loans.

In Missouri, there's a difference of 150 basis points between the lowest and highest reported 30-year mortgage rate. Since your quotes can land anywhere inside this range, it makes sense to contact multiple lenders so you can compare several loan offers before making your choice. While shaving a few percentage points off your rate may not appear significant at first, doing so can save you substantial amounts when you consider the large balances involved in most mortgages.

Current Mortgage Rate Forecast for Missouri

For 2019, mortgage rates in Missouri and across the country might not rise as much as previously anticipated. The Federal Reserve's Open Market Committee (FOMC) recently announced that it would adopt a data-dependent "wait-and-see" approach to future rate hikes, which may indicate a reduction in the frequency of rate hikes that experts were previously predicting.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

Currently set in the range of 2.25%-2.50%, the target federal funds rate represents the overnight borrowing rate for banks. Due to the correlation between short-term federal funds and the interest rates offered on consumer loans and deposits, analysts often view the FOMC's periodic announcements as bellwethers for future rate trends. Tied to this cycle are long-term mortgage rates, which tend to fluctuate in line with Federal Funds. However, differences may exist between the two due to consumer demand, credit considerations or incremental costs incurred during the mortgage origination process.

For homebuyers in Missouri, the news of a possible steadying in rates may represent welcome news in front of the upcoming homebuying season. During periods of rising rates, shoppers often rush to secure financing before interest rates skyrocket. With the FOMC announcing its intent to move more cautiously over the coming year, buyers can take comfort in the knowledge that mortgage rates are less likely to spike while they're shopping for the right home or lender.

Rates at Missouri's Most Popular Mortgage Lenders

Traditional banks have long been the most popular source of mortgage loans in Missouri. Although online mortgage lenders have gained a lot of traction among new homebuyers, it's still worthwhile—and relatively easy—to collect quotes from the lenders that do business in your neighborhood. We looked at rates gathered from five of Missouri's biggest banks to see if any stood out from the pack.

Column graph comparing 30-year mortgage rates at major Missouri banks

The 30-year mortgage rates at the banks we surveyed ranged from 4.50% to 5.00%, a wide margin representing thousands of dollars in potential interest costs. It's still likely that most banks will offer you a similar rate based on your financial profile and credit score. However, the variation we saw among these larger lenders is a sign that you shouldn't limit your mortgage shopping to just one or two quotes. The more options you research, the better your final rate should be.

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Comparing Home Loan Rates by City

In addition to examining individual banks, we track mortgage rates in each of Missouri's largest urban areas. While it's not typical for interest rates to change from place to place in the same state, mortgage costs are still affected by geography thanks to the effect of real estate prices.

MSAAverage mortgage rateMedian home value
St. Louis4.58%$179,641
Kansas City4.56%$184,551
Springfield4.58%$147,610
Columbia4.61%$196,635
Average rate is for a 30-year mortgage with a 20% down payment.

The monthly cost of principal and interest on your loan depends on both your interest rate and your mortgage balance. While rates aren't drastically affected by your neighborhood, property values certainly are. The median values of owner-occupied homes in each metro we studied should serve as a barometer of the mortgage expenses you'll face in Missouri.

Evaluating Your Mortgage Options: An Example in St. Louis

If you're looking for a lower mortgage rate in Missouri, the most effective method is to change your loan type. Swapping lenders and locations may offer slight improvements in rate, but the rate difference among loan types is definite and reliable. To see how payments change according to mortgage type, we can apply today's rates to a hypothetical home purchase in St. Louis for $200,000 with a 20% down payment.

In most cases, homebuyers begin with the standard option of a 30-year fixed rate. At St. Louis's average of 4.58%, the interest and principal payments for a 30-year mortgage would cost $819 each month. Ultimately, the total interest would amount to $134,596 over the entire loan. This scenario can change significantly depending on your personal goals.

For instance, most homeowners move long before paying off a full 30-year loan. If you know how soon you'll sell your home, it may be possible to get a lower mortgage rate through an adjustable-rate mortgage. The average 5/1 ARM rate is 4.20% for the first five years of the term, for a monthly cost of $783 in our example. However, staying in an ARM for too long results in the rate becoming variable, potentially increasing your costs.

If your main goal is to own your home at the lowest overall cost, a 15-year mortgage might be better. Packing your repayment into half as many installments inflates the monthly bill, but it allows far less time for interest to pile up. 15-year rates are also lower, averaging at 4.05% in Missouri. In our example, the monthly cost of a 15-year home loan is $1,188 and the total interest becomes $53,753.

In Missouri, the average rate for a 30-year fixed-rate mortgage is 4.50%. 15-year fixed mortgage rates currently average 4.05%, while 5/1 adjustable-rate mortgages (ARM) have an average rate of 4.20%.

Loan typeAverage rateWeekly change3-month change
30-year fixed4.50%–0.03%–0.27%
15-year fixed4.05%–0.03%–0.24%
5/1 ARM4.20%–0.01%–0.13%
Rates for a $200,000 loan with 20% down payment

If you're looking for a mortgage to help pay for your home purchase, you're hardly alone. Becoming a homeowner usually means taking on the responsibility of monthly mortgage payments. To help you find an affordable rate on your home loan, we've kept track of interest rate lows, highs, and averages among Missouri's largest banks and cities.

At the moment, the lowest rate on a 30-year mortgage is 3.75%. If you're considering other mortgage types, rates can be lower: 3.25% for a 15-year mortgage and 2.88% for the initial fixed rate on 5/1 ARM loans.

In Missouri, there's a difference of 150 basis points between the lowest and highest reported 30-year mortgage rate. Since your quotes can land anywhere inside this range, it makes sense to contact multiple lenders so you can compare several loan offers before making your choice. While shaving a few percentage points off your rate may not appear significant at first, doing so can save you substantial amounts when you consider the large balances involved in most mortgages.

For 2019, mortgage rates in Missouri and across the country might not rise as much as previously anticipated. The Federal Reserve's Open Market Committee (FOMC) recently announced that it would adopt a data-dependent "wait-and-see" approach to future rate hikes, which may indicate a reduction in the frequency of rate hikes that experts were previously predicting.

Line graph of average U.S. 30-year mortgage rates vs. effective federal funds rate since 2014

Currently set in the range of 2.25%-2.50%, the target federal funds rate represents the overnight borrowing rate for banks. Due to the correlation between short-term federal funds and the interest rates offered on consumer loans and deposits, analysts often view the FOMC's periodic announcements as bellwethers for future rate trends. Tied to this cycle are long-term mortgage rates, which tend to fluctuate in line with Federal Funds. However, differences may exist between the two due to consumer demand, credit considerations or incremental costs incurred during the mortgage origination process.

For homebuyers in Missouri, the news of a possible steadying in rates may be welcome news in front of the upcoming homebuying season. During periods of rising rates, shoppers often rush to secure financing before interest rates skyrocket. With the FOMC announcing its intent to move more cautiously over the coming year, buyers can take comfort in the knowledge that mortgage rates are less likely to spike while they're shopping for the right home or lender.

Traditional banks have long been the most popular source of mortgage loans in Missouri. Although online mortgage lenders have gained a lot of traction among new homebuyers, it's still worthwhile—and relatively easy—to collect quotes from the lenders that do business in your neighborhood. We looked at rates gathered from five of Missouri's biggest banks to see if any stood out from the pack.

Column graph comparing 30-year mortgage rates at major Missouri banks

The 30-year mortgage rates at the banks we surveyed ranged from 4.50% to 5.00%, a wide margin representing thousands of dollars in potential interest costs. It's still likely that most banks will offer you a similar rate based on your financial profile and credit score. However, the variation we saw among these larger lenders is a sign that you shouldn't limit your mortgage shopping to just one or two quotes. The more options you research, the better your final rate should be.

Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

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In addition to examining individual banks, we track mortgage rates in each of Missouri's largest urban areas. While it's not typical for interest rates to change from place to place in the same state, mortgage costs are still affected by geography thanks to the effect of real estate prices.

MSAAverage mortgage rateMedian home value
St. Louis4.58%$179,641
Kansas City4.56%$184,551
Springfield4.58%$147,610
Columbia4.61%$196,635
Average rate is for a 30-year mortgage with a 20% down payment.

The monthly cost of principal and interest on your loan depends on both your interest rate and your mortgage balance. While rates aren't drastically affected by your neighborhood, property values certainly are. The median values of owner-occupied homes in each metro we studied should serve as a barometer of the mortgage expenses you'll face in Missouri.

Comments and Questions

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

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LendingTree is our ultimate parent company
Get Multiple Mortgage Offers at Once
Get Multiple Mortgage Offers at Once
LendingTree can help you find and compare mortgage rates, all without affecting your credit.
LendingTree is our ultimate parent company
See Offers

on LendingTree's secure website. NMLS #1136: terms and conditions apply

Powered by
LendingTree is our ultimate parent company