Home Equity Loan Rates in Missouri (January 2025)

The equity in your home that you can access and borrow is known as tappable equity. A home equity loan (HEL) can help you maximize your home equity, whether you're looking to fund home improvement projects or consolidate debt.

Home equity loan rates in Missouri are 7.8% APR for a 10-year term and 7.9% APR for a 15-year term, compared to the national averages of 7.7% and 7.9%, respectively. We've compiled detailed insights on current home equity loan rates in Missouri, including city-specific rates, top lenders and tips on securing the best rates for using your home's equity.

The current average APR for a 15-year home equity loan in Missouri is 7.9%, but several factors might affect what lenders offer. For instance, a higher credit score often results in a lower APR, while a larger loan amount could lead to a higher rate. Repayment terms are another aspect to consider. Explore the comparison table to see how current home equity loan rates in Missouri vary across different loan terms.

Interest rates for a home equity loan change daily. Keeping track of these fluctuations can help you pay less in interest over the life of the loan, saving you money. If you have high-interest debts, a home equity loan at a lower rate can help consolidate those debts and reduce your overall interest payments.

For example, a $50,000 home equity loan with a 15-year term at a 7.9% APR results in a monthly payment of $475 and a total interest of $35,490. In contrast, a 10-year loan with a 7.8% APR has a monthly payment of $601 and a total interest of $22,164.

The rate you qualify for depends on your loan-to-value ratio, which is how much you owe on your mortgage compared to your home's appraised value. To calculate your LTV ratio, divide your current mortgage balance by your home's appraised value and multiply by 100. For example, if your home is valued at $300,000 and you owe $240,000 on your mortgage, your LTV ratio is 80%.

A higher LTV ratio means greater potential risk to lenders, resulting in higher rates. Currently, the average APR of a 15-year equity loan in Missouri with an LTV ratio of 80% is 7.8%. It's 8% for an LTV ratio of 90%. Use the table to see what rates you might qualify for based on your LTV ratio.

Average APRs also vary between cities in Missouri. In larger or more densely populated cities, more lenders compete, which can lead to lower interest rates. Cities with higher living costs may see slightly higher rates, as lenders face increased operational expenses.

In Missouri, Versailles has an average APR of 4.8%, while Town And Country has an average APR of 9.8%. Below is a table showing the cities in Missouri and their average home equity loan rates for different terms.

Home equity loan rates in Missouri vary significantly between lenders due to differing policies, risk assessments and market strategies. For example, Community Point Bank offers the lowest average APR at 4.8%, while Peoples National Bank has the highest at 10.4%.

Comparing rates and terms from different lenders is the best way to secure the lowest home equity loan rates. Explore our interactive table to see which lenders offer the most favorable rates in your city.

Securing the best possible home equity interest rates can lead to lower monthly payments and reduced overall costs, freeing up funds for other financial goals. To achieve the best home equity loan rates in Missouri, consider these strategies:

MoneyGeek addresses common questions about home equity loan rates for Missouri homeowners, providing precise and reliable information.