Updated: January 8, 2025
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Missouri's current mortgage refinance rates are 6.01% for a 15-year fixed loan and 6.56% for a 30-year fixed loan. Both are lower than the national averages of 6.12% and 7.08%, respectively.
We provide the latest insights and strategies to navigate mortgage refinancing in Missouri. From understanding daily rate trends to knowing when and how to refinance, MoneyGeek offers practical advice tailored to your needs.
MoneyGeek used Zillow data for the rates on this page. Because mortgage rates shift daily, we use a snapshot to analyze rate information for Missouri. We update the data frequently to ensure you have access to the most recent rates, but the values may differ slightly between reporting sources. Unless noted otherwise, featured rates are annual percentage rates (APRs).
This data was last updated in December 2024.
The current 30-year refinance rate in Missouri is 6.56%. The state's average mortgage debt was $166,056 as of September 2023, according to Experian.
If your existing mortgage rate exceeds 6.56%, refinancing your mortgage could lower your monthly payments and the total interest over the life of your loan. Below are the current refinance rates in Missouri to help you explore your options.
| 15-Year Fixed | 5.89% | 6.01% |
| 30-Year Fixed | 6.49% | 6.56% |
In December 2024, Missouri's 15-year refinance rate slightly increased to 6.01% from 5.96%, while its 30-year refinance rate dropped to 6.56% from 6.61% the previous month.
Data from 2024
Interest rates can rise due to the Federal Reserve's monetary policy, inflation and economic conditions. These factors influence refinance rate trends in Missouri. Understanding these dynamics helps in making informed refinancing choices.
Refinancing your mortgage in Missouri can reduce monthly payments or interest rates. Understanding the steps will help you make informed decisions. Here's how to make refinancing work for you.
Credit scores affect the rates you qualify for; higher scores can secure better rates. If your score is below Missouri's average of 714, consider paying down debt or disputing errors to improve it.
Evaluate your current mortgage terms against Missouri's 15-year fixed rate of 6.01% and 30-year fixed rate of 6.56%. Refinancing makes sense if these rates are lower and you plan to stay in your home long-term.
Collect financial documents like tax returns, pay stubs and bank statements to streamline refinancing. Having these ready ensures a smoother transition from your original mortgage.
Compare multiple lenders to find favorable terms. Look for competitive interest rates, low fees and excellent customer service.
Be aware of closing costs and other fees. Missouri's average is $2,862, according to the National Association of Realtors.
Submit your application to the chosen lender, providing all necessary documents. Being organized and responsive can expedite the process, ensuring a quicker approval and closing timeline.
Secure your rate with a mortgage rate lock to protect against market fluctuations. Monitoring market trends can help you lock in at the optimal time.
Finalize the loan by signing documents and paying any required fees. Double-check all details to ensure accuracy. Scheduling a convenient closing date can reduce stress and ensure a smooth transition.
Begin payments as scheduled to avoid penalties. Setting up automatic payments can help you stay on track and maintain a good payment history, which can benefit your credit score.
Regularly review your mortgage terms to ensure they remain beneficial. Changes in interest rates or your situation may create new refinancing opportunities. Staying informed about market trends helps guide your decisions.
In Missouri, how soon you can refinance a mortgage depends on your loan type. You can usually refinance for conventional loans immediately, but a cash-out refinance typically requires a six-month seasoning period. USDA loans generally require a 12-month waiting period before refinancing.
The average refinance rate in Missouri dropped to 6.08% in October, making it a favorable time to refinance. However, refinancing comes with closing costs that may take years to recover. It's generally worth refinancing only if there's a significant interest rate reduction.
Refinancing your mortgage can reduce your interest rates, lowering monthly payments. But watch out for closing costs that might offset these savings. Knowing when to refinance a mortgage in Missouri ensures financial gain. Explore the following scenarios where refinancing could be advantageous.
Refinancing when interest rates are lower can reduce monthly payments and overall interest costs. To find the best rates, consult local banks or credit unions, which often offer competitive rates.
Higher property value can increase home equity. Enhancing curb appeal or renovating can boost value. Missouri's average home value is $251,455, providing a solid base for equity growth.
A better credit score can lower your mortgage rate. Paying bills on time and reducing debt can improve your score.
Refinancing to a shorter loan term can reduce interest costs and help pay off the mortgage faster. Lower interest rates make it a smart choice for those who can manage higher monthly payments.
Switching from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage provides financial stability. A fixed-rate mortgage ensures consistent payments, protecting against future rate increases.
Use MoneyGeek's free mortgage refinance calculator to determine whether refinancing is beneficial for your situation.
Make sure refinancing your existing home loan will save you money.
Total Savings:
By refinancing, you’ll pay $0
Your credit score influences the rates you qualify for. Missouri.'s current average refinance rate for a 30-year fixed-rate loan with a loan-to-value ratio (LTV) of 80% or lower is 6.98% for credit scores between 680 and 740, compared to 6.56% for scores above 740. The table below shows the average APRs for different credit scores and LTV ratios.
| 5.91% | 6.12% |
Loan type also affects the rates you qualify for. Missouri's current average refinance rates are 6.56% for a 30-year fixed-rate loan and 8.13% for a 30-year FHA fixed-rate loan. The table below shows the average APRs for various loan types.
| 6.25% | 6.43% |
Understanding refinance rates in Missouri can be tricky due to fluctuating rates and economic changes. To help you, we answer common questions about refinancing.
Refinancing can save on interest or lower monthly payments, but it’s important to factor in closing costs. Consider your long-term financial goals to determine if refinancing makes sense for you.
To secure the best mortgage refinance rate, improve your credit score and consider paying down your mortgage to increase your equity.
The pros of refinancing include potentially lower interest rates and monthly payments, while the cons may involve closing costs and extending the loan term.
Refinancing a mortgage typically involves application fees, appraisal fees and closing costs, which can add up to several thousand dollars.
In Missouri, the average refinance rates are 6.01% for a 15-year fixed loan and 6.56% for a 30-year fixed loan. Rates in Kansas City are likely to reflect these state averages, but the rates you qualify for may vary based on factors like your credit score and loan-to-value ratio.
About Zachary Romeo, CBCA
Zachary Romeo is a certified Commercial Banking and Credit Analyst (CBCA), and the Head of Loans and Banking at MoneyGeek. Previously, he led production teams for some of the largest online informational resources in higher education, with over 13 years of experience in editorial production.
Romeo has a bachelor's degree in biological engineering from Cornell University. He geeks out on minimizing personal debt and helping others do the same through people-first content.
