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Missouri Mortgage Rates

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Missouri Mortgage Rates

Comparing Missouri Mortgage Rates with National Rates

In order to help you see how Missouri mortgage rates compare with National rates, check out the following rate table from the industry website mortgagenewsdaily.com. These rates represent national averages and are based on specific loan assumptions. 

Shopping for Best Mortgage Rates in Missouri

It is important to shop around for the best terms. Make sure that you compare rates, lender fees and learn about third party fees. When comparing mortgage offers check out the term (length), interest rate (fixed vs. variable), and if applicable the cost of mortgage insurance. Get more information about mortgage rates and mortgage fees. Also, FHA loans, which always require mortgage insurance, differ from conventional loans, which require Private Mortgage Insurance (PMI) if your loan to value ratio (LTV) is over 80%.  Make sure that you use all of your costs when comparing loans.

Qualifying for a Mortgage in Missouri

In order to qualify for the best mortgage rates in Missouri it is important to have an excellent credit score. Also, you want to make sure that your debt to income ratio (DTI) and your downpayment or equity position , your loan to value ratio (LTV) are sufficient to qualify. Read this Bills.com article about qualifying for a mortgage.

 Mortgage Resources for Missouri

Missouri is the eighteenth most populous US state. According to the US census, as of 2017, there is an estimated population of about 6.1 million residents, which represents 1.9% of the US population. According to Wikipedia, “Major industries include aerospace, transportation equipment, food processing, chemicals, printing/publishing, electrical equipment, light manufacturing, financial services and beer”. Missouri is the only state with two Federal Reserve Banks. According to a St Louis Federal Reserve article, “the choice more likely reflected the region’s political economy (with Kansas City looking westward and St. Louis to the east) and the desire to curry support of the most active banking communities (given St. Louis’s status as a major financial center).”

Here are some outside resources that can help you understand the Missouri mortgage environment:

  1. FHA loan amounts in Missouri: (note:set the table to Missouri). There are 39 counties in the state of Missouri of which none of the single family units meet the Highest loan limit, currently at $636,150. 92% of the counties are at the Standard loan limit, currently at $275,665. The remaining 8% are between those two limits.
  2. FHFA Conventional Loan Amounts: Check the pdf from FHFA for all states and search for Missouri and your county or check out the FHFA conforming limit map. Since the FHFA has higher base limits than the FHA, currently at $424,100, all of the counties that fit this category.
  3. Missouri First Home Buyer Programs: The Missouri State Housing Finance Commission (MHDC)  offers various down payment assistance, mortgage credit and housing loan programs, including the "First Place", Mortgage Credit Certificate (MCC), Next Step Program, Military Veterans programs. There are income, credit, and property value restrictions, as well as homeowner education classes.
  4. Check out the Hud’s website for more information about homeowner programs and homeowner education programs. 

Mortgage Trends and Statistics for Missouri

Mortgage rates, loan amounts, LTV, (etc) vary based on areas. The FHFA provides a useful insight into differences in conventional loans. based on Metropolitan Areas.

Source of Data: FHFA Historical Table  - (TERMS ON CONVENTIONAL HOME MORTGAGES) Table V - Averages for Major Metropolitan Areas: Loans Closed

Check out some differences in One MSA area in Missouri:

  • Mortgage Rates for Conventional Loans in One MSA in Missouri
  • Mortgage Fees in One MSA in Missouri
  • Loan Amount in Missouri for One MSA
  • LTV over 90% in One MSA in Missouri

 

Mortgage Rates for Conventional Loans in One MSA in Missouri

 

Mortgage Fees in One MSA in Missouri

 

Loan Amount in Missouri for One MSA

 

LTV over 90% in One MSA in Missouri for One MSA

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