MISSOURI MORTGAGE REFINANCE RATES TODAY
Current mortgage refinance rates in
Missouri.
Current mortgage refinance rates in
Apply online or call for a complimentary mortgage consultation.
Compare mortgage refinance rates in Missouri.
Key Points
• Mortgage refinance rates are influenced by economic factors like Federal Reserve policy, inflation, and the bond market.
• A mere 1% dip in your mortgage refinance rate can have a major impact, slashing your monthly payment and leaving you with extra cash in hand.
• Mortgage refinance rates have seen their share of ups and downs, hitting record lows in 2020 and 2021 before climbing back up in 2023.
• Missouri’s mortgage refinance rates often track with national trends, which are influenced by the broader economy and Federal Reserve policies.
• Opting for a 15-year mortgage could be a smart move, as it often means paying less interest over time, even with the higher monthly bills.
• Adjustable-rate mortgages (ARMs) start with lower refi rates, but they may increase in the future. ARMs can be a smart move if you know you’ll be moving soon.
Introduction to Mortgage Refinance Rates
A mortgage refinance means that you take out a new home loan to replace an existing one, perhaps to lower your monthly payments, change your loan term, or get some cash out against your home equity.
The type of refinance you choose and the terms of the new loan can affect the interest rate you get. This guide will help you understand how mortgage refinance rates are set and how you can get the best type of loan and interest rate for your refinance.
💡 Quick Tip: Wondering how to refinance a mortgage? The process, which takes about 30 to 45 days, is similar to when you got your original home loan.
The Origins of Mortgage Refi Interest Rates
The rates you’re offered for a mortgage refinance are a product of both the economic landscape and your unique financial standing.
To look at economic factors first, know that mortgage rates are not set in a vacuum. They are influenced by myriad factors such as Federal Reserve policies, inflation, the bond market, and housing inventory.
• When inflation rears its head, mortgage refi rates tend to rise, too. Conversely, in times of low inflation, you’ll typically see mortgage rates drop.
• The Federal Reserve’s monetary policy also plays a significant role. If the Fed decides to raise its federal funds rate, mortgage refi rates are likely to climb as well.
• The bond market, too, has an indirect impact. When bond prices rise, interest rates usually fall.
Understanding these dynamics can empower you to make informed decisions about when to refinance. It’s also wise to recognize that your own financial credentials will impact the mortgage refinance rate that you can secure. Those with higher scores will typically qualify for lower interest rates and more favorable terms.
How Interest Rates Affect Home Affordability
Interest rates play a significant role in the affordability of refinancing. Your monthly payments hinge on the loan amount, the term of repayment, and the refinance rate. Here is an example that shows you the impact of interest rates in action:
• A $200,000 loan with a 6.00% annual percentage rate (APR) and a 30-year term would mean a monthly payment of $1,199.
• With an 8.00% rate, that payment jumps to $1,467.
Why Refinance in Missouri?
Mortgage refinancing is a smart financial move, but it is a decision that should be made with care. If current interest rates are lower than your existing mortgage, it might be a good time to refi. Read on to understand some of the most common reasons for refinancing.
Just keep in mind that there are some guidelines about how soon you can refinance: You’ll want to have at least 20% equity in your home before refinancing, especially if you’re cashing out some equity.
Common Reasons to Refinance a Mortgage
To delve into the specifics of why you might refinance, here are some specifics:
• Refinancing for a lower rate could lower your monthly payments and how much you pay in interest.
• You might change the loan’s term, to have a longer or shorter timeframe to pay off your debt.
• You might want to cash out equity and use the money for a major expense, such as your child’s tuition or a kitchen renovation.
• Transition from an adjustable-rate mortgage to a fixed-rate loan or vice-versa.
• Ditch your FHA mortgage insurance premium by refinancing.
How to Get the Best Available Mortgage Refi Interest Rate
To secure a competitive mortgage refinance rate, consider these steps:
• Build your credit score by paying bills on time, all the time; steering clear of new debt; and lengthening your credit history (that can mean keeping an infrequently used credit card account open vs. closing it).
• Keep your debt-to-income ratio under 36% to snag a more favorable rate.
• Compare rates and fees from multiple lenders, remembering that it’s not just about interest rates but about mortgage refinance costs as well.
• Choose a shorter-term loan for lower rates, even if monthly payments are higher, if you’d like to save on total interest and pay off your loan sooner.
• Think about buying mortgage points, also called discount points, to lower your interest rate. While it will add to your upfront outlay of cash, over the life of the loan, you will save money.
💡 Quick Tip: Some lenders offer a so-called no-closing-cost refinance. However, that usually means either rolling the closing costs into the new mortgage principal or exchanging them for a higher interest rate.
Understand Trends in Missouri Mortgage Interest Rates
National mortgage refinance rates have seen their share of ups and downs in recent years. Missouri’s mortgage refinance rates have generally followed these national trends, with their own fluctuations tied to local economic conditions. Take a more in-depth look here.
Historical U.S. Mortgage Interest Rates
Mortgage refinance rates have changed dramatically over the last 20 years. In the early 2000s, they hovered around 7.00%. But, as the COVID-19 pandemic unfolded, the average 30-year fixed mortgage refinance rate across the US fell to 3.15% in 2021. It then jumped to 7.00% in 2023. If you were expecting a drop in rates in 2024 onward, you might have been surprised — and disappointed. They didn’t decline, and early in 2025, Freddie Mac predicted that current mortgage rates would remain on the higher side for a while.
Looking at historical mortgage refinance rates can help you understand the current market and decide if now is the right time to refinance. The chart below summarizes a few decades’ worth of rates.
Historical Interest Rates in Missouri
Mortgage refinance rates in Missouri often echo the rise and fall of national rates. Over the years, they’ve dipped and then risen to a peak of around 7.00%. These changes are part of a larger economic dance, influenced by Federal Reserve decisions and market conditions. By keeping an eye on these trends, you can make well-informed choices about when to refinance your home.
The chart below chronicles almost two decades of rates in Missouri compared to the national rate, which can help you grasp trends at both levels. (The data points stop at 2018 since the Federal Housing Finance Agency stopped compiling state by state intel at that time.)
| Year | Missouri Rate | National Rate |
|---|---|---|
| 2000 | 7.99 | 8.14 |
| 2001 | 7.03 | 7.03 |
| 2002 | 6.62 | 6.62 |
| 2003 | 5.84 | 5.83 |
| 2004 | 5.93 | 5.95 |
| 2005 | 5.90 | 6.00 |
| 2006 | 6.47 | 6.60 |
| 2007 | 6.48 | 6.44 |
| 2008 | 6.14 | 6.09 |
| 2009 | 5.09 | 5.06 |
| 2010 | 5.02 | 4.84 |
| 2011 | 4.55 | 4.66 |
| 2012 | 3.70 | 3.74 |
| 2013 | 3.81 | 3.92 |
| 2014 | 3.15 | 4.24 |
| 2015 | 3.85 | 3.91 |
| 2016 | 3.69 | 3.72 |
| 2017 | 4.07 | 4.03 |
| 2018 | 4.58 | 4.57 |
Choose the Right Mortgage Refi Type
Mortgage refinance rates are generally a little higher than purchase mortgage rates, but they can vary quite a bit based on the type of mortgage refinance you’re seeking. Each mortgage refinance type comes with its own set of benefits and considerations. By understanding the different options available, you can find the best rate and terms for your financial goals. Whether you’re looking to lower your monthly payment, pay off your loan faster, or get cash out of your home, taking time to understand your refinance options can help you get the best deal for your needs.
Conventional Refi
Conventional refinancing, also known as rate-and-term refinancing, typically offers higher interest rates than government-backed loans such as FHA, VA, and USDA loans. However, those government-backed loans have specific eligibility criteria that many people don’t meet.
Conventional refis are a good option if you want to lower your mortgage refinance rate or change your loan term. Full disclosure: Conventional refinancing does have specific requirements, such as a minimum credit score (often 620) and a certain amount of home equity, usually at least 20%. These loans offer flexibility and could be a good choice if you want to improve your financial situation.
Cash-Out Refi
A cash-out refinance is a powerful tool that allows you to tap into your home equity by replacing your existing mortgage with a new one for more than you owe (up to 80% of your home equity). You receive the difference in cash, which can be put to good use for home improvements, paying off high-interest debt, or any other financial needs. Keep in mind, cash-out refinance rates are typically higher than the rates on your primary mortgage.
15-Year Mortgage Refi
Switching from a 30-year to a 15-year home loan could have a huge impact on your finances. Sure, your monthly payments will be higher, but the long-term savings are substantial.
To be specific:
• Imagine you have a 30-year, $1 million loan at a 7.50% rate. Your monthly payment is around $7,000, and you’re looking at total interest of $1,517,000.
• If you refinanced to a 15-year mortgage at 7.00%, your monthly payment will jump to about $9,000, which is a considerable additional expense. But the total interest paid over the life of the loan plummets to approximately $618,000. That’s a whopping $900,000 in savings.
Adjustable-Rate Mortgage Refi
Adjustable-rate mortgages (ARMs) can be a great option for borrowers looking for lower initial mortgage rates. This is especially true for those who don’t plan to stay in their home for more than a few years. By choosing an ARM instead of a traditional 30-year fixed-rate mortgage, you can get lower monthly payments, which means you’ll have more cash on hand.
But remember, lower payments in the short term could mean higher payments in the future. So before you choose an ARM, make sure you can handle the possibility of your rate and payment changing. Even though you may feel confident that you’ll sell your house in, say, three years, before the rate adjusts, life can have a way of throwing curveballs. Be sure to think about your financial situation and your long-term housing options before refinancing to an ARM.
FHA Refi
FHA refinances, insured by the Federal Housing Administration, often provide lower mortgage refinance rates, presenting a compelling opportunity for homeowners seeking to alleviate the burden of their monthly payments. FHA Simple Refinances and FHA Streamline Refinances are exclusively reserved for individuals with existing FHA loans.
In contrast, FHA cash-out refinances and FHA 203(k) refinances are available to a broader audience, offering versatility for home improvement projects or addressing diverse financial requirements, including debt consolidation or funding major purchases.
VA Refi
VA refinances, guaranteed by the U.S. Department of Veterans Affairs, consistently offer some of the most competitive mortgage refinance rates available. However, they are exclusively accessible to homeowners with preexisting VA loans (usually, active or past members of the military and some spouses). The Interest Rate Reduction Refinance Loan (IRRRL) is a widely sought-after option for veterans seeking to secure a lower interest rate or transition from an adjustable to a fixed rate, potentially resulting in substantial interest savings over the loan duration.
Compare Mortgage Refi Interest Rates
Refinancing your mortgage can save you money, and even a small rate reduction can make a big difference. Here’s how to secure a competitive rate:
• Shop around, and compare rates from multiple lenders. Your first offer isn’t always the best offer.
• Get prequalified to see your potential borrowing power and costs without having your credit score dinged by a hard pull.
• Look at the annual percentage rate (APR), which includes interest, fees, and discount points, instead of simply the interest rate.
• Keep in mind that lower rates often come with higher fees.
• If a less than optimal credit score is preventing you from qualifying for a more favorable rate, consider delaying your refi plans until you can build your score.
Use an Online Refinance Calculator
Online refinance calculators are a great way to get a rough estimate of what your new monthly payment could be and to compare different refi options. They take into account your current loan balance, the current refinance mortgage rates, and the closing costs associated with the loan. By using an online refinance calculator, you can get a better idea of what to expect and make a more informed decision. You can also see how different scenarios might play out and choose the one that best fits your financial goals.
Run the numbers on your home loan.
-
Mortgage calculator
Punch in your home loan amount and a new interest rate, and we’ll estimate your payoff date.
-
Down payment calculator
Enter a few details about your home loan and we’ll provide your monthly mortgage payment.
-
Home affordability calculator
Provide us with a few details and see how much you can afford to spend on a home purchase.
Using the free calculators is for informational purposes only, does not constitute an offer to receive a loan, and will not solicit a loan offer. Any payments shown depend on the accuracy of the information provided.
The Takeaway
Refinancing your mortgage can be a smart financial move, potentially lowering your monthly payments and reducing the amount of interest you’ll pay over the life of the loan. But it’s important to carefully weigh the current mortgage refinance rates and closing costs against the potential savings to make sure it makes financial sense for you. To do that, you’ll need to think about your personal financial goals and get advice from a knowledgeable lender or mortgage professional.
SoFi can help you save money when you refinance your mortgage. Plus, we make sure the process is as stress-free and transparent as possible. SoFi offers competitive fixed rates on a traditional mortgage refinance or cash-out refinance.
A mortgage refinance could be a game changer for your finances.
FAQ
Are refinance rates expected to drop?
As of early 2025, mortgage refinance rates were holding steady. There had been the expectation in 2024 that rates would be declining, but that hasn’t happened yet, nor is it forecast to be in the offing.
When is it a good idea to refinance your home?
It’s generally a good idea to refinance your mortgage when you can secure a lower mortgage refinance rate. Doing so can significantly reduce your monthly mortgage payment, which can lead to big savings over the life of your loan. Refinancing could also help you pay off your loan faster, by reducing your loan term and saving you money on interest in the long run. One important point: You usually need at least 20% equity in your home before you can refinance.
How much does 1% lower your monthly payment?
A mortgage rate drop of 1% in your refinance rate could mean big savings, but there are a number of factors to consider, such as the size and term of the loan. To offer an example, if you have a $300,000 mortgage, a 1% lower rate (from 7.00% to 6.00%) could mean a savings of $170 per month on a 30-year fixed home loan. That could free up your hard-earned money for other expenses or investments.
SoFi Mortgages
Terms, conditions, and state restrictions apply. Not all products are available in all states. See SoFi.com/eligibility-criteria for more information.
SoFi Loan Products
SoFi loans are originated by SoFi Bank, N.A., NMLS #696891 (Member FDIC). For additional product-specific legal and licensing information, see SoFi.com/legal. Equal Housing Lender.
*SoFi requires Private Mortgage Insurance (PMI) for conforming home loans with a loan-to-value (LTV) ratio greater than 80%. As little as 3% down payments are for qualifying first-time homebuyers only. 5% minimum applies to other borrowers. Other loan types may require different fees or insurance (e.g., VA funding fee, FHA Mortgage Insurance Premiums, etc.). Loan requirements may vary depending on your down payment amount, and minimum down payment varies by loan type.
¹FHA loans are subject to unique terms and conditions established by FHA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. FHA loans require an Upfront Mortgage Insurance Premium (UFMIP), which may be financed or paid at closing, in addition to monthly Mortgage Insurance Premiums (MIP). Maximum loan amounts vary by county. The minimum FHA mortgage down payment is 3.5% for those who qualify financially for a primary purchase. SoFi is not affiliated with any government agency.
†Veterans, Service members, and members of the National Guard or Reserve may be eligible for a loan guaranteed by the U.S. Department of Veterans Affairs. VA loans are subject to unique terms and conditions established by VA and SoFi. Ask your SoFi loan officer for details about eligibility, documentation, and other requirements. VA loans typically require a one-time funding fee except as may be exempted by VA guidelines. The fee may be financed or paid at closing. The amount of the fee depends on the type of loan, the total amount of the loan, and, depending on loan type, prior use of VA eligibility and down payment amount. The VA funding fee is typically non-refundable. SoFi is not affiliated with any government agency.
Non affiliation: SoFi isn’t affiliated with any of the companies highlighted in this article. Disclaimer: Many factors affect your credit scores and the interest rates you may receive. SoFi is not a Credit Repair Organization as defined under federal or state law, including the Credit Repair Organizations Act. SoFi does not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating. For details, see the FTC’s website .Financial Tips & Strategies: The tips provided on this website are of a general nature and do not take into account your specific objectives, financial situation, and needs. You should always consider their appropriateness given your own circumstances.
SOHL-Q125-180
More refinance resources.
-
How Much Does It Cost to Refinance a Mortgage?
-
How to Refinance a Home Mortgage Loan
-
7 Signs It’s Time for a Mortgage Refinance