Select your Scenario
Dodge monthly mortgage insurance premiums (PMI) completely and secure the standard conventional baseline.
Explore programs requiring as little as 3% down conventional or 3.5% FHA, helping you buy sooner.
Optimize your existing debt service, lower your interest rate, or secure cash-out equity restructure.
Department of Veterans Affairs purchase loans offering 0% down payment and no monthly PMI for military.
Lock in lower interest rates with a 15-year fixed loan term to build massive equity quickly.
Finance non-owner occupied rental acquisitions or multi-unit house hacking with competitive investor pricing.
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Current Local Mortgage Rates
Sorted by lowest conforming purchase rate
Requires veteran or military eligibility
Loan amount is under conforming limits
| Loan Program | Today's Rate / APR | Points | Est. Payment | Action |
|---|---|---|---|---|
| Conventional 30-Yr FixedConforming | 6.977%APR 7.015% | 0 pts$0 | $1,016/moP&I $1,016 · MI $0 | See details |
| FHA 30-Yr FixedConforming | 6.099%APR 6.871% | 0 pts$0 | $1,015/moP&I $943 · MI $71 | See details |
| VA 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| Jumbo 30-Yr Fixed Doesn't Apply | — | — | — | Ineligible |
| 15-Year Conforming FixedConforming | 6.198%APR 6.253% | 0 pts$0 | $937/moP&I $937 · MI $0 | See details |
| Refinance 30-Yr FixedConforming | 6.994%APR 7.032% | 0 pts$0 | $1,017/moP&I $1,017 · MI $0 | See details |
| Investment Property FixedConforming | 7.625%APR 7.705% | 0 pts$0 | $1,083/moP&I $1,083 · MI $0 | See details |
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Compare all 26 pre-computed scenario benchmarks
Scenario Program | Down Pct | Credit score | Today's Rate | APR | Points | P&I Payment | 3-Yr Metric Cost |
|---|---|---|---|---|---|---|---|
15-Year Conforming Purchase | 20% | 740 credit score | 6.198% | 6.253% | 0 pts ($0) | $1,307/mo | $26,662 |
15-Year Rate/Term Refi | 0% | 740 credit score | 6.086% | 6.141% | 0 pts ($0) | $1,623/mo | $36,435 |
Condo 10% Down | 10% | 720 credit score | 7.292% | 7.465% | 0 pts ($0) | $1,179/mo | $41,495 |
Conventional 10% Down | 10% | 720 credit score | 6.892% | 7.054% | 0 pts ($0) | $1,133/mo | $39,419 |
Conventional 20% Down | 20% | 740 credit score | 6.977% | 7.015% | 0 pts ($0) | $1,016/mo | $31,530 |
Conventional 5% Down | 5% | 700 credit score | 7.271% | 7.760% | 0 pts ($0) | $1,242/mo | $43,685 |
Conventional Cash-Out Refi | 0% | 740 credit score | 7.408% | 7.449% | 0 pts ($0) | $1,325/mo | $45,627 |
Conventional High Balance | 10% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,132/mo | $38,345 |
Conventional HomeReady 3% | 3% | 660 credit score | 6.882% | 7.260% | 0 pts ($0) | $1,220/mo | $44,099 |
Conventional Rate/Term Refi | 0% | 740 credit score | 6.994% | 7.032% | 0 pts ($0) | $1,272/mo | $43,239 |
FHA 15-Year Fixed 3.5% Down | 3.5% | 680 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,578/mo | $37,626 |
FHA 3.5% Down | 3.5% | 680 credit score | 6.099% | 6.871% | 0 pts ($0) | $1,138/mo | $40,063 |
FHA Streamline (Excellent Credit) | 0% | 740 credit score | 5.936% | 6.686% | 0 pts ($0) | $1,159/mo | $40,563 |
FHA Streamline Refi | 0% | 640 credit score | 6.299% | 7.074% | 0 pts ($0) | $1,204/mo | $42,686 |
House Hacking Conforming 5% | 5% | 680 credit score | 7.247% | 7.497% | 0 pts ($0) | $1,239/mo | $45,189 |
Investment 15-Year Fixed 25% Down | 25% | 740 credit score | 5.820% | 5.855% | 0 pts ($0) | $1,196/mo | $23,425 |
Investment Property 25% Down | 25% | 740 credit score | 7.625% | 7.705% | 0 pts ($0) | $1,015/mo | $32,363 |
Jumbo Conforming | 20% | 760 credit score | 7.125% | 7.168% | 0 pts ($0) | $1,031/mo | $32,212 |
Jumbo Elite Premium 10% Down | 10% | 760 credit score | 6.712% | 6.741% | 0 pts ($0) | $1,112/mo | $34,097 |
Lower Credit FHA 3.5% | 3.5% | 580 credit score | 6.470% | 7.248% | 0 pts ($0) | $1,183/mo | $42,159 |
Second Home 10% Down | 10% | 720 credit score | 6.104% | 6.682% | 0 pts ($0) | $1,043/mo | $35,337 |
Second Home 20% Down | 20% | 740 credit score | 6.884% | 6.900% | 0 pts ($0) | $1,006/mo | $31,101 |
VA 0% Down | 0% | 700 credit score | 6.118% | 6.364% | 0 pts ($0) | $1,186/mo | $39,319 |
VA Cash-Out Refi | 0% | 640 credit score | 6.123% | 6.495% | 0 pts ($0) | $1,187/mo | $39,349 |
VA IRRRL Streamline Refi | 0% | 640 credit score | 6.130% | 6.284% | 0 pts ($0) | $1,188/mo | $39,390 |
VA Military 10% Down | 10% | 720 credit score | 6.067% | 6.143% | 0 pts ($0) | $1,052/mo | $33,292 |
Frequently Asked Questions
What are today's mortgage rates in Steelville R-III, MO across different loan programs?
Today's benchmark conventional 30-year fixed mortgage rate in Steelville R-III, MO is 6.977% (with an estimated monthly payment of $1,278). Active program rates also include FHA 30-year fixed loans at 6.099% and VA 0%-down fixed loans at 6.118%. These rates are calibrated daily by Safe Rate's pricing engine matching active local market conditions.
What is the recent mortgage rate trend in Steelville R-III, MO?
Mortgage rates have shown typical daily fluctuations driven by inflation data and bond yields. Over the past 90 days, conventional 30-year fixed rates in Steelville R-III, MO have fluctuated between a low of 6.625% and a high of 7.085%. You can track these daily movements by using the 90-day rate history and trajectory chart featured on this page.
Is an FHA or Conventional loan more cost-effective in Steelville R-III, MO?
Choosing between FHA and Conventional depends on your down payment budget and credit score. For a typical home priced at $191,242 in Steelville R-III, MO, a standard 20%-down Conventional loan requires an upfront cash down payment of $38,248 but keeps your monthly payment lower at $1,278/mo (at 6.977% interest) with no monthly PMI. In comparison, an FHA loan requires only $6,693 (3.5% down) but has an estimated payment of $1,432/mo (at 6.099% interest) due to mandatory FHA mortgage insurance (MIP). Local Nuance: The typical local FHA loan amount of $184,549 falls comfortably within the local HUD FHA loan limit of $524,225 (1-unit), making FHA financing an exceptionally accessible, high-leverage entry point into the market.
What is the maximum conforming loan limit in Steelville R-III before needing a Jumbo loan?
The 2025 conforming conventional loan limit for a 1-unit property in Steelville R-III is $806,501. With a typical local home value of $191,242 in , a standard 20%-down mortgage requires a loan size of $152,994. Because this is within the $806,501 conforming threshold, buyers can easily qualify for standard conforming conventional financing with competitive rates.
How does the median home value in Steelville R-III, MO impact estimated mortgage payments?
The median home value in Steelville R-III, MO is estimated at $191,242. Buying a typical home here with a standard 20% down payment ($38,248) translates to an estimated starting monthly mortgage payment of $1,278 (principal and interest). Compared to the local area median household income of $54,661 ($4,555/mo), this basic housing payment represents approximately 28.0% of gross monthly household income. This housing cost is well within standard lender affordability guidelines (under the 36% DTI benchmark), demonstrating healthy local purchasing power.