Missouri’s mortgage rates

A new WalletHub report finds that Missouri’s average mortgage rate is the second-largest increase in the country. During the first six months of this year, the rate rose over three percentage points to six-point-three-percent. Missouri Bankers Association President Jackson Hataway says the rate is falling more in line with historical norms, meaning that the market is beginning to even out. “We just have a very recent mental comparison that makes us think this is much more than it was. Compared to historical averages, we’re still kind of below the median or right at it, roughly. We’ll probably see them go down now. So, we’ll start to trend back towards the environment we were used to.” Hataway says it’s possible the mortgage rates could move closer to the historically low rates seen during COVID-19, but unlikely. He also stated that delinquency rates being on the rise factors into mortgage rate increases.

Courtesy Missouri Net