ST. LOUIS — Earlier this month, U.S. mortgage rates for a 30-year fixed-rate home loan soared to 7.23%, a 22-year high. In Missouri, given the rise in mortgage rates and home prices across the state, many first-time homebuyers in your area are likely wondering if they can still afford their dream home.
At a glance:
- In the second quarter of this year, the median home price in Kansas City was $333,900, a 2.4% increase from the first quarter.
- In July, the average Missouri home for sale remained on the market for 31 days.
Mortgage interest rates Missouri jumped to 7.64% for a 30-year fixed mortgage and 6.93% for a 15-year fixed mortgage in August.
These numbers and the latest headlines only tell a part of the story, but an expert REALTOR® can share the inside scoop on strategies and advice for navigating the market. For example, first-time homebuyers can find financing support through free, educational programs offered on both the national and local level. Some programs even offer mortgages with no closing costs.
Monday morning, Angie Mullins from Century 21 Integrity Group joined Mary Caltrider to share financing advice for first-time homebuyers as Missouri mortgage rates and home prices climb. Take a look to learn more, or visit Realtor.com.
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