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St Louis Real Estate – Mortgate Rates Hold Steady But Expected to Rise

Paramount Mortgage Company - St Louis

When considering historically low interest rates, competitive home values along with the $8,000 First-Time Homebuyer and $6,500 Repeat Homebuyer Tax Credits,  potential homebuyers still have a great opportunity.  

THE TIME TO ACT IS NOW.

The Federal Reserve indicates it will stop buying mortgage-backed securities toward the end of the first quarter. Most mortgage experts believe that mortgage interest rates will rise when mortgages go off “Fed support” as private investors require higher rates to compensate for the risk. 

The deadline for the First Time/Repeat Homebuyer Tax Credits is an executed contract by April 30, 2010 with a closing no later than
June 30, 2010.

Contact your lender to review your options and prospects.

St. Louis Mortgage Rates – February 24, 2009 *

  • 30-year fixed-rate mortgage 5.00% no points
  • 15-year fixed-rate mortgage 4.25% no points
  • 5/1 adjustable rate mortgage 3.75% no points
  • 3/1 adjustable rate mortgage 3.750% no points
  • FHA/VA 30-year fixed rate mortgage 5.250%
  • Jumbo 5/1 ARM 4.125% no points

For more information or if you have questions on mortgage rates in St. Louis you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.


*Note- The above rates are based upon a typical sale price of $187,500 with a 20% percent down payment leaving a loan amount of $150,000 to a borrower with a 720 credit score for a loan with no discount points charged. Rates and terms will vary depending upon loan amount, home value, credit and income of borrower.

This information is provided by this author and this site for informative purposes only and is not warranted or guarteed in any way.

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