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St. Louis Real Estate Search

 

Fannie Mae & Freddie Mac Become Landlords; St. Louis Interest Rates Remain Low and Should Stay Low

Paramount Mortgage Company - St LouisFannie Mae and Freddie Mac have become two of the nation’s largest landlords. Both institutions took over a foreclosed home roughly every 90 seconds during the first three months of the year. As of the end of March, they owned over 160,000 houses.

The inventory of Fannie and Freddie continue to increase, but their inventory is only a portion of the total foreclosures. The worst loans were made outside of Fannie and Freddie by banks, thrifts or other private label institutions. Most foreclosures are heavily concentrated in a few key states: Florida, Arizona, Nevada, California and Michigan.

With unemployment hovering near 10%, the economic recovery so far is too fragile to expect mortgage rates to rise in the near future.

St. Louis Mortgage Interest Rates – June 23, 2010 *

  • 30-year fixed-rate mortgage 4.65% no points
  • 15-year fixed-rate mortgage 4.25% no points
  • 5/1 adjustable rate mortgage 3.875% no points
  • FHA/VA 30-year fixed rate mortgage 4.75%
  • Jumbo 5/1 ARM 4.125% no points
  • Jumbo 15 year fixed rate mortgage 4.625%

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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