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St. Louis Mortgage Rate Update; Fannie Mae’s Latest Housing Survey

Fannie Mae’s April 2012 National Housing Survey indicates consumer attitudes toward homeownership, the economy, personal finances, and home prices continuing to improve.

SURVEY HIGHLIGHTS

The Economy and Household Finances

  • Confidence in the economy’s direction rose to the highest point in the survey’s two-year history this month, hitting 37 percent, an increase of 2 percentage points from last month.
  • Only 12 percent think that their personal financial situation will worsen in the next 12 months, consistent with February and March as the lowest value in more than a year.
  • Twenty-three percent of respondents saw an increase in their personal income from 12 months ago, a 2 percentage point increase from March and the highest level recorded during the past year.
  • Thirty-six percent say their expenses have increased significantly over the past 12 months, a 2 percentage point increase from last month and a return to the level recorded in January.

Homeownership and Renting

  • On average, Americans expect home prices to increase by 1.3 percent over the next 12 months, up 0.4 percentage points since last month and the highest value yet recorded.
  • Thirty-two percent of respondents expect home prices to increase over the next 12 months, a slight decline from the sharp spike last month.
  • Thirty-nine percent of Americans say that mortgage rates will go up in the next 12 months, consistent with last month’s value.
  • The percentage of Americans who say it is a good time to buy decreased by 2 percentage points to 71 percent, while the percentage of respondents who say it is a good time to sell continued to increase this month to 15 percent.
  • On average, respondents expect home rental prices to increase by 3.6 percent over the next 12 months, a 0.5 percentage point decrease versus last month.
  • Forty-nine percent of respondents think that home rental prices will go up, a 1 percentage point increase from last month and the highest number recorded to date.
  • Thirty-two percent of respondents say they would rent if they were going to move, a 2 percentage point increase from last month and the highest level since November 2011.

St. Louis MORTGAGE INTEREST RATES for May 23, 2012:

  •  Conventional 30-Year Fixed 4.00%/ 4.195% APR
  • Conventional 15-Year Fixed 3.250%/ 3.390% APR
  • Conventional 5/1 ARM 2.375%/ 3.082% APR
  • FHA/VA 30 Year Fixed 3.750%/ 3.991% APR
  • Jumbo 5/1 ARM 2.875%/ 3.445% APR
  • Jumbo 15 yr Fixed 3.375%/ 3.630% APR
  • Jumbo 30 yr Fixed 4.750%/ 5.010% APR

*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.

Paramount Mortgage is a locally owned Mortgage Banker celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website: www.paramountmortgage.com

For more information or if you have questions on mortgage rates 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.

 

 

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