Mortgage and Finance - St Louis Real Estate News

St. Louis Mortgage Rates: Current Reference Guide for Homebuyers, Sellers, and Agents

By Dennis Norman, on October 22nd, 2026

The 30 year fixed mortgage rate is currently 7.40%, with no change from the prior reading, according to national averages from Mortgage News Daily. This rate reflects the ongoing trend of elevated mortgage rates, with most products tracked,such as the 30 year fixed, 30 year FHA, 30 year jumbo, and 7/6 SOFR adjustable,showing increases. The 15 year fixed, by contrast, decreased slightly by -0.01%. These numbers provide a critical reference for St. Louis homebuyers, sellers, and real estate professionals navigating the market at a time when rates remain above 7%.

How a 7.40% 30 Year Fixed Rate Shapes Payments Continue Reading →

If the Fed Doesn’t Set Mortgage Rates, Who Does?

By Karen Moeller, on June 2nd, 2026

Every time the Federal Reserve announces a rate cut, the same thing happens.

Headlines celebrate. Homebuyers start calculating new monthly payments. Somewhere, someone opens a mortgage calculator and starts imagining a house that suddenly became affordable.

Then mortgage rates barely move.

Sometimes they even go up.

That is usually the point where people conclude that somebody is manipulating the market, hiding the truth, or changing the rules.

In reality, the rules haven’t changed at all. Most people simply misunderstand what the Federal Reserve actually does.

The Federal Reserve has enormous influence over the economy, Continue Reading →

What Happens When the House Is Worth Less Than the Offer?

By Karen Moeller, on May 29th, 2026

Why a low appraisal doesn’t always kill the deal—and why the contract matters more than many buyers realize

A buyer asked me a question recently that perfectly captured one of the most misunderstood parts of a real estate transaction:

“Why do I need an appraisal rider? If the house doesn’t appraise, won’t the lender deny the loan anyway?”

At first glance, that logic seems sound. Most buyers understand that lenders require appraisals, and many assume the appraisal serves as a simple pass-or-fail test. If the value comes in high enough, the loan moves forward. If it comes in low, the Continue Reading →

The Law That Quietly Changed the Mortgage Process Forever

By Karen Moeller, on May 24th, 2026

Applying for a mortgage today can sometimes feel less like borrowing money and more like preparing for a federal background investigation.

Lenders want paystubs, tax returns, bank statements, employment verification, explanations for deposits, explanations for credit inquiries, explanations for transfers between accounts, and occasionally what feels like a written reflection on your financial decisions dating back to 2017.

Buyers often assume this is simply how mortgages have always worked.

It hasn’t.

Much of the modern mortgage process was reshaped in the aftermath of the 2008 housing collapse and the passage of the Dodd–Frank Wall Street Reform and Consumer Protection Act.

Continue Reading →

The Loan Is Assumable. The Equity Usually Isn’t.

By Karen Moeller, on May 14th, 2026

A buyer finds a home with a 3% assumable mortgage and immediately starts doing the math. At today’s interest rates, the monthly payment difference can look enormous. Suddenly, a house that may have felt financially out of reach starts seeming possible again.

Then comes the part many buyers do not expect: the low interest rate may be assumable, but the seller’s equity usually is not. For many buyers, that is the moment the excitement changes.

In a market where affordability has become one of the biggest obstacles facing buyers, low-rate assumable loans have started attracting attention that they Continue Reading →

Can You Fight a FEMA Flood Zone? Yes. But It’s Not Simple.

By Karen Moeller, on May 12th, 2026

Few words create panic for homebuyers faster than “flood zone.” Sometimes the concern comes from insurance costs. Sometimes it comes from lending requirements. And sometimes it comes from the assumption that a flood zone designation automatically means a property floods regularly.

That last part is where many buyers get confused.

FEMA flood maps are not predictions about whether a specific home will flood tomorrow. They are risk models based on elevation data, topography, drainage patterns, historical information, and projected flood behavior. Like any large-scale risk model, flood maps are periodically updated and refined as new data becomes available.

Continue Reading →

Mortgage Rates Aren’t Dropping—Here’s a Reason Most Buyers Aren’t Seeing

By Karen Moeller, on April 10th, 2026

What’s happening overseas is quietly influencing mortgage rates here at home—and most buyers don’t realize it

Buyers across the St. Louis market have been watching mortgage rates closely, waiting for signs of relief. Many expected those signs to show up by now. They haven’t.

Part of the reason is playing out far from St. Louis, and most buyers never see it. Mortgage rates are closely tied to the bond market, particularly long-term Treasury yields and mortgage-backed securities, but not always in the way people expect. In simple terms, when investors demand higher returns to lend money, borrowing becomes Continue Reading →

A Major Condo Rule Just Changed—But Financing Isn’t Getting Easier

By Karen Moeller, on April 9th, 2026

The 50% owner-occupancy rule is evolving, but a deeper shift is quietly making condos more complex to buy

If you’ve spent any time around the condo market lately, you’ve probably heard some version of this: “They got rid of the 50% owner-occupancy rule.” For years, that benchmark has been one of the key gatekeepers in condo financing. If too many units in a building were rented, it could limit or even block conventional financing, which in turn affected demand, pricing, and resale. So when word started circulating that the rule is “gone,” it sounded like a turning point. More Continue Reading →

What Actually Qualifies You for Down Payment Assistance in Missouri?

By Karen Moeller, on March 31st, 2026

Part 2 of a 2-part series on down payment assistance and fair housing compliance

In Part 1, we looked at the legal questions surrounding how homebuyer assistance programs are structured and where those lines may be shifting. Here, we bring it back to what matters most for buyers on the ground in Missouri. What does it actually take to qualify for down payment assistance?

Clearing Up a Common Misconception

Many buyers assume these programs are limited to very low-income households or are difficult to qualify for. In practice, many programs are designed for buyers with moderate incomes, depending on the specific program Continue Reading →

The Hidden Fee Most Homebuyers Don’t Know They’re Paying Is Going Up

By Karen Moeller, on March 30th, 2026

Credit report and scoring costs are rising and now drawing regulatory attention, adding yet another layer to today’s affordability challenge.

The Hidden Cost of Getting a Mortgage Is Getting More Attention

At a time when affordability is already stretched, there is growing scrutiny around a cost most buyers never think twice about: the price of their credit score.

Recent attention from policymakers, including Josh Hawley, has brought new focus to how credit scores are priced and used in mortgage lending. A request has also been made for the Federal Trade Commission to review whether current practices limit competition.

This Continue Reading →

Can Down Payment Programs Legally Limit Who Qualifies?

By Karen Moeller, on March 30th, 2026

Part 1 of a 2-part series on down payment assistance and fair housing compliance

A program designed to expand access to homeownership is now under federal review, and the question it raises is bigger than any one state.

Can a homebuyer assistance program legally limit who qualifies based on race or ethnicity?

That question is at the center of a recent investigation by the U.S. Department of Housing and Urban Development into Washington State’s Covenant Homeownership Program. The program provides down payment and closing cost assistance to first-time buyers, but eligibility is tied to specific racial and ethnic groups.

Continue Reading →

Can You Buy a Home With Crypto?

By Karen Moeller, on March 29th, 2026

For years, the answer has technically been yes, but practically no. Not in the way people imagined.

You could sell your crypto, convert it to dollars, and buy a home. That part was never the issue. The idea of showing up to closing and transferring cryptocurrency directly to a seller has remained more headline than reality. What has changed recently is not the transaction itself. It is what sits behind it, and that shift is worth paying attention to.

The Old Way: Convert then Buy

Up until now, using crypto in a real estate transaction has followed a predictable path. The Continue Reading →

Myth: Seller Financing Is Too Risky for Home Sellers… Or Is It?

By Karen Moeller, on March 21st, 2026

Seller financing is one of those ideas that tends to get dismissed quickly. For many homeowners, the reaction is immediate. It sounds complicated. It feels uncertain. And in some cases, it raises concerns about what could go wrong if a buyer does not follow through. But like many things in real estate, the perception and the reality are not always the same.

What Seller Financing Actually Means

Seller financing simply means the seller acts as the lender.

Instead of receiving the full purchase price at closing from a bank-funded loan, the seller allows the buyer to make payments over time based Continue Reading →

Can You Buy a Home With Gold? A Look at Non-Traditional Payments in Real Estate

By Karen Moeller, on March 21st, 2026

From time to time, a question comes up that sounds more like a thought experiment than a real estate transaction, but recently, a St. Louis area buyer asked me whether it would be possible to purchase property using gold instead of dollars. It is not as far-fetched as it sounds. In fact, the short answer is YES. But the longer answer explains why it rarely happens in practice.

What the Law Allows vs. What the Market Uses

At its core, a real estate transaction is a contract. The buyer and seller agree to exchange something of value, known as consideration, Continue Reading →

Missouri’s Tax Shift Proposal: What It Could Mean for the Housing Market

By Karen Moeller, on March 21st, 2026

Recent discussions in Missouri have focused on a proposed constitutional amendment that would gradually phase out the state income tax and shift more of the state’s revenue toward consumption-based taxes. If advanced, the proposal would ultimately be decided by Missouri voters through the ballot process.

While proposals like this often generate strong opinions, the details are still evolving. As with any policy change, the structure of the final legislation would determine how it plays out in practice.

From a real estate perspective, the more useful question is simple: how could a shift in how the state collects revenue influence buying, selling, Continue Reading →

No, Credit Score Requirements Didn’t Suddenly Change in 2026, But This Did

By Dennis Norman, on March 17th, 2026

I have been hearing a lot lately from buyers who think something major changed with credit score requirements this year. The short answer is no, there was no big overhaul that suddenly made it easier to qualify for a mortgage. If your credit was a problem last year, it is still a factor today.

That said, there have been a couple of changes on the conventional loan side that are worth understanding, especially if you are close to qualifying. They are not game changers for everyone, but they could make a difference for some buyers in the St. Louis market.

Continue Reading →

A Mortgage Preapproval Is Only As Strong As The Lender Behind It

By Karen Moeller, on March 15th, 2026

One of the more common misunderstandings in real estate happens early in the home buying process. A buyer provides a preapproval letter from a lender and their agent suggests speaking with someone else as well. At that point many buyers understandably wonder: if I am already preapproved, why would I need to talk to another lender?

In many cases, the buyers asking that question are the ones who have done exactly what they were supposed to do. They took the time to speak with a lender before house hunting and arrived prepared. When an agent suggests another conversation, it can feel Continue Reading →

Government Shutdown Puts Some Real Estate Closings at Risk….St. Louis Buyers Could Feel the Impact

By Dennis Norman, on October 2nd, 2025

Government shutdown and the St Louis Real Estate Market by St Louis REALTORS

On October 1, 2025, the U.S. federal government officially shut down after lawmakers failed to reach a deal to fund operations. The shutdown affects a wide range of federal agencies and services, many of which are relevant to the residential real estate market. One immediate impact is the lapse in authority for the National Flood Insurance Program (NFIP), which prevents new or renewed flood insurance policies from being issued. This directly affects home closings in flood zones, including parts of the St. Louis region where flood insurance is mandatory for federally backed loans.

While Fannie Mae and Freddie Mac continue Continue Reading →

FHA Loans Face Higher Delinquency: What Homebuyers Should Know

By Dennis Norman, on August 5th, 2025

Mortgage debt across the U.S. has continued its steady climb, reaching nearly $13 trillion by mid-2025. While this growth might seem alarming, the current lending standards remain significantly stricter than those seen before the 2008 financial crisis, reducing overall risk.

Government-backed loans from agencies such as Fannie Mae and Freddie Mac account for over half of the total mortgage balances, offering stability to the market. However, loans insured by the Federal Housing Administration (FHA), popular for their low down payment requirements, represent a disproportionate share of delinquencies. Although FHA loans make up just 12% of all mortgage Continue Reading →

How the “One Big Beautiful Bill” Could Slash Taxes for St. Louis Homeowners and Fuel Local Housing Projects

By Dennis Norman, on July 2nd, 2025

The One Big Beautiful Bill good for St Louis

Here’s an update on the One Big Beautiful Bill, fresh from its razor-thin Senate win and heading to the House.

Bottom line for the St. Louis market: The Senate kept nearly all the real-estate perks from the original plan and added a few new benefits that could mean lower taxes for homeowners across the metro, extra take-home pay for small landlords, and more funding for affordable housing projects.

What stayed the same:

Tax brackets and the standard deduction remain locked in and permanent. No surprise rate hikes in 2026. The tax break for small Continue Reading →

Mortgage Rates Rebound After Brief Dip—Here’s What It Means for St. Louis Buyers

By Dennis Norman, on April 10th, 2025

Mortgage interest rates have bounced back after briefly dipping earlier this month, but there’s more to the story—especially for St. Louis home buyers. One key factor keeping rates from climbing even higher? The recent postponement of tariffs, which has helped ease economic pressure and may be keeping mortgage rates from surging faster.

As of today, the average rate for a 30-year fixed-rate conventional loan is around 6.95%, with FHA loans at 6.42% and VA loans at 6.45%. These numbers reflect an uptick from the recent low of about 6.40% on April 4th, but still sit below the 7.16% average we Continue Reading →

St. Louis Interest Rates Update: Opportunities for Homebuyers

By Dennis Norman, on February 22nd, 2025

The latest interest rates as of February 21, 2025, bring good news for homebuyers in St. Louis. The 30-year fixed rate has dipped to 6.89 making it more affordable for potential buyers to secure a mortgage. The 15-year fixed rate is now 6.37%, offering even more savings. Jumbo loans have seen a significant drop, with the 30-year jumbo rate7.7.227.22 by 0.08%. Adjustable-rate mortgages like the 5/1 and 5/6 SOFR ARM are relatively s5.52 with minor decreases. FHA and VA loans have also seen reductions, making them attractive options for For the St. Louis real estate market, these changes present opportunities Continue Reading →

Demand for Homes Shows Stability Even as Mortgage Rates Exceed 7%

By Dennis Norman, on January 16th, 2025

Based on the chart provided, the Purchase Index, which tracks mortgage applications for home purchases, has shown slight fluctuations over the past year. Notably, the trend reflects a stabilization in demand despite the persistent upward trajectory of mortgage rates, which now hover near 7%. This indicates resilience among homebuyers, who continue to pursue purchases despite rising costs.

Higher interest rates typically discourage borrowing, but this data suggests that the housing market is finding ways to adapt. If you’re navigating today’s market, working with an experienced brokerage like MORE, REALTORS® can help you identify opportunities that fit your goals.

The Continue Reading →

Protect Your Home Equity: Wire Fraud Risks for Homeowners with Lines of Credit

By Dennis Norman, on January 3rd, 2025

Wire Fraud - Heloc Fraud - Stolen Homeowners Equity

The Risks of HELOC Wire Fraud: A Case Study for St. Louis Homeowners

A recent lawsuit, Skertich vs. Shellpoint Mortgage Servicing and Alliant Credit Union, highlights alarming vulnerabilities in Home Equity Lines of Credit (HELOCs) when it comes to wire fraud. According to the complaint, a fraudulent wire transfer amounting to $425,650 was authorized using counterfeit documents and improper verification processes. Despite clear red flags, such as mismatched signatures and suspicious IP addresses, the financial institutions involved processed the transaction. This serves as a stark reminder for homeowners in St. Louis and beyond to exercise caution with HELOC accounts.

The Continue Reading →

DOJ, CFPB Secure $8 Million Settlement with Fairway Mortgage Over Lending Discrimination

By Dennis Norman, on October 17th, 2024

Consumer Finance Protection Bureau (CFPB)

On October 15, 2024, the Department of Justice (DOJ) and the Consumer Financial Protection Bureau (CFPB) announced a settlement with Fairway Independent Mortgage Corporation following allegations of discriminatory lending practices, or redlining, in predominantly Black neighborhoods in Birmingham, Alabama. As part of the resolution, Fairway agreed to pay $8 million in relief and a $1.9 million civil penalty to address claims that it avoided providing credit services in these communities due to residents’ race and national origin.

The settlement contributes to the DOJ’s broader efforts through the Combating Redlining Initiative, which has secured over $150 million in relief since its Continue Reading →

Fed Cuts Rates Amid Slowing Job Gains and Inflation Concerns

By Dennis Norman, on September 18th, 2024

The Federal Reserve made an important announcement today that could have a ripple effect on the real estate market in St. Louis and beyond. In their latest meeting, the Federal Open Market Committee (FOMC) decided to lower the federal funds rate by half a percentage point, bringing the target range down to 4.75% to 5%. This move comes as the Fed notes continued solid economic activity but acknowledges that job gains have slowed, and inflation, while improving, still remains above their 2% target.

For homebuyers and real estate investors, this rate cut could lead to a slight reduction in borrowing Continue Reading →

Mortgage Rates Plunge to 18-Month Low, Falling to 6.22% Ahead of FOMC Meeting

By Dennis Norman, on September 11th, 2024

The interest rate on a 30-year fixed-rate conventional mortgage fell to 6.22% yesterday, according to the MND rate index as shown in the chart below. This marks the lowest rate in nearly a year and a half! The last time rates were this low was back on April 6, 2023 when they dropped to 6.18% for the day. This drop in rates comes in advance of the anticipated rate reduction when the Federal Open Market Committee (FOMC) meetings next week.

See Current (and historical) Mortgage Rates Get a REAL Pre-Approval Now

Mortgage Interest Rates – 30-Year Fixed Rate Continue Reading →

Hidden Dangers of Contract for Deed: CFPB Report Highlights Predatory Practices

By Dennis Norman, on August 13th, 2024

CFPB Report Exposes the Dangers of Contracts for Deed: A Warning for St. Louis Homebuyers

The Consumer Financial Protection Bureau (CFPB) has released a comprehensive report highlighting the risks and challenges associated with “contracts for deed,” a form of seller financing often used as an alternative to traditional mortgages. While these contracts can provide a pathway to homeownership for some, the report underscores the significant dangers they pose, particularly to vulnerable populations, including low-income, Black, Hispanic, and immigrant communities.

Contracts for deed are often characterized by substandard housing, inflated prices, and a lack of consumer protections. Buyers assume all responsibilities of homeownership, yet they do not gain legal title until all payments are completed, Continue Reading →

Missouri Ranks 9th for Lowest Mortgage Payments in the U.S.

By Dennis Norman, on August 5th, 2024

States with the lowest monthly home payments

According to a recent study by LendingTree, Missouri ranks 9th in the nation for the lowest monthly mortgage payment. The report reveals that while the average monthly payment on a new mortgage in the U.S. is $2,317, Missouri’s average monthly payment is $1,792. This makes Missouri’s payments approximately 23% less than the national average, positioning it favorably among states with more affordable housing costs. This is particularly notable considering the current economic climate, where mortgage rates remain relatively high, and home prices continue to be steep.

The LendingTree analysis, which examined mortgages offered across the nation from January 1 through Continue Reading →

Mortgage Interest Rates Fall To 6-Month Low

By Dennis Norman, on July 30th, 2024

UPDATE: Friday, August 2, 2024…Today, after the jobs report and other economic data was released, mortgage interest rates fell to 6.40% on a 30-year fixed rate mortgage, the lowest level in nearly 16 months…the last time rates were this low was in early April 2023.

The interest rate on a 30-year fixed-rate conventional mortgage fell to 6.80% today, according to the MND rate index as shown in the chart below. This marks the lowest rate in over six months, since January 9th of this year when rates were at 6.80% as well. This drop in rates comes as the Federal Continue Reading →