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St Louis Real Estate Search

St Louis Mortgage Interest Rates Remain Low; FHA To Make Changes

Paramount Mortgage Company - St LouisIt’s all about Europe debt crisis…

Trading action in the mortgage markets have been and continue to be influenced by the ongoing concern over Europe’s debt crisis.  This uncertainty has overshadowed a growing amount of data flow from our own economy that is signaling or own recovery.   This uncertainty continues to drive capital into dollar denominated assets.

The FHA To Reduce Allowable Seller Concessions this Summer/ Is the Housing Market Recovering for Real

The percentage sellers can take from the sales price of a home to fund closing costs is being cut from 6% to 3%. According to an announcement in January, the current level of 6% exposes the FHA to excess risk by creating incentives for appraisers to increase the value of these homes. The change will take place in “early summer,” according to the FHA, but a spokesperson said no specific date has been set.

St. Louis Mortgage Interest Rates – May 19, 2010 *

  • 30-year fixed-rate mortgage 4.875% no points
  • 15-year fixed-rate mortgage 4.250% no points
  • 5/1 adjustable rate mortgage 3.500% no points
  • FHA/VA 30-year fixed rate mortgage 5.750%
  • 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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