National Flood Insurance Program Expiring Again; St Louis Interest Rates Drop Again

Paramount Mortgage Company - St Louis

The National Flood Insurance Program, known as the NFIP, lapsed March 28 this year and left many pending home sales in limbo.

Congress and President Barack Obama temporarily reinstated the program 18 days later on April 16 as part of a bill that also extended unemployment benefits and Medicare reimbursement for doctors. However, the temporary extension of the NFIP legislation will expire again on May 31.

The stage has now been set for another lapse in funding for the program just weeks before the mandatory June 30 closing deadline for buyers attempting to satisfy the requirements of the federal $8,000 first-time and $6,500 repeat homebuyer tax credits.  The recent 18-day lapse in the NFIP is the third since December, with each one growing in duration. The December interruption lasted nine hours, the February pause lasted two days.

Without another legislative extension of the NFIP by the end of the month, some home buyers may not be able to close on their properties.

The National Association of Realtors estimates a one-day lapse adversely affects 1,400 closings nationwide.

St. Louis Mortgage Interest Rates – May 26, 2010 *

  • 30-year fixed-rate mortgage 4.75% 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 4.8750%
  • Jumbo 5/1 ARM 4.000% 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 or you can visit our company website at



*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.



Print Friendly, PDF & Email

9 comments to National Flood Insurance Program Expiring Again; St Louis Interest Rates Drop Again

  • I don’t ordinarily comment but I gotta admit appreciate it for the post on this perfect one : D.

  • I gotta favorite this internet site it seems invaluable very beneficial

  • I intended to compose you that bit of word to finally say thank you yet again about the magnificent advice you have contributed in this article. This is particularly generous of people like you giving freely all a few people might have advertised for an ebook to end up making some profit for themselves, principally considering that you could possibly have tried it in case you desired. The secrets in addition worked to provide a easy way to fully grasp some people have a similar desire much like my personal own to understand a lot more pertaining to this matter. I believe there are lots of more pleasurable periods in the future for people who read your blog post.

  • This is very interesting, You are a very skilled blogger. I’ve joined your feed and look forward to seeking more of your excellent post. Also, I’ve shared your site in my social networks!

  • Enjoyed looking through this, very good stuff, thankyou.

  • I’m very happy to read this. This is the type of manual that needs to be given and not the random misinformation that is at the other blogs. Appreciate your sharing this best doc.

  • As I website owner I conceive the articles here is rattling great, thankyou for your efforts.

  • Thanks for sharing excellent informations. Your site is very cool. I am impressed by the details that you’ve on this blog. It reveals how nicely you understand this subject. Bookmarked this web page, will come back for more articles. You, my pal, ROCK! I found just the information I already searched everywhere and just could not come across. What a perfect website.

  • I am constantly looking online for ideas that can facilitate me. Thanks!

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>