St Louis Interest Rates Remain Low In Spite of Fed Pull Out

Paramount Mortgage Company - St LouisA few months ago, it was widely believed that the Fed’s massive purchase of mortgage backed securities was keeping long-term interest rates artificially low in order to stimulate the economy. It’s been six weeks since the Fed stopped buying mortgage backed securities, and  there is no sign that that the end of the purchase program has caused mortgage rates to rise by any meaningful amount.

Given the uncertainty of the monetary crisis in Europe and the mystery of  a stock market crash and rebound,  markets continue to be very volatile with large swings from day to day– this should continue to make dollar denominated assets, i.e. Treasuries, Mortgage Backed Securities etc. appealing.

St. Louis Mortgage Interest Rates – May 12, 2010 *

  • 30-year fixed-rate mortgage 4.875% no points
  • 15-year fixed-rate mortgage 4.375% no points
  • 5/1 adjustable rate mortgage 3.500% no points
  • FHA/VA 30-year fixed rate mortgage 4.875%
  • 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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