St Louis Real Estate – Mortgage Rates Hold Steady In the Country’s 8th most affordable city

Paramount Mortgage Company - St Louis

Low foreclosures, stable home prices and affordability make eighth-ranked St. Louis a good bet for home buyers, according to a report released by Forbes.com last Friday.
 
Forbes gathered data from the National Association of Home Builders and Wells Fargo’s Housing Opportunity Index (HOI). The index measures median home prices against median incomes.
 
Additional data overlays included Moody’s one-year forecast for the Case-Shiller Home Price Index of home prices and RealtyTrac’s 2009 foreclosure report. Rankings from all of these data sources were considered in determining the overall score.
 
The top ten best housing metro areas:
Pittsburgh, PA
Louisville – Jefferson County, KY – IN
Houston – Sugar Land – Baytown, TX
Minneapolis – St. Paul, Bloomington, MN – WI
Indianapolis – Carmel, IN
Columbus, OH (Tie for 6th)
Memphis, TN – MS – AR (Tie for 6th)
St. Louis, MO – IL
Dallas – Ft. Worth, TX
Austin – Round Rock, TX

St. Louis families in the market for a house are shopping at the right time. Homes are near the most affordable they’ve been in 18 years.
 
At a national level in the fourth quarter of 2009, housing was 62.4% more affordable than the same time a year earlier, according to the HOI which is published quarterly.
 
The Midwestern cities of St. Louis, Indianapolis and Minneapolis made the list even though their housing price forecasts are essentially flat, but “housing in these places is eminently affordable” according to Forbes reporter Francesca Levy.
 
Just under 85 percent of all families in St. Louis who make the median income have access to affordable, decent housing.

“The recession has weighed down home prices, but mortgage rates are still at historic lows, giving families a chance to get in on the ground floor,” states Levy.

St. Louis Mortgage Rates – March 3 , 2010 *

  • 30-year fixed-rate mortgage 5.00% no points
  • 15-year fixed-rate mortgage 4.25% no points
  • 5/1 adjustable rate mortgage 3.75% no points
  • 3/1 adjustable rate mortgage 3.750% no points
  • FHA/VA 30-year fixed rate mortgage 5.250%
  • Jumbo 5/1 ARM 4.125% no points

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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