St Louis Real Estate News - Page 110 of 110 - Daily St. Louis real estate news, market analysis, home prices, and mortgage rate updates from local industry professionals.

30 year mortgage rates this week at 5.14%; lowest since May

By Dennis Norman, on July 18th, 2009

Dennis Norman

By: Dennis Norman

Freddie Macs weekly mortgage market survey mortgage rates dropped this past week, making it the third week in a row rates came down.

The survey shows 30 year fixed rate mortgages averaging 5.14% with 0.7% in fees and points, down from 5.20% the week before. This is the lowest rate reported in Freddie Mac’s survey for a 30 year fixed rate loan since May. Rates on 15 year fixed-rate mortgages dropped very slightly as well, down to 4.63% from 4.69% the week before, 5/1 ARM’s held about the same at 4.83% and Continue Reading →

Bill in congress to stop HVCC gains momentum

By Dennis Norman, on July 17th, 2009

Dennis Norman

By: Dennis Norman

Since going into effect May1st the new Home Valuation Code of Conduct (HVCC) has caused controversy, been blamed for killing sales and seems it has everyone up in arms.

In late June I did a post on another blog about a bill, H.R. 3044, that was introduced in the U.S. House of Representatives that, if passed, would put an 18 month moratorium on HVCC.

The bill was introduced by Representatives Travis Childers and Gary Miller. Since being introduced the bill is gaining some support and momentum. As of today there are 22 cosponsors Continue Reading →

Avoid mortgage modification and foreclosure rescue scams

By Dennis Norman, on July 16th, 2009

By: Dennis Norman

Recently the The Office of the Comptroller of the Currency issued a Consumer Advisory. The Advisory contains consumer tips for avoiding mortgage modification scams and foreclosure rescue scams.

The advisory states; “Scams that promise to “rescue” you from foreclosure are popping up at an alarming rate nationwide, and you need to protect yourself and your home. If you’re falling behind on your mortgage, others may know it too – including con artists and scam artists. They know that people in this situations are vulnerable and often desperate.”

The OCC suggests that before you do business with someone Continue Reading →