FHA increasing charge for mortgage insurance; St Louis Mortgage Interest Rate Update

Paramount Mortgage Company - St Louis

For those fence sitters who are thinking about buying or refinancing a home, be advised that FHA will be raising the annual mortgage insurance premium (MIP) by a quarter of a percentage point (.25) on all 30- and 15-year loans.

Monthly Mortgage Premium Increase

Eff ective for all FHA case numbers assigned on or after April 18, 2011 with loan terms greater than 15 years:

• FHA monthly MI increases to 1.15% (up from .90%) for LTV’s greater than 95%.

• FHA monthly MI increases to 1.10% (up from .85%) with a 95% or less LTV*.

There will be no increase in the Upfront Mortgage Insurance Premium (UFMIP):  UFMIP for purchase money mortgages remains at 1.0%

For further information about MIP changes click here.

St. Louis MORTGAGE INTEREST RATES for April 6, 2011:

    • Conventional 30-Year Fixed 4.750%/ 5.28% APR
    • Conventional 15-Year Fixed 4.125%/ 4.607% APR
    • Conventional 5/1 ARM 3.500%/ 3.277% APR
    • FHA/VA 30 Year Fixed 4.750%/ 5.375% APR
    • Jumbo 5/1 ARM 3.625%/ 3.25% APR
    • Jumbo 15 yr Fixed 4.125%/ 4.40% APR
    • Jumbo 30 yr Fixed 5.250%/ 5.625% APR

      Paramount Mortgage is a locally owned Mortgage Banker; we just celebrated our 40th anniversary. Great rates and programs are secondary to what is most desired in a lender relationship. The most sought-after aspects in this industry cannot be easily translated onto paper…learn more about us here.

      For more information or if you have questions on mortgage rates 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.

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