Tax Credits and Flood Insurance Extended; St Louis Interest Rates Near Historic Lows

Paramount Mortgage Company - St LouisAfter a close brush with a deadline that could have impacted tens of thousands of home buyers, Congress passed an extension of the Home buyer Tax Credit closing deadline.

The extension is included in the Home Buyer Assistance and Improvement Act and will prevent as many as 180,000 home buyers from losing their eligibility for the tax credit. These borrowers had home purchase contracts pending as of April 30 and had until June 30 to close on their purchases to claim the federal tax credit; with this extension, these households now have until September 30 to close and still claim the tax credit.

Separately, the U.S. Senate also passed the National Flood Insurance Program Extension Act of 2010, extending the National Flood Insurance Program until September 30. This will allow home purchases in the 100-year floodplain to move forward. The House passed the bill last week.

St. Louis Mortgage Interest Rates – July 7, 2010 *

  • 30-year fixed-rate mortgage 4.375% no points
  • 15-year fixed-rate mortgage 4.125% no points
  • 5/1 adjustable rate mortgage 3.50% no points
  • FHA/VA 30-year fixed rate mortgage 4.75%
  • 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 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.



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