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St. Louis Real Estate Search

 

Mortgage Bankers Forecast Five-Percent Mortgage Rates Next Year

The Mortgage Bankers Association (MBA), in their Mortgage Finance Forecast released this week predicted that interest rates on home mortgages will continue to rise this year and will hit 5% early next year. According to the report, the interest rate on a 30-year fixed rate mortgage is expected to come in at an average of […]

Mortgage Interest Rates After Peaking In May Are Staying Down Near April Levels

Today, Freddie Mac, through their Primary Mortgage Market Survey® revealed that for the current average interest rate on a 30-year fixed-rate mortgage is at 4.52%. which is just a slight decline from a week ago when the rate was 4.53% and the same as the week before that. After 30-year fixed-rate mortgages hit 4.66%, the […]

Home Loan Origination Data Showing Impact Of Interest Rates On Refi’s But Not Home Purchases In St Louis

Mortgage interest rates have been on the rise and hit their highest level in seven years toward the end of May, however, the higher rates don’t appear to be having an effect on the number of people in St Louis obtaining home loans yet. The table below is based upon the latest data from ATTOM […]

St Louis Real Estate Market Update VIDEO – June 2018

There is a lot of activity in the St Louis real estate market! The inventory of homes for sale in St Louis remains low, interest rates have dropped a little over the past couple of weeks, home prices are beginning to soften as we move beyond the peak spring market and demand is still strong.

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Mortgage Interest Rates Hit Highest Level In Over Seven Years

Freddie Mac has been tracking average mortgage rates since 1971 through their Primary Mortgage Market Survey® and yesterday it revealed that, as the chart below shows, the average interest rate on a 30-year fixed-rate mortgage was at 4.6%, the highest rate in over 7 years. The last time mortgage interest rates were this high was […]

New Home Construction In St Louis Area Trending Upward In Most Areas – St Charles County Sees Decline

New home construction in the St Louis area is off to a good start for 2018 with a total of 326 building permits for new homes being issued during January for the 7-county St Louis area reported on by the Home Builders Association of Eastern Missouri. This permit activity in January represents an 11% increase […]

St Louis Neighborhoods That Sold The Fastest In The Last 30 Days

The St Louis real estate market typically hits its peak during the spring months then continues strong into summer. Come August, the housing market in St Louis tends to slow as families squeeze in vacations and school begins. After Labor Day we normally see an increase in activity until the market goes into something reminiscent […]

Mortgage Loan Delinquency Rates Hit Lowest Level Since 2000

According to a report just released by Corelogic, the 30-59 day mortgage delinquency rate in March (the most recent month reported) fell to just 1.7%, the lowest level since January 2000. […]

Mortgage Delinquency Rates Continue To Fall And Now Back To Normal

Mortgage Delinquency rates, borrowers that are 60 or more days past due, are projected to be 2.21 percent for the 4th quarter of 2016, down from 2.46% the quarter before and marking the 13th consecutive quarter mortgage delinquency rates have fallen, according to a report just released by TransUnion. According to the report, mortgage delinquency rates peaked at 7.21 percent during the 1st quarter of 2010 and have declined for 23 of the last 26 quarters since. TransUnion considers the current mortgage delinquency rate to be normal and is projecting the delinquency rate will fall even further next year down to 2.11% by the end of 2017. […]

Mortgage Rates Hit Highest Rate In 2016 This Week

According to the Freddie Mac Primary Mortgage Market Survey (PMMS) released yesterday for the past week, interest rates on a 30-year fixed rate mortgage increased 5 basis points (1/20th of 1%) to 4.13 percent , the highest rate they have been at during 2016. Last year at this time the PMMS showed average interest rates at 3.95 percent so, while rates have increased over the past year, the amount has been fairly small. […]

Home Loan Applications Decline As Do Mortgage Interest Rates; St Louis bucks trend

New mortgage applications for a home purchase declined last week 7.0 percent from the prior week, according to a report just released by the Mortgage Banker’s Association (MBA). The MBA’s Market Composite Index, which is how they track the volume of loan applications, fell to it’s lowest level for home loans for a purchase since January 2016. […]

Finally Others Agree That The Mortgage Interest Deduction Isn’t Critical To The Housing Market

Over the past 5 years or so I have written a few articles on the topic of the mortgage interest deduction (MID) and how, in spite of what many others in the industry say, I didn’t think it was that critical to the housing industry. All the while, the National Association of REALTORS (NAR) (of […]

Falling Interest Rates Make St Louis Homes Even More Affordable

Mortgage interest rates have been falling since last Thursday when the referendum passed for the United Kingdom to exit the European Union. As the chart below shows, interest rates on a 30 year fixed-rate mortgage today averaged 3.44%, a new 52-week low and a decline of nearly 3/4 of 1 percent from a year ago when they were 4.20%. […]

Home Affordability Rises In St Louis County, Falls In St Charles County

A recent article by STL Today indicated that home affordability in St Louis had fallen, specifically noting that affordability in St Louis County had fallen below historic “norms”. As is always the case with stats, it depends upon which data you are taking into account and the accuracy of the data. I decided to take a look at the data and see if my data showed the same result as the STL Today article. […]

The Truth About The Mortgage Interest Deduction

Before I begin, I should point out that what I’m about to tell you runs contrary to what the National Association of REALTORS® (NAR), the largest trade association in the country and one I belong to and support, will tell you. The NAR position on the mortgage interest deduction (MID) is, quoting from their website, “the mortgage interest deduction (MID) is a remarkably effective tool that facilitates homeownership.” […]

St Louis Real Estate Market Update VIDEO – January 2016

The St Louis real estate market performed well in 2015 and, by all indications, 2016 should be an even better year for the St Louis real estate market! […]

Mortgage Originations In 2nd Quarter Rise…4th Consecutive Rise Since 14 Year Low

The Federal Reserve Bank of New York just released it’s Quarterly Report on Household Debt and Credit for the 2nd quarter of 2015 in which some encouraging facts were revealed with regard to the home mortgage market, including: […]

Home Mortgages During First Quarter of 2015 Up Seventeen Percent From Year Ago

A definite confirmation of an improving real estate market is the fact that, according to a report just released by RealtyTrac, loan originations, for the purchase of a home, during the first quarter of 2015 increased 17 percent from a year ago. Additionally, Kansas City, Missouri saw the 4th largest increase from a year ago, […]

FHA To Lower Fees Opening The Door To Around 100,000 Home Buyers

Yesterday, President Obama announced that he will, by executive order, direct FHA to lower the mortgage insurance premium charged on FHA loans to home buyer from 1.35 percent to .85 percent, lowering home buyer’s house payments by about $900 per year on average. […]

Where The Real Estate Market Is Headed In 2015

Around this time of year every year, people start asking me “Where is the real estate Market headed next year?” The real estate market is affected by so many factors that predictions on what the market will do are hard, however there are some basic fundamentals that can be looked at to make a good educated guess. One of the industry experts out there that I think does a good job at this and, offers a somewhat less biased look at the market than some, is Frank Nothaft, Chief Economist at Freddie Mac. Below are highlights of his most recent report on the outlook of the housing market along with my comments relating his projection to our St Louis market: […]

Millennial’s Today Racking Up Student Loans Not Home Loans

Millenial’s (people that are roughly 18 to 33 years old) are not as interested in buying homes today as their baby-boomer parents were at their age and, while there are probably some lifestyle issues that play a large part of it, the debt they are piling up in student loans may have something to do […]

How to Build Credit Or Fix Credit Issues

Albert Einstein once said, “Nothing happens until something moves.” Well if you are looking to buy a home, lease a car, apply for credit cards or even look for a job…nothing happens until your credit score moves and moves up!

If you are have had credit issues in the past….simply ignoring what happened does not […]

Mortgage Interest Rates Make Biggest One-Week Increase Of The Year

Mortgage Interest Rates rose this week to an average of 4.23 percent for a 30-year fixed rate home loan, up from 4.12 percent last week, marking the largest one-week jump in interest rates we have seen thus far this year, according to data just released by Freddie Mac.  Mortgage interest rates for fixed-rate loans have […]

Mortgage Interest Rates Hit Lowest Level In Over A Year

Mortgage interest rates fell to an average of 4.13 percent in July on a 30-year fixed rate mortgage, marking the lowest mortgage interest rate we have seen in over a year.  The last time mortgage interest rates were this low was back in June of 2013 when the average interest rate on a […]

Missouri Ranks Third In Nation For Lowest Mortgage Closing Costs

Missouri, along with it’s affordable home prices, also has the 3rd lowest mortgage closing costs according to data just released today by BankRate. According to the report, in Missouri, the average mortgage closing costs on a $200,000 home loan are $2,387.00, almost 6% less than the national average of $2,539.00. Holden Lewis, senior mortgage analyst […]

Mortgage Interest Rates Lower Today Than A Year Ago To The Surprise of Many

Mortgage interest rates, in spite of predications to the contrary by many, are actually lower today than a year ago, according to the latest date available from Fredde Mac. According to Freddie Mac, the U.S. average interest rate for a 30 year mortgage was 4.15 percent on July 10, 2014, down significantly from July 11, […]

Mortgage Default Rates Fall Almost 30 Percent From Year Ago

Mortgage default rates, as tracked by the S&P/Experian Consumer Credit Default Indices, on first mortgages were at .92 in May 2014, down from 1.01 the month before and down almost 30% (29.7%) from May 2013 when the first mortgage default rate index was at 1.31. The default rate index on second mortgages is improving as […]

Nine Credit Score Myths

Tyler Frank,Paramount MortgageNMLS ID 942420

We hear lots of advice these days about how to improve a credit score. However, not all advice is good advice. Here are nine credit score myths that could actually do more harm than good:

Myth #1 – Closing out old, inactive accounts will help […]

Where are home loan rates headed?

Home loan rates have been near historic lows for a while now but the $64 question is, where are home loan rates headed in the future?  While there are, of course, a variety of opinions out there, the majority of the noteworthy ones are thinking interest rates are headed upward.  In the Well’s Fargo Securities […]

Important Changes to FHA Home Loans Now In Effect

Tyler Frank,Paramount MortgageNMLS ID 942420

The Federal Housing Authority (FHA) has made some changes for 2014, which took effect January 1 and affect FHA home loans. First and foremost, you will see a drop in the maximum allowable loan. In the St. Louis metro area, for example, the new max loan amount for a […]