According to Lawrence Yun, Chief Economist for the National Association of Realtors, home prices nationally are up 11.1% in October compared to this point last year. The number of homes available for sale nationally fell reducing the available supply to a level below that of one year ago. The result is tighter supply of homes helping boost the national median existing-home price level to $178,600 in October; price increases have helped home owners regain equity lost during the housing crisis.
Homeowners who are considering trading up to a larger home or better location will find the market for their existing home continues to improve. Homes are selling in just a bit over two months after they come on the market.This can give confidence to an existing homeowner in the market for a new. Owners who chose to hang on until the markets picked up now have a better opportunity to sell.
Housing affordability conditions are very favorable, but they will not last forever.
St. Louis MORTGAGE INTEREST RATES for December 6, 2012:
- Conventional 30-Year Fixed 3.500%/ 3.777% APR
- Conventional 15-Year Fixed 3.000%/ 3.097% APR
- Conventional 7/1 ARM 2.625%/ 3.332% APR
- FHA/VA 30 Year Fixed 3.25%/4.160% APR
- Jumbo 5/1 ARM 2.625%/ 2.426% APR
- Jumbo 15 yr Fixed 3.000%/ 3.094% APR
- Jumbo 30 yr Fixed 4.625%/ 4.719% APR
*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.
Paramount Mortgage is a locally owned Mortgage Banker celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website: www.paramountmortgage.com
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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