The U.S. Department of Housing and Urban Development and the U.S. Department of the Treasury released their May Housing Scorecard, which collects key market data and tracks the administration’s recovery efforts. According to the May scorecard, recent market data contains a number of promising indicators and increasing signs of stability. In April, sales of existing homes increased in every region of the country and the number of new homes rose for the first time since 2007.
The supply of homes available for sale fell to 5.1 months, down from a high of 12.2 months in January 2009. Erika Poethig, HUD’s acting assistant secretary, said more than 180,000 borrowers took advantage of the enhanced HARP program in the last quarter and foreclosure starts are declining. Still, despite numerous positive indicators, the report cautions that the overall outlook is mixed due to distressed sales and the impact of serious delinquencies and underwater mortgages on housing’s gains.
St. Louis MORTGAGE INTEREST RATES for June 13, 2012:
- Conventional 30-Year Fixed 3.875%/ 4.050% APR
- Conventional 15-Year Fixed 3.00%/ 3.182% APR
- Conventional 5/1 ARM 2.750%/ 3.019% APR
- FHA/VA 30 Year Fixed 3.750%/ 3.991% APR
- Jumbo 5/1 ARM 2.875%/ 3.66% APR
- Jumbo 15 yr Fixed 3.375%/ 3.630% APR
- Jumbo 30 yr Fixed 4.750%/ 5.010% APR
l*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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