There are so many different charges involved in buying a home, it is important to know what to expect at the settlement. Your lender is required to give you a Good Faith Estimate (GFE) of your settlement costs within three business days of your loan application. Once you get it, review the charges below to avoid any surprises when you sit down to close on your loan. Continue reading “A Condensed Guide to Closing Costs; St Louis Mortgage Watch“
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 Dennis Norman According to an analysis of more than 25,000 loan quotes and purchase request by Zillow, nearly one-third of Americans are unlikely to qualify for a mortgage because their credit scores are too low. Borrowers with credit scores under 620 who requested purchase loan quotes for 30-year fixed, conventional loans were unlikely to receive even one loan quote on Zillow Mortgage Marketplace, even if they offered a relatively high down payment of 15 to 25 percent. Nearly one-third of Americans, or 29.3 percent, has a credit score this low, according to data provided by myFICO.com. Continue reading “1/3 of Americans Highly Unlikely to Qualify for a Mortgage Today“
FHA Changes Mortgage Insurance Rates-less up front cost but higher payments; St Louis Mortgage Watch
Spending the maximum on housing: First-time buyers can be overly optimistic and excited about buying a home, so they tend to borrow the absolute maximum they qualify for (on paper), not necessarily worrying about a budget or other expenses. Lenders qualify buyers based on their incomes and debt-to-income ratios. However, borrowers have other monthly expenses they need to consider: maintenance and upkeep on their new home, utilities, transportation, savings, and other necessities that are not counted in the debt-to-income ratios. Continue reading “Costly Mistakes of First-Time Homebuyers; St Louis Mortgage Watch“
As the mortgage industry adjusts to new financial regulations, it is more important than ever to ensure that the financing of your new home goes smoothly. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent changes in your financial situation before the actual date of closing could jeopardize your loan approval and delay your closing. Continue reading “The Do’s and Don’ts When Financing Your Home; St. Louis Mortgage Watch“
STEP 1 Get pre-qualified for a loan: talk with your mortgage banker. Determine your “mortgage goals.” Review your credit history and sources of income. Do you have money set aside for a down payment? Do you have an “ideal payment range” you would be comfortable with? What are your expectations. Continue reading “Six Important Steps on How to Buy a Home; St Louis Mortgage Watch“  Dennis Norman For some time now I’ve been saying the precursor to the housing market recovering is for the mortgage delinquency and foreclosure rates to fall from the present, near-record levels, down to closer to historical norms. The current mortgage loan delinquency report from TransUnion shows that, for the second consecutive quarter, things are headed the right direction. Granted the decline in loans that are 60 or more days past due declined only 1.48 percent to 6.67 percent but at least it is going the right diretion. The loan delinquency rate for the 2nd quarter of 6.67 percent is still an increase of 14.8 percent from a year ago when the delinquency rate was 5.81 percent. Continue reading “Mortgage Delinquencies Fall for Second Consecutive Quarter“
Every borrower’s situation is different. My goal is to provide various options/loan programs that are available to meet the borrower’s needs. When considering a refinance, the following are typical situations borrowers face: Continue reading “Which refinancing option is best for you?; St. Louis Mortgage Watch“
In the next few days, look for FHA to implement further changes to strengthen its financial situation. An audit in late 2009 showed that the capital ratio of its Mutual Mortgage Insurance Fund (MMIF) had fallen below its statutorily mandated threshold. Over the past few months, FHA has raised premiums on its FHA insurance, prohibited seller-financed down payment assistance, stepped up enforcement of its regulations, tightened appraisal rules, banned several lenders from writing FHA guaranteed loans and brought suit against others. Continue reading “FHA Expected to Announce Further Policy Changes to Address Risk and Strengthen Finances; St. Louis Mortgage Watch“
A home mortgage is the largest debt of most consumers and is nothing to take lightly or approach without diligence and care. Here are some tips to help guide you and help you avoid the pitfalls that are out there:
Fannie Mae Rolls out New Loan Quality Initiative (LQI) Program – Tightens underwriting requirements and aims to reduce borrower fraud. These rules could derail some closings for buyers who rack up purchases or even take out new store credit cards before their home sales have closed. Continue reading “Fannie Mae Tightens Rules; St. Louis Mortgage Watch“
WHAT IS A CREDIT SCORE? Simply stated, credit scores area statistically-based tool to assess the future performance of a borrower. Scores are derived from the history of a borrower as it is reported to the credit repositories from any creditor. Credit scores are a proven indicator of the likelihood to repay a loan or credit obligation. The lower the score; the more risk from a borrower to repay a loan, on time and in full. Scores range from 400 to 850. This process was started by Fair, Isaac and Co., which is why credit scores are also called FICO scores. WHAT AFFECTS A CREDIT SCORE? Keeping a manageable amount of debt and paying on time are ways to positively affect a credit score. Bankruptcy, judgments, collections and liens most negatively affect scores. Scoring factors are “blind” and do not consider anything about an individual other than their creditworthiness. Credit inquiries can ‘ding’, or lower your score. However, any inquiries from one industry within a 30-day period count only once. For example, if a consumer is car shopping and visits three dealers in two weeks who check the consumer’s credit, this only counts as one inquiry and has a minor affect on the credit score. MORTGAGES AND CREDIT SCORES Often, underwriters use credit scores as a factor in determining loan approval. This is not the only factor considered, but a credit score can weigh on the loan decision. Good credit pays off. Some loan programs have credit score requirements or offer lower rates for higher credit scores. For example, a credit score above 720 may merit a 1/8% rate decrease. Borrowers that are financially sound enough to buy a home should receive a “market rate” for their loan. Home buyers with scores below 620 may incur higher rates (1-2% above market) or additional fees. Mitigating circumstances can help your approval process if you have credit issues. Your Paramount mortgage banker can help. To receive a free copy of your credit history you can log on to www.annualcreditreport.com or call 877-322-8228 toll free. You may also contact the credit bureaus directly:
St. Louis Mortgage Interest Rates – July 21, 2010 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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.
Dennis Norman This morning Standard & Poor’s released their S&P/Experian Consumer Credit Default Index for June showing that first-mortgage default rates declined 5 percent from the month before and were down 45.2 percent from a year ago. I have been saying for a while, we are not going to see any sort of sustainable recovery of the housing market until we see mortgage delinquency and default rates decline thereby bringing down the foreclosure rate and ultimately easing the downward pricing pressure on the housing market caused by foreclosures. Maybe, just maybe, this is the beginning of the trend for such a decline in delinquencies. Let’s hope we see similar declines in the coming months.
The mortgage industry has underwent some dramatic changes in the past year as has the regulations and rules the industry must comply with. Lender’s are barely able to keep up with everything new so it’s not surprising home-buyers have many questions when it comes to obtaining a mortgage to buy a home. Therefore, I thought I would take this opportunity to provide a list of questions that a home-buyer should ask their lender that I think will be helpful. Oh, and since I am a loan officer in St. Louis, I did take the liberty of giving my answer to these questions :) Q: Are you a Banker or a Broker? A: Mortgage Bankers are companies that fund their own loans with their own money. Mortgage Brokers rely on a third party to make the transaction happen. Paramount is a Mortgage Banker – no delays for closing – we’ll be there with the check! Q: How can I help the transaction along? A: Your responsiveness can make a difference in meeting the closing date. Please return any requested paperwork to Paramount as soon as you can. Schedule inspections as quickly as possible to allow for any maintenance that may be required. Q: Who makes the decision on my loan? A: We have staff underwriters for FHA, VA and Conventional loans, so we are able to make credit decisions quickly and in-house. Paramount is a locally owned and operated independent mortgage company. Most of our employees are native to St. Louis so we understand the nuances of our town. Q: Will I need Mortgage Insurance? A: Mortgage Insurance is required on all loans with less than 20% down to cover the lender in case of default. Private Mortgage Insurance (PMI) for conventional loans can be paid monthly or financed through the term of the loan, while FHA loans have an up front fee as well as a monthly premium. Another option is a Combo Loan – a first and second mortgage – to avoid a PMI premium. Q: How is my home value determined? A: Paramount uses certified appraisers with decades of experience and a thorough knowledge of the industry and metropolitan area. To ensure the integrity of valuation we do not accept appraisals from non-certified or non-approved appraisers. Q: When do I lock in an Interest Rate? A: First you need a signed real estate contract and a firm closing date. You will lock in your rate once the loan program is determined and you are satisfied with the rate available. We recommend locking in quickly to avoid any potential upswing in the market. Q: Will I get the best rate possible? A: You will get the best loan program – including rate, APR and terms – for your needs. We evaluate your current financial situation and where you anticipate you will be down the road to determine what the best program will be for you and your unique needs; down payment assistance, limited documentation, lowest monthly payment, minimize PMI exposure, etc. More than rate determines the best loan for the buyer.
Q: Who will be at the closing? A: Paramount will be there! Typically the borrower and anyone on the loan papers and your realtor attend closing. Paramount is at every closing delivering the closing documents and check which could save you on title company charges. If you have more questions or would like additional information feel free to contact me using the contact information at the bottom of this post. St. Louis Mortgage Interest Rates – July 14, 2010 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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.
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 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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.
The state of Missouri funded a $15 million tax credit incentive program in January of this year to help spur home sales, but few have taken advantage of the program. Now, Missouri home buyers must complete the purchase of their home by August 31, 2010 to take advantage of the program. The Missouri Housing Development Commission (MHDC) must receive their HOPE application by September 30, 2010. HOPE stands for Home Ownership Purchase Enhancement. Homes purchased after August 31, 2010 will not be eligible for the HOPE program. The HOPE program was expected to pay the property taxes for 9,000 to 11,000 Missouri families. As of last week less than 1,500 home purchasers are participating. There is approximately $12 million still available for income-qualified home buyers. You do not have to be a first-time buyer to participate. All tax credit funds are available on a first-come, first-served basis. In the face of a more austere budget for 2011, Governor Jay Nixon is “slowing down” MHDC’s process of awarding tax credits. His goal is to cut the state’s 2011 budget $350 million and gain legislative approval by the end of this fiscal year on June 30. Under the HOPE program MHDC provides incentives up to $1,750. Up to $1250 is available to pay the first year property taxes for income-eligible Missourians who buy a new or existing Missouri home after Jan. 1, 2010. An additional $500 is available for “green” homes or energy-efficient improvements. Homeowners who bought a qualified newly constructed energy efficient home or bought an existing home and remodeled or purchased items, such as Energy Star® appliances, to make the home more energy efficient can apply for the additional money. In the St. Louis metro the one- to two-person maximum gross household income qualification for the St. Louis MSA counties of Franklin, Jefferson, Lincoln, St. Charles, St. Louis City, St. Louis County, and Warren is $67,900. For a 3+ person household the maximum gross income is $78,085. In MHDC’s designated targeted areas the maximums are $81,480 and $95,060 respectively. For further information, go to the MHDC website: www.mhdc.com St. Louis Mortgage Interest Rates – June 30, 2010 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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.
The inventory of Fannie and Freddie continue to increase, but their inventory is only a portion of the total foreclosures. The worst loans were made outside of Fannie and Freddie by banks, thrifts or other private label institutions. Most foreclosures are heavily concentrated in a few key states: Florida, Arizona, Nevada, California and Michigan. With unemployment hovering near 10%, the economic recovery so far is too fragile to expect mortgage rates to rise in the near future. St. Louis Mortgage Interest Rates – June 23, 2010 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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.
The mortgage market has benefited from the “flight to quality” mentality since the news of the uncertainty of debt defaults in Europe over the last few weeks. As the perception of these uncertainties diminish, mortgage rates should hold steady if not rise. St. Louis Mortgage Interest Rates – June 16, 2010 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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.
Bank of America has agreed to pay $108 million to about 200,000 homeowners who paid improper and inflated charges to the defunct subprime mortgage lender that became the poster child of the housing apocalypse, Countrywide Financial. The Federal Trade Commission said two mortgage-servicing units of Countrywide, which BofA acquired in 2008, “deceived homeowners who were behind on their mortgage payments into paying inflated fees — fees that could add up to hundreds or even thousands of dollars.”
With continuing worries about about Europe’s debt crisis and the stock market, “flight to quality” should keep dollar denominated assets in favor and keep rates at these low levels…once the market determines an end to the current crisis of confidence, one would expect to see rates on the rise.
St. Louis Mortgage Interest Rates – Jun 9, 2010 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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.
After the problems we have seen over the past couple of years in the real estate, mortgage and banking industries it is not surprising we have seen massive legislative changes brought about which make it more challenging for a home-buyer to obtain a mortgage. Some of the changes borrowers will see when they attempt to obtain a mortgage to buy a home or refinance their existing mortgage include:
If you are looking to buy a home or take advantage of the great rates and refinance you existing mortgage, you should not let the new rules scare you off. Instead I would just suggest you be careful and prudent about selecting your lender, selecting one that has the experience, knowledge and resources to get you through the process as painlessly as possible…. I happen to know one such lender…Me :) St. Louis Mortgage Interest Rates – May 26, 2010 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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.
The National Flood Insurance Program, known as the NFIP, lapsed March 28 this year and left many pending home sales in limbo. Congress and President Barack Obama temporarily reinstated the program 18 days later on April 16 as part of a bill that also extended unemployment benefits and Medicare reimbursement for doctors. However, the temporary extension of the NFIP legislation will expire again on May 31. The stage has now been set for another lapse in funding for the program just weeks before the mandatory June 30 closing deadline for buyers attempting to satisfy the requirements of the federal $8,000 first-time and $6,500 repeat homebuyer tax credits. The recent 18-day lapse in the NFIP is the third since December, with each one growing in duration. The December interruption lasted nine hours, the February pause lasted two days. Without another legislative extension of the NFIP by the end of the month, some home buyers may not be able to close on their properties. The National Association of Realtors estimates a one-day lapse adversely affects 1,400 closings nationwide. St. Louis Mortgage Interest Rates – May 26, 2010 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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.
 Dennis Norman I know it looks like I’m doing my second post today on the same topic, but I’m really not……my post earlier today was about the rate of mortgage delinquency, which can be defined as homeowners that are late, to varying degrees, on their house payments. This post is about mortgage default rates, which is homeowners that are over 90 days late on mortgage payments, have filed bankruptcy, are in foreclosure or on whom the lender has written off part or all of the balance of the loan. In other words these are the borrowers that, unlike the “delinquent ones” that may get current again, for the most part, are not going to recover and are likely to lose their homes. Also, now I have some data for April as well. According to the Standard & Poor’s and Experian Consumer Credit Default Indices, we may be seeing some easing of the pain. Their report for showed that default rates for first and second mortgages declined in April which I think is significant. The other thing that is significant is the S&P/Experian Indices are not seasonally-adjusted. In my earlier post today it was pointed out that the first quarter data from the MBA that showed an increase in the mortgage delinquency rate was “seasonally adjusted”, but when they looked at non-seasonally-adjusted numbers there was a decrease in delinquency rates. So in real-time, unadjusted numbers, we have mortgage delinquencies improving in the first-quarter of this year, followed by a decrease in the mortgage default rate in April. Maybe, just maybe, this run-away train is finally losing some steam! Another thing worth noting in the S&P/Experian report is that, while the home mortgage default rate is decreasing the credit card default rate is on the rise. This is in sharp contrast to recent months when the opposite was true…I think this shows a changing sentiment among the homeowners out there that are now focusing more on paying house payments, and keeping their homes, in advance of making credit card payments.
Trading action in the mortgage markets have been and continue to be influenced by the ongoing concern over Europe’s debt crisis. This uncertainty has overshadowed a growing amount of data flow from our own economy that is signaling or own recovery. This uncertainty continues to drive capital into dollar denominated assets. The percentage sellers can take from the sales price of a home to fund closing costs is being cut from 6% to 3%. According to an announcement in January, the current level of 6% exposes the FHA to excess risk by creating incentives for appraisers to increase the value of these homes. The change will take place in “early summer,” according to the FHA, but a spokesperson said no specific date has been set. St. Louis Mortgage Interest Rates – May 19, 2010 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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.
Given the uncertainty of the monetary crisis in Europe and the mystery of a stock market crash and rebound, markets continue to be very volatile with large swings from day to day– this should continue to make dollar denominated assets, i.e. Treasuries, Mortgage Backed Securities etc. appealing. St. Louis Mortgage Interest Rates – May 12, 2010 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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.
Dennis Norman Consistent with the report on mortgage delinquencies from LPS that I wrote about last week, today TransUnion released it’s report on mortgage delinquencies showing they fell 1.74 percent in the first quarter of this year, which is the first quarterly decline since 2006. This is good news, however, not to rain on the parade, but we do need to remember that the 4th quarter of 2009 had a record-setting mortgage delinquency rate so to have the rate for the following quarter drop simply means, if you want to do the glass half-empty thing, this quarter didn’t set another all-time record for mortgage delinquencies. After steadily increasing for 12 consecutive quarters, it is a welcomed relief to see the rate finally decrease to 6.77 percent (for borrowers that are 60+ days past due). This rate is still 30 percent higher than it was a year ago when it was at 5.22 percent. Fairly consistent with the LPS report from last week, the trends reflected in this report are encouraging; while the ratio of borrowers that are 90 or more days delinquent increased for the quarter, the increases were the smallest since the fourth quarter of 2007. Other highlights from the report:
“The fall in mortgage delinquency is indeed good news for the consumer, the mortgage industry, and the current economic recovery,” said FJ Guarrera, vice president in TransUnion’s financial services business unit. “The February rise in the S&P/Case-Shiller home price index and the recent year-over-year increases in median existing home prices reflect the uptick in housing demand, despite the downward pressure exerted by the continual influx of foreclosures. With prices beginning to rise, increasing consumer confidence and positive trends in the equity markets, home owners who are currently upside down on their mortgages may be less inclined to join the ranks of defaulters, which have been growing in number since the summer of 2008. “However, part of the first quarter demand for new homes was fueled by the First-Time Homebuyer Credit, which was extended to April 30, along with the provision allowing some current home owners to also qualify. Once this runs out, we could see some impact on mortgage demand and therefore home prices — all other things remaining equal. Finally, the dip in mortgage delinquencies is influenced in part by seasonal factors during the tax season, as many homeowners reap the benefits of real estate deductions — tax savings that can be used to keep current on existing mortgage obligations.” Forecast “Based on revised economic assumptions, which are now more optimistic than before, TransUnion believes that the 60-day mortgage delinquency rate will likely continue to drop in 2010, possibly to as low as 6.3 percent. Note that this forecast is dependent upon economic conditions, and may change if there are unanticipated shocks to the economy affecting the recovery in the housing market,” said Guarrera. With regard to regional forecasts, Florida is anticipated to experience the highest mortgage delinquency rate by the end of 2010, reaching as high as 18.2 percent. North Dakota is still expected to continue to exhibit the lowest mortgage delinquency by year-end with a rate of 1.7 percent.
These issues should be enough to limit or prevent mortgage rates from moving higher in the near future. St. Louis Mortgage Interest Rates – May 5, 2010 *
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 rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
*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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