Actual “Cost” Of St Louis Home Today Over 7 Percent Lower Than Year Ago

Thanks to a strong economy and low-interest rates, the actual cost of a home today in St Louis is lower than it was a year ago, in spite of the fact that the median price of homes sold in St Louis has increased by 5.64% in the past year.   Most people buying a typical home in St Louis finance nearly all of the purchase price, therefore, the cost of financing plays a significant role in the true cost of a home.  Buyers decide what they can afford (as do lenders) based upon the house payment, not the price of the home.

The cost of a home today in St Louis versus a year ago…

As our STL Market Chart below shows, the median price of a home sold in the St Louis 5-County core market in October of this year was $200,000, 5.3% higher than last October when the median price of homes sold was $189,900.  However, as our mortgage interest rate chart below shows, the rate for a 30-year fixed-rate mortgage is currently 3.78%, over a full percentage point less than October 2018 when the rate was 4.83%.

If we do a little math and use our mortgage payment calculator, we find that if someone bought a median-priced home in St Louis in October of 2018 at $189,900 and financed 100% of the purchase at the current rate at the time (4.83%), their payment would have been $1,027 per month.  If a person were to buy a median-priced home in St Louis today at $200,000 and finance 100% of the purchase at the current rate of 3.78%, their payment would be $958.  So, even though the price of the home increased over 5%, the payment on the home (at current prices) actually dropped by 7.2% showing just how much impact interest rates have on the cost of a home.

What are buyers waiting for?

We are entering the “slow season” for real estate, winter, a time when, year after year, home prices typically decrease until hitting a low around January and then start to increase as the weather warms.  Therefore, we are in the period when home prices will be the lowest they will be for the year, interest rates are near the lowest they have been, so, if I were considering buying a home, I would jump into action as I just don’t see how it’s going to get better than this anytime soon.

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 4.6% for the 3rd quarter, which just ended and then rise to an average of 4.9% during the last quarter of this year.  Interest rates are then forecast to hit 5.0% during the 1st quarter of 2019, rise to 5.1% by the second quarter, then stay around 5.1% through the end of 2020, according to the report.

St Louis Mortgage Interest Rates

(click on chart for live, interactive chart)

St Louis Mortgage Interest Rates

 

 

Mortgage Interest Rates Hit Record Low

St Louis Interest RatesMortgage interest rates keep falling and this week the interest rate on a 15 year fixed-rate mortgage hit a new record low of 2.8 percent, according to a weekly national survey conducted by Bankrate.com.  Interest rates on a 30-year fixed rate mortgage averaged 3.57 percent this week, a four month low.

As the Bankrate report below for St. Louis shows, St. Louis interest rates are even better: Continue reading “Mortgage Interest Rates Hit Record Low

Successful homeownership is the result of a well informed buyer; St Louis Mortgage rate update

ARE YOU PRE-QUALIFIED?  Have you given much thought to how much of a mortgage payment would be for your dream home?

Should you talk to you mortgage professional before house hunting?

Absolutely!  Even if you haven’t so much as selected a Realtor®, it’s important to talk with your mortgage professional first.   Why? Continue reading “Successful homeownership is the result of a well informed buyer; St Louis Mortgage rate update

St. Louis Mortgage Rate Update; Trends that will affect the housing market in 2012

The National Association of Realtors’ research staff recently released its comprehensive annual report: Profile of Home Buyers and Sellers for 2011.

Market researcher, Paul C. Bishop, Ph. D., Vice President and Jessica Lautz, Manager of Consumer Survey Research state that they’ve identified “trends that have not been seen in the last 10 years,” which will affect the housing market as we enter 2012. Continue reading “St. Louis Mortgage Rate Update; Trends that will affect the housing market in 2012

St. Louis Mortgage Rate Update; Who are the home-buyers?

The characteristics of home buyers has changed fairly significantly in the past year, according to the National Association of REALTORS (NAR) annual Profile of Home Buyers and Sellers. Last year, first-time home-buyers made up 50 percent of the market and in 2011 made up only 37 percent of the market. Continue reading “St. Louis Mortgage Rate Update; Who are the home-buyers?

Today’s historically low rates increase your buying power! St. Louis Mortgage Interest Rate Update

Mortgage interest rates have reached historically low levels. It’s truly amazing how much the average borrower’s purchasing power has increased! The following chart tells it all. Check out the chart showing the history of interest rates as well as the examples of the savings below: Continue reading “Today’s historically low rates increase your buying power! St. Louis Mortgage Interest Rate Update

Slash Your Long-Term Home Interest Costs

As mortgage rates have dropped this year, so have the costs of homeownership. At every given loan size, bargain-basement interest rates have brought monthly mortgage payments to levels never seen in history.

It’s a great time to buy a home. It’s an even better time to refinance.

This isn’t cheerleading. This is fact. As a homeowner, your “total cost of homeownership” is tied to your mortgage. The higher your mortgage rate, the more interest you pay over time. And regardless of your mortgage interest tax-deductibility, over 30 years, mortgage interest accrues into something fierce.

Continue reading “Slash Your Long-Term Home Interest Costs

MHDC’s CAL Cash Assistance loan rate is now 4.5 percent!

First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.

Program Highlights:

  •  3% Cash Assistance Loan (CAL) can be used for down payment and closing costs.
  • CAL is forgivable after 5 years of occupancy.
  • 30 Year Fixed Rate Mortgages & Competitive Rates.
  • CAL can be used with FHA, VA and USDA Rural Development loan programs.
  • First time home buyer requirement only applies to the last three years.
  • Loan is assumable for an MHDC-qualified borrower in an FHA, VA or USDA-RD loan program.
  • Eligible owner occupied properties include: Single-Family Detached, Duplexes, Semi-Detached, Condominiums, Town Homes. Continue reading “MHDC’s CAL Cash Assistance loan rate is now 4.5 percent!

What you need when applying for a home mortgage; St. Louis Mortgage Interest Rate Update

Having been in the mortgage industry for a number of years, I have found a lot of my “issues” when it comes to underwriting was a result of missing something at time of application.   The following is a quick rundown of items that should be collected at application: Continue reading “What you need when applying for a home mortgage; St. Louis Mortgage Interest Rate Update

What is a credit score? What affects my credit score?; St Louis Mortgage Interest Rate Update

Credit Scores have and always be a hot topic in any economy.  Recently, Jim Gallagher of the St. Louis Post Dispatch wrote an article regarding consumers thatfork over $1 billion a year to the credit agencies and credit monitoring services to obtain their credit scores.” But the scores they get probably aren’t the ones a lender will use to judge their credit worthiness. Continue reading “What is a credit score? What affects my credit score?; St Louis Mortgage Interest Rate Update

St Louis Interest Rates Remain Low In Spite of Fed Pull Out

Paramount Mortgage Company - St LouisA few months ago, it was widely believed that the Fed’s massive purchase of mortgage backed securities was keeping long-term interest rates artificially low in order to stimulate the economy. It’s been six weeks since the Fed stopped buying mortgage backed securities, and  there is no sign that that the end of the purchase program has caused mortgage rates to rise by any meaningful amount.

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 *

  • 30-year fixed-rate mortgage 4.875% no points
  • 15-year fixed-rate mortgage 4.375% no points
  • 5/1 adjustable rate mortgage 3.500% no points
  • FHA/VA 30-year fixed rate mortgage 4.875%
  • 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 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.

 

St Louis Real Estate News – World’s Financial Crisis May Help Keep Mortgage Rates Low

Paramount Mortgage Company - St LouisConstantly changing headlines involving the European financial crisis  (Greece, possibly Portugal) along with the uncertainty of the stock market should make dollar denominated assets, i.e. Treasuries, Mortgage Backed Securities etc. appealing.

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 *

  • 30-year fixed-rate mortgage 4.875% no points
  • 15-year fixed-rate mortgage 4.375% no points
  • 5/1 adjustable rate mortgage 3.625% no points
  • FHA/VA 30-year fixed rate mortgage 5.125%
  • 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 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.

 

St Louis Real Estate – Interest Rates Hold Steady, Home Buyers Race To Get Tax Credit

Paramount Mortgage Company - St Louis

Realtors, home buyers and sellers are rushing to complete sales agreements before the tax credit for home purchases expires this week; home buyers must have a deal by April 30 and close by June 30 to qualify for a tax break up to $8,000 for first-time home buyers and $6,500 for those  moving to a different residence. The Treasury Department and the real estate industry have termed the program a success, helping people buy homes.  However,  many tax experts say it has been singularly cost-ineffective: most of the $12.6 billion in credits through end of February was collected by people who would have bought homes anyway or who in some cases were not even eligible…

The unkowns are:

With the end of the Federal Reserve’s mortgage backed security purchase program March 31st and the tax credit set to expire on April 30th, what kind of housing market will we be facing in the second half of 2010?    Are interest rates going to rise?     What happens after the tax credit goes away?

Stay tuned.

St. Louis Mortgage Interest Rates – April 28, 2010 *

  • 30-year fixed-rate mortgage 5.125% no points
  • 15-year fixed-rate mortgage 4.375% no points
  • 5/1 adjustable rate mortgage 3.625% no points
  • FHA/VA 30-year fixed rate mortgage 5.25%
  • 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 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.

 

Last Minute Review of Homebuyer Tax Credit and Interest Rate Update

Paramount Mortgage Company - St Louis

First-time homebuyers made up a record high share of sales in March, according to the latest Campbell Surveys poll of more than 1,500 real estate agents nationwide; First-time homebuyers accounted for 48.2% of all home purchases.  The March uptick comes ahead of the extended tax credit deadline.

Who Qualifies-

  • First Time Home Buyer $8,000 Tax Credit
    • The primary home buyer and/or spouse may not have owned a home in the previous three (3) years to qualify.
    • Buyers cannot be claimed as a dependent by another taxpayer or be under the age of 18.
  • Repeat Home Buyer $6,500 Tax Credit
    • Existing home buyers must have lived in and owned a primary residence five (5) consecutive years of the previous eight (8) years to qualify.
    • Buyers cannot be claimed as a dependent by another taxpayer or be under the age of 18.

Contract – A signed, binding sales contract is required by April 30, 2010.
 
Closing – The purchase must close on or before June 30, 2010.
 
Extended deadline for some – Certain U.S. military, Foreign Service and intelligence service personnel have an extra year to claim the home buyer tax credit. (Contract by April 30, 2011 and close by June 30, 2011).
 
Income Restrictions:  The full amount of the tax credit is available for individuals with a Modified Adjusted Gross Income (MAGI) of no more than $125,000 ($225,000 on a joint return). The credit phases out above these limits to an income cap of $145,000 ($245,000 for joint filers). A MAGI above $145,000 ($245,000 for joint filers) reduces the credit to zero.
 
Determining the Credit: 

  • First Time Home Buyer $8,000 Tax Credit
    • Maximum tax credit is $8,000.
    • The credit is determined by taking the lesser amount of either 10% of the sales price of the home or the tax credit limit of $8,000.
  • Repeat Home Buyer $6,500 Tax Credit
    • Maximum tax credit is $6,500.
    • The credit is determined by taking the lesser amount of either 10% of the sales price of the home or the tax credit limit of $6,500.

Types of Homes: Any home that will be used as a principal residence will qualify for the credit. The purchase price must be less than or equal to $800,000. Home types include single-family detached homes, townhouses and condominiums. Homes cannot be purchased from family members or your spouse’s family members (including parents, grandparents, children, grandchildren, etc.)
 
Claiming Your Credit: The credit can be claimed on a homebuyer’s 2009 or 2010 tax return. The homeowner must submit IRS form 5405 and attach a copy of the HUD-1 Settlement Form (closing statement).
 
Payback: The tax credit does not have to be paid back. Taxpayers with incomes too low to owe tax will receive a refund check from the IRS for the credit amount.
 
Selling Your Home:  If the home is sold within three years of the purchase date, the entire amount of the credit is recaptured on sale.
 
Be realistic – Buyers should be upfront with their Realtor about their must-haves and their wish list.  Buyers who aren’t realistic risk running out of time searching for the “perfect” home.
 
Be sure to check with your tax adivisor or the IRS (www.irs.gov) for questions or concerns regarding your specific situation. 

St. Louis Mortgage Interest Rates – April 21, 2010 *

  • 30-year fixed-rate mortgage 5.125% no points
  • 15-year fixed-rate mortgage 4.375% no points
  • 5/1 adjustable rate mortgage 3.750% no points
  • FHA/VA 30-year fixed rate mortgage 5.25%
  • Jumbo 5/1 ARM 4.125% no points
  • Jumbo 15 year fixed rate mortgage 4.75%

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.

St. Louis Real Estate News – Who are the homebuyers?

Paramount Mortgage Company - St Louis

First-time home buyers comprised an unprecedented 47 percent of the market last year according to a recently published report by the National Association of Realtors (NAR).
 
NAR’s report, 2009 Profile of Home Buyers and Sellers, points to the federal tax credit and the historic affordability of housing as the most likely reasons first-time buyers scored so high in sales.
 
According to NAR, housing economists predict that “2010 will be an even bigger year for first-timers.” Who are these people, and what do they want?
 
Most are married – Forty-nine percent are a married couple. Single females comprise a quarter of first-time buyers. Single males account for just 12 percent.
 
They’re young – More than half (53 percent), are between the ages of 24 and 34. Twelve percent are younger than 24.
 
They’re diverse – Twenty-two percent are part of a minority group, compared with 13 percent of repeat buyers. Six percent speak a language other than English. Twelve percent were not born in the United States.
 
They like the suburbs – Even though 22 percent purchase in an urban area, the suburbs continue to be the most popular locale, with 52 percent buying there. The third most popular spot is a small town.
 
They make their own time – First-time buyers take an average of 12 weeks to find their home, compared with 10 weeks for repeat buyers.
 
They’re not afraid of foreclosures – Eleven percent of first-timers bought a home in foreclosure and 56 percent considered it. Only 9 percent of repeat buyers bought a foreclosure, and just 41 percent considered it.
 
They’re most likely to use a referral – Fifty-three percent found their agent through a referral, compared with 36 percent of repeat buyers, many of whom sought the services of their previous agent.
 
More than 9,000 consumers who recently completed a home buying transaction were surveyed by the National Association of Realtors last year to compile the 2009 Profile of Home Buyers and Sellers report.

St. Louis Mortgage Interest Rates – April 14, 2010 *

  • 30-year fixed-rate mortgage 5.125% no points
  • 15-year fixed-rate mortgage 4.375% no points
  • 5/1 adjustable rate mortgage 3.750% no points
  • FHA/VA 30-year fixed rate mortgage 5.25%
  • Jumbo 5/1 ARM 4.25% no points
  • Jumbo 15 year fixed rate mortgage 4.875%

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.

St. Louis Real Estate – St. Louis Interest Rates Rise

Paramount Mortgage Company - St Louis

Interesting results from Fannie Mae National Housing Survey

Fannie Mae released results of the Fannie Mae National Housing Survey, a comprehensive research project that surveyed more than 3,000 consumers to assess their confidence in homeownership as an investment, the current state of their household finances, their views on the U.S. housing finance system, and their overall confidence in the economy.  

It appears that Americans continue to value homeownership and think about their homes in ways that go much deeper than the financial investment. The survey also found that the public strongly believes in the importance of upholding the financial commitment involved in buying and owning a home, even during these challenging times when home values have fallen.

Other highlights of the survey:

  • 8 in 10 respondents consider homeownership important to the economy
  • 31% of the respondents think the economy is on the right track
  • 66% of the respondents think it is a good time to buy a house

St. Louis Mortgage Interest Rates – April 6, 2010 *

  • 30-year fixed-rate mortgage 5.225% no points
  • 15-year fixed-rate mortgage 4.50% no points
  • 5/1 adjustable rate mortgage 3.850% no points
  • FHA/VA 30-year fixed rate mortgage 5.25%
  • Jumbo 5/1 ARM 4.25% no points
  • Jumbo 15 year fixed rate mortgage 4.875%

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.

St Louis Real Estate – St Louis Mortgage Interest Rates On The Rise

Paramount Mortgage Company - St LouisNEW FHA Policies Go Into Effect April 5th

Applications for FHA-guaranteed mortgages exceeded an annual rate of 3 million in October; nearly triple the level in 2007.  In 2006, when subprime and other Wall Street programs were at full speed, the annual rate for applications was less than 600,000.  As a result the Federal Housing Administration (FHA) Commissioner David Stevens recently announced a set of policy changes to strengthen the FHA’s capital reserves.  The changes announced are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.  The goal is to balance risk management and continue to provide affordable, responsible mortgage products.
 
On April 5, 2010, lenders must start collecting a 2.25% Up Front Mortgage Insurance (UFMIP). The .50% increase from 1.75% will help shore up the government agency’s reserve fund which dropped to .53% in November.  This reserve  fund covers losses on the mortgages the agency insures.  Congress mandates the agency maintain a minimum 2% ratio.  Since the fall of 2008, the reserve fund has dropped steadily from a high of 3% to its low in November.
 
Some 14.36% of FHA loans were past due in the third quarter, according to the Mortgage Bankers Association. This compares to 9.64% of all loans.

St. Louis Mortgage Interest Rates – March 31, 2010 *

  • 30-year fixed-rate mortgage 5.125% no points
  • 15-year fixed-rate mortgage 4.375% no points
  • 5/1 adjustable rate mortgage 3.750% no points
  • FHA/VA 30-year fixed rate mortgage 5.25%
  • Jumbo 5/1 ARM 4.125% no points
  • Jumbo 15 year fixed rate mortgage 4.875%

 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.

St Louis Real Estate – St. Louis Mortgage Interest Rates Increase Slightly

Paramount Mortgage Company - St LouisPLASTIC TAKES PRIORITY.

Consumers are paying more attention to their credit card payments and making sure they are current according to a newly released report from TransUnion. 
 
The credit information management company analyzed 27 million anonymous consumer records randomly sampled during the six quarters from 2008 to 2009. Their selection criteria included consumers with at least one credit card and a current mortgage.
 
Consumers who are delinquent on their credit cards and current on their mortgages decreased to 3.6% from 4.1% in the time period of the study.
 
However, during the first quarter of 2008 a “flip” occurred where the percentage of consumers with current credit card balances and delinquent mortgages rose. This trend continued during the study time period logging an increase to 6.6% from 4.3%.
 
“Conventional wisdom has always been that, when faced with a financial crises, consumers will pay their secured obligations first, specifically mortgages,” stated Sean Reardon, author of the study in the company’s analytics and decisioning business unit.
 
This flip was more pronounced in the Florida and California markets and also for the lowest-scoring segment of the consumer market.

Analysts predict that this flip would revert since the worst of the recession has passed, but apparently that has not been the case according to TransUnion .

St. Louis Mortgage Interest Rates – March 24, 2010 *

  • 30-year fixed-rate mortgage 5.00% no points
  • 15-year fixed-rate mortgage 4.375% no points
  • 5/1 adjustable rate mortgage 3.750% no points
  • FHA/VA 30-year fixed rate mortgage 5.25%
  • Jumbo 5/1 ARM 4.125% no points

 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.

 

St. Louis Real Estate – St. Louis Mortgage Interest Rates Drop Back Below 5 Percent

 Paramount Mortgage Company - St LouisLAST CALL FOR HOMEBUYER’S TAX CREDITS!  

Prospects are scurrying to sell and/or buy homes before next month’s tax credit deadline.”  “It’s been absolutely nuts, I have showings galore and contracts are coming in left and right,” commented one real estate agent. To qualify for the credit, buyers must have fully executed sales contracts in place by April 30 and the deal must close by June 30.  First-time home buyers are eligible for up to $8,000. Buyers who have owned a home for five consecutive years within the past eight years can get a credit of up to $6,500.
 
Other Available Credits!

Real Estate Tax and Energy-Efficiency Incentives are available for Missouri Home Buyers!
Qualified Missouri families who purchase a home in 2010 are eligible for a HOPE incentive equaling the amount of the 2009 real estate tax bill associated with the property they purchased, up to a maximum of $1,250.

MAXIMUM HOPE ENERGY EFFICIENCY INCENTIVE AVAILABLE -$1,750

Homebuyers who are approved for the real estate property tax HOPE incentive may also be eligible to receive up to an additional $500 if they bought a qualified, newlyconstructed, energy-efficient home; bought an existing home and remodeled it; or purchased items for the home, such as Energy Star® appliances, to make the home more energy efficient. The maximum combined total of the HOPE property tax incentive and the HOPE energyefficiency incentive is $1,750.

Eligibility Requirements:

  • Homeowner must purchase and occupy a one-to-four unit Missouri home as their primary residence after January 1, 2010.
  • MHDC income limits apply to household.
  • The applicant must be at least 18 years old.
  • Property cannot be purchased from a relative, or spouse, if married.

Contact Missouri Housing Development Commission for further information: Phone: 800-246-7973  or check out their webswite: www.MHDC.com.

St. Louis Mortgage Interest Rates – March 17 , 2010 *

  • 30-year fixed-rate mortgage 4.875% no points
  • 15-year fixed-rate mortgage 4.25% no points
  • 5/1 adjustable rate mortgage 3.75% no points
  • 3/1 adjustable rate mortgage 3.625% no points
  • FHA/VA 30-year fixed rate mortgage 5.00%
  • Jumbo 5/1 ARM 4.125% no points

  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.

 

St Louis Real Estate – St Louis Mortgage Rates still low; higher rates coming though?

Paramount Mortgage Company - St Louis

Last Friday’s suprisingly strong payroll figures likely reinforced for many investors that the next time the Fed makes a change to their monetary policy strategy-it will likely to raise short-term interest rates.  The actual date of such an event may be months away-but an increasing number of “stronger than expected”  economic reports are making it difficult for mortgage interest rates to move lower.   A growing number of business economists believe the U.S. central bank’s policy’s are too stimulative and expect the Federal Reserve to raise benchmark interest rates within six months.
 
The Fed has said continued high rates of unemployment and low inflation warrant holding rates exceptionally low for an extended period. Still, reports show the economy is recovering gradually, and some policy makers believe the Fed should begin to prepare markets for the beginning of the process of tightening financial conditions.

 St. Louis Mortgage Rates – March 10 , 2010 *

  • 30-year fixed-rate mortgage 5.00% no points
  • 15-year fixed-rate mortgage 4.25% no points
  • 5/1 adjustable rate mortgage 3.75% no points
  • 3/1 adjustable rate mortgage 3.625% no points
  • FHA/VA 30-year fixed rate mortgage 5.250%
  • Jumbo 5/1 ARM 4.125% no points

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.

St Louis Real Estate – Mortgage Rates Hold Steady In the Country’s 8th most affordable city

Paramount Mortgage Company - St Louis

Low foreclosures, stable home prices and affordability make eighth-ranked St. Louis a good bet for home buyers, according to a report released by Forbes.com last Friday.
 
Forbes gathered data from the National Association of Home Builders and Wells Fargo’s Housing Opportunity Index (HOI). The index measures median home prices against median incomes.
 
Additional data overlays included Moody’s one-year forecast for the Case-Shiller Home Price Index of home prices and RealtyTrac’s 2009 foreclosure report. Rankings from all of these data sources were considered in determining the overall score.
 
The top ten best housing metro areas:
Pittsburgh, PA
Louisville – Jefferson County, KY – IN
Houston – Sugar Land – Baytown, TX
Minneapolis – St. Paul, Bloomington, MN – WI
Indianapolis – Carmel, IN
Columbus, OH (Tie for 6th)
Memphis, TN – MS – AR (Tie for 6th)
St. Louis, MO – IL
Dallas – Ft. Worth, TX
Austin – Round Rock, TX

St. Louis families in the market for a house are shopping at the right time. Homes are near the most affordable they’ve been in 18 years.
 
At a national level in the fourth quarter of 2009, housing was 62.4% more affordable than the same time a year earlier, according to the HOI which is published quarterly.
 
The Midwestern cities of St. Louis, Indianapolis and Minneapolis made the list even though their housing price forecasts are essentially flat, but “housing in these places is eminently affordable” according to Forbes reporter Francesca Levy.
 
Just under 85 percent of all families in St. Louis who make the median income have access to affordable, decent housing.

“The recession has weighed down home prices, but mortgage rates are still at historic lows, giving families a chance to get in on the ground floor,” states Levy.

St. Louis Mortgage Rates – March 3 , 2010 *

  • 30-year fixed-rate mortgage 5.00% no points
  • 15-year fixed-rate mortgage 4.25% no points
  • 5/1 adjustable rate mortgage 3.75% no points
  • 3/1 adjustable rate mortgage 3.750% no points
  • FHA/VA 30-year fixed rate mortgage 5.250%
  • Jumbo 5/1 ARM 4.125% no points

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.

St Louis Real Estate – Mortgate Rates Hold Steady But Expected to Rise

Paramount Mortgage Company - St Louis

When considering historically low interest rates, competitive home values along with the $8,000 First-Time Homebuyer and $6,500 Repeat Homebuyer Tax Credits,  potential homebuyers still have a great opportunity.  

THE TIME TO ACT IS NOW.

The Federal Reserve indicates it will stop buying mortgage-backed securities toward the end of the first quarter. Most mortgage experts believe that mortgage interest rates will rise when mortgages go off “Fed support” as private investors require higher rates to compensate for the risk. 

The deadline for the First Time/Repeat Homebuyer Tax Credits is an executed contract by April 30, 2010 with a closing no later than
June 30, 2010.

Contact your lender to review your options and prospects.

St. Louis Mortgage Rates – February 24, 2009 *

  • 30-year fixed-rate mortgage 5.00% no points
  • 15-year fixed-rate mortgage 4.25% no points
  • 5/1 adjustable rate mortgage 3.75% no points
  • 3/1 adjustable rate mortgage 3.750% no points
  • FHA/VA 30-year fixed rate mortgage 5.250%
  • Jumbo 5/1 ARM 4.125% no points

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.

St Louis Real Estate – Interest Rates Hold Steady – Paramount Celebrates 40 Years

Paramount Mortgage Company - St Louis

More than 380 mortgage lending operations nationwide have ceased operation since 2006, according to the Mortgage Lender Implode-O-Meter website.

However in spite of a tough and demanding economic market, Paramount Mortgage this week celebrated it’s 40 year anniversary!

“Expect Excellence” has been our corporate motto and the driving force in our philosophy of providing exemplary customer service,” states H. John Frank, Jr., President of Paramount Mortgage Company. “We have never forgotten that this is a people business and we treat our clients with respect. We take the time to get to know their home purchasing goals and communicate with them throughout the entire mortgage process,” continued Frank. The company’s customer-first attitude is a main factor in Paramount’s sustained operation over the past 40 years since 1970.
 
Frank cites his company’s corporate approach as what generates the repeat business that has fueled their growth.  Frank adds that “Paramount has continued to expand nationwide since 2008 from St. Louis to Seattle, adding offices in Seattle, Chicago and Northern Idaho.

St. Louis Mortgage Rates – February 17, 2009 *

  • 30-year fixed-rate mortgage 5.00% no points
  • 15-year fixed-rate mortgage 4.25% no points
  • 5/1 adjustable rate mortgage 3.75% no points
  • 3/1 adjustable rate mortgage 3.750% no points
  • FHA/VA 30-year fixed rate mortgage 5.250%
  • Jumbo 5/1 ARM 4.125% no points

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.

St Louis Real Estate – Interest Rates Hold Steady – Still Time for Tax Credit

Paramount Mortgage Company - St Louis

There is time left for qualified buyers to take advantage of the 2009 First-Time Home Buyer’s $8,000 Tax Credit & Repeat Home Buyer’s $6,500 Tax Credit.   Binding sales contract must be executed by April 30, 2010, the closing can be extended until June 30, 2010.
 
The newly expanded first-time homebuyer and repeat homebuyer tax credit was signed into law a few months ago, but many married, unmarried, or soon to be married tax filers, are confused about claiming these credits.  Understandably so.  There are numerous scenarios that can come up, e.g.  “I am a long-time principal homeowner but my spouse has lived there for only 3 years. Can we qualify for the long-time homeowner’s credit if we purchase a new principal residence?”  Marcy Stolle, Sr. Mortgage Banker at Paramount Mortgage Company recommends to her clients and prospects to “make sure” and consult with their tax professional or check with the IRS if they are not clear about their eligibility. 
 
The IRS website is very helpful and addresses these questions and various scenarios.  

There’s not much time left. If you are seriously considering a home purchase, April 1st is coming fast.

St. Louis Mortgage Rates – February 2, 2009 *

  • 30-year fixed-rate mortgage 5.00% no points
  • 15-year fixed-rate mortgage 4.375% no points
  • 5/1 adjustable rate mortgage 3.875% no points
  • 3/1 adjustable rate mortgage 3.750% no points
  • FHA/VA 30-year fixed rate mortgage 5.250%
  • Jumbo 5/1 ARM 4.125% no points

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.

St Louis Real Estate – Mortgage Rates Hold Steady-FHA Makes Changes

Paramount Mortgage Company - St Louis

FHA loans gained in popularity for borrowers as applications for FHA-guaranteed mortgages exceeded an annual rate of 3 million in October; nearly triple the level in 2007.  In 2006, when subprime and other Wall Street programs were at full speed, the annual rate for applications was less than 600,000

As a result the Federal Housing Administration (FHA) Commissioner David Stevens recently announced a set of policy changes to strengthen the FHA’s capital reserves. The changes announced are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery.  The goal is to balance risk management and continue to provide affordable, responsible mortgage products. 
 
Announced FHA loan Policy Changes:

  • Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
  • Update the combination of FICO scores and down payments for new borrowers. (tougher standards)
  • Reduce allowable seller concessions from 6% to 3%
  • Increase enforcement on FHA lenders

St. Louis Mortgage Rates – February 2, 2009 *

  • 30-year fixed-rate mortgage 5.00% no points
  • 15-year fixed-rate mortgage 4.375% no points
  • 5/1 adjustable rate mortgage 3.875% no points
  • 3/1 adjustable rate mortgage 3.750% no points
  • Jumbo 5/1 ARM 4.125% no points

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.

 

St. Louis Real Estate – St. Louis Mortgage Rates and Outlook

Paramount Mortgage Company - St LouisThe mortgage market will be besieged this week by a wave of worry…demand concerns related to Treasury auctions to the question about what happens if Fed Chairman Bernanke is not confirmed for another term… uncertainty seldom pushes rates lower.

St. Louis Mortgage Rates – January 27, 2009 *

  • 30-year fixed-rate mortgage 5.00% no points
  • 15-year fixed-rate mortgage 4.375% no points
  • 5/1 adjustable rate mortgage 3.875% no points
  • 3/1 adjustable rate mortgage 3.750% no points

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.

St. Louis Mortgage Interest Rates

Paramount Mortgage Company - St LouisSt. Louis mortgage rates this week remain unchanged on fixed rate loans this week but dropped slightly on ARM’s according to St. Louis-based Paramount Mortgage Company.

Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.

St. Louis Mortgage Rates – January 13, 2009 *

  • 30-year fixed-rate mortgage 5.125% no points
  • 15-year fixed-rate mortgage 5.00% no points
  • 3/1 adjustable rate mortgage 3.875% no points
  • 5/1 adjustable rate mortgage 4.000% no points

For more information or if you have questions on mortgage rates in St. Louis you may contact John Frank by phone at (314) 372-4300, email at hjfrankjr@paramountmortgage.com or you can visit his 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.

St. Louis Mortgage Interest Rates

Paramount Mortgage Company - St LouisSt. Louis mortgage rates this week bounced around a bit with 30 year fixed rate mortgages and ARM’s decreasing slightly while 15 year fixed rate mortgage rates increased according to St. Louis-based Paramount Mortgage Company.

Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.

St. Louis Mortgage Rates – January 6, 2009 *

  • 30-year fixed-rate mortgage 5.125% no points
  • 15-year fixed-rate mortgage 5.00% no points
  • 3/1 adjustable rate mortgage 4.00% no points
  • 5/1 adjustable rate mortgage 4.125% no points

For more information or if you have questions on mortgage rates in St. Louis you may contact John Frank by phone at (314) 372-4300, email at hjfrankjr@paramountmortgage.com or you can visit his 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.

Mortgage rates in St. Louis increase this week

Paramount Mortgage Company - St LouisSt. Louis mortgage rates inreased again this week bringing 30 year rates above 5 percent according to St. Louis-based Paramount Mortgage Company.

Lower interest rates, low prices and the extension and expansion of the home-buyer tax credit should be pretty tempting to buyers out there.

St. Louis Mortgage Rates – December 30, 2009 *

  • 30-year fixed-rate mortgage 5.25% no points
  • 15-year fixed-rate mortgage 4.75% no points
  • 3/1 adjustable rate mortgage 4.25% no points
  • 5/1 adjustable rate mortgage 4.50% no points

For more information or if you have questions on mortgage rates in St. Louis you may contact John Frank by phone at (314) 372-4300, email at hjfrankjr@paramountmortgage.com or you can visit his 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.