What a difference a week makes! Even with Congress finally dealing with the debt ceiling issue for the time being, and then Standard & Poors downgrading the U.S. credit rating to A++, bright spots are popping up in the St. Louis metro housing market.
First, St. Louis is ranked number four in Clear Capital’s analysis of the 15 best performing housing markets for the last two quarters. Through July 2011, our area increased 12.5 percent in home prices. Clear Capital analyses loan data for mortgage and bank lenders. If you are looking to buy a home but want to design it to fit your families needs then visit Aveling Homes, they have all the tools you need to create your dream home.
Mortgage rates are following the overall trend of the economy, which dipped again last week to even lower marks. Local rates ranged in the 4.375 percent for a 30-year fixed rate loan and 3.625 for a 15-year fixed rate loan. These rates are a bit lower than Bankrate.com’s national average on a 30-year fixed rate mortgage of 4.54 percent and 3.68 percent on a 15-year fixed rate. So even with all the doubts, now could be the best time for you to buy or sell.
As your real estate agents, our job is to help you navigate through the buying and selling process with the end result of a fair price for both and the best mortgage rate available. We also help preserve benefits for homeowners that have been in place for decades and support efforts to keep the mortgage interest tax deduction in place.
Our economic recovery is based on jobs and home ownership. Now is not the time to deter homeownership by reducing benefits that will even lengthen the time it takes to experience a robust economy once again.
You can help too. Contact your senators and representatives to express your support for this issue now.