Steve Hedgecorth of Ozarks Federal Savings & Loan said conditions for home buying keep improving and believes the trend will continue.
Hedgecorth, chief lending officer for Ozarks Federal Savings & Loan, pointed to interest rates falling since last summer.
“With recent events and the Fed cutting rates, we finally are going to see some significant drops in the 30-year fixed rate mortgage,” he said. “A good ballpark figure is in the low 6s now. It’s probably headed to below 6 by this time next year.
“It had been running about 6.75 percent. In June, it was around 7 percent.”
Hedgecorth said those seeking to purchase homes may have found loan interest rates and the buying process daunting.
“Affordability has been a big issue in the last few years,” he said, adding that Ozarks Federal Savings & Loan officers can help those seeking to buy a home achieve their goals by finding the type of loan that suits their needs.
“We have several programs for homebuyers and first-time homebuyers in particular,” Hedgecorth said. “That would include low-money down programs and some without mortgage insurance, and that keeps the monthly payments affordable.”
Ozarks Federal Savings and Loan has been in business for 95 years. It has one branch in Jefferson County, at 643 N. Creek Drive, in Festus. It has other locations in Farmington, Fredericktown, Ironton and Potosi.
For more information, contact the Festus branch at 636-937-7687 or visit ofsl.bank.
“Ask for loan officers Ryan Vangilder or August Kirn,” Hedgecorth said.