Rates are looking really good to close out the year.
If you are above a 720 FICO and at no more then 80% LTV, par rate starts at 6.5% !!
That's almost a full point down from two weeks ago.
If you want to know what your personal rate might be, click the big red button on top of the page to contact me.
Tuesday, December 23, 2008
Why are jumbo rates so much higher??
Okay, the number question I've been asked this week was...why are jumbo rates still so high??
The main factor is RISK!! Home values are still going down and lenders are not sure where the true bottom lies, therefore they are limiting their risk right now. With the action the FED is taking in making homes affordable and trying to keep mortgage rates low, I expect that the Jumbo Mortgage rates will follow and drift lower.
If I was in the market today, I would wait until OB is all the way in the white house before I sign on the dotted line. I think that we will see low home prices and low mortgage rates for the first half of next year, before they drift upwards for the next five years.
Please keep in mind that these are personal opinions of Your Satori and not that of The Satori Group.
The main factor is RISK!! Home values are still going down and lenders are not sure where the true bottom lies, therefore they are limiting their risk right now. With the action the FED is taking in making homes affordable and trying to keep mortgage rates low, I expect that the Jumbo Mortgage rates will follow and drift lower.
If I was in the market today, I would wait until OB is all the way in the white house before I sign on the dotted line. I think that we will see low home prices and low mortgage rates for the first half of next year, before they drift upwards for the next five years.
Please keep in mind that these are personal opinions of Your Satori and not that of The Satori Group.
Tuesday, December 16, 2008
Tuesday, August 26, 2008
Weekly rate round ups…
The national average of JUMBO mortgage rates on bankrate.com is down slightly this week.
30 yr Fixed Jumbo = 7.45% Prior week = 7.49%
5/1 JUMBO ARM = 6.38% Prior week = 7.49%
Rates are coming down a little this week, due to a dip in the 10yr treasury bond. I’m expecting the same for next week, rates should be around 7.40%
30 yr Fixed Jumbo = 7.45% Prior week = 7.49%
5/1 JUMBO ARM = 6.38% Prior week = 7.49%
Rates are coming down a little this week, due to a dip in the 10yr treasury bond. I’m expecting the same for next week, rates should be around 7.40%
What is a jumbo mortgage?
A Jumbo mortgage is a home loan that does not conform to the guidelines established by Fannie Mae or Freddie Mac or exceeds the conventional loan limit is called a Jumbo mortgage loan. In most states, home loans that are between $417,000 to $1,000,000 are considered Jumbo Mortgages.
These loans have slightly higher interest rates than conventional home loans. Usually the spread is between one to two full points higher. If a conventional loan is @ 5.5%, more then likely jumbo rates will be around 6.5%. Since 2008, jumbo rates have skyrocketed. The reason for this is because investors who purchase jumbo loans, incur a bigger risk, there fore they past the risk to the borrower.
Anything over $1 million to $5 million is consider a Super Jumbo Mortgage Loan. These loans tend to have a little higher rate then Jumbo mortgage loans; although in some cases they are the same.
If you want up-to-the minute rate quotes from the top jumbo lenders in the market today, please contact us!
These loans have slightly higher interest rates than conventional home loans. Usually the spread is between one to two full points higher. If a conventional loan is @ 5.5%, more then likely jumbo rates will be around 6.5%. Since 2008, jumbo rates have skyrocketed. The reason for this is because investors who purchase jumbo loans, incur a bigger risk, there fore they past the risk to the borrower.
Anything over $1 million to $5 million is consider a Super Jumbo Mortgage Loan. These loans tend to have a little higher rate then Jumbo mortgage loans; although in some cases they are the same.
If you want up-to-the minute rate quotes from the top jumbo lenders in the market today, please contact us!
Friday, August 22, 2008
JUMBO Mortgage
Thanks for checking out our blog on jumbo mortgages and jumbo mortgage news. We hope that you will be able to find information here and find out what the best deal is. If you have any questions regarding jumbo mortgage, please contact us. We are full-service mortgage provider, commited to doing it the right way. Don't forge to find out how to use our exclusive SWBS and pay less interest and make more off your investment.
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