Jumbo Mortgage Rate Gap Closes

On August 9, the average rate for a 30-year fixed-rate jumbo mortgage was 4.69% . The average rate for a 30-year fixed-rate conforming loan was 4.51 percent. The difference, 0.18 percent, is the closest the rates have been in five years. Jumbo mortgage rates are usually closer to a quarter percentage point higher than conforming […]

Jumbo Mortgages Boost Luxury Home Sales

According to the National Association of Realtors, sales of properties worth over $750,000 have considerably increased in the past year. Reuters reports that the recovery in the luxury real estate market is likely attributed to jumbo mortgages. A jumbo mortgage is riskier for lenders because a luxury residence is harder to sell in the event […]