“Jumbo” Mortgage Rates Make History Falling Below Traditional Rates

As banks are competing for affluent borrowers, an odd trend has emerged in the mortgage industry: interest rates on loans for pricey homes , also called “Jumbo” mortgages, have suddenly dropped below those for smaller mortgages. This is an event that lending executives say has never happened before.
Jumbo mortgages are those that exceed the $417,000 limit. Interest rates for Jumbo loans, historically have been set higher than rates on what are known as conforming loans, which are backed by government agencies.
But suddenly, the relationship has flipped, and jumbo mortgage loans are currently more attractive. The average 30 yr fixed rate conforming mortgage was 4.73% last week, compared with 4.71% for the average Jumbo 30 yr mortgage.
Experts say the change in rates, between jumbo and conforming loans is unprecedented. Banks are getting more comfortable because housing prices are rising. Banks are also courting Jumbo borrowers because they typically have deeper pockets. They use their relationship with those specific clients to sell them other products.
For those in the luxury home market, whether buying or selling, take note of this rare event.

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Kristie Scivicque

REALTOR®
KRISTIE & CO
KELLER WILLIAMS REALTY

PREMIER PARTNERS
Denham SpringsCell (225) 955-5250
Office (225) 664-1911
www.PropertiesByKristie.com
www.kristieandco.com

This can be the life you’ve always wanted, surrounded by nature, friends, & good times.

This Waterfront Home on the Amite River has amenities galore and ready for you to have the life you’ve always wanted. The Contemporary kitchen has a built in sub zero refrigerator. You will love the cathedral ceilings and skylight as well as all the large open windows providing tons of natural light. Wood floors in the living room with a double fireplace to the Master Bedroom. In the master bath relax in the oversized jetted tub and the huge custom shower that also has a steam room system. Outside there is an amazing view of the river and the property already has a bulkhead and deck. There is nothing quite like living on the water and there is no better time than now!

#bestplacestoretire
#waterfrontproperty

Kristie Scivicque
REALTOR®, SRES, e-PRO
Kristie & Co.
Keller Williams Realty Premier Partners
Denham Springs, La
225-955-5250
225-664-1911
http://www.propertiesbykristie.com
http://www.kristieandco.com

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