Reversing a historic loan trend recently the jumbo mortgages are becoming a bigger bargain over conforming loans.
Lenders are offering jumbo mortgages at lower rates-more than a quarter of a percentage point lower than conforming loans backed by Fannie Mae and Freddie Mac. For example Wells Fargo is offering a 30 year jumbo at 4.125%. In comparison, its offering a 30 year fixed rate conforming mortgage at 4.5%. US Bank is offering jumbo rates of 3.875% compared with 4.25% for a conforming loan.
This gives high end buyers more fuel for the fire when it comes to purchasing real estate today. We still have plenty of great inventory to choose from and historical low jumbo mortgage rates to obtain.
For more information please call Kevin Aizenshtat, Realtor, at 239-777-1451 or email at [email protected].