For the first time ever interest rates for Jumbo Mortgages have dropped below the rates for conforming loans.
The average interest rate for a 30-year fixed-rate conforming mortgage last week was 4.73% while the average for a jumbo 30-year fixed rate mortgage was 4.71%, according to the Mortgage Bankers Association.
Jumbo mortgages are those that exceed the $417,000 limit to qualify for the backing by mortgage giants Freddie Mac and Fannie Mae. The limit may be lifted to $625,000 in some high-cost markets, such as New York and Washington.
Posted by Kevin Aizenshtat, Realtor with Gulf Coast International Properties. Kevin can be reached at 239-777-1451
or by email at [email protected]