Close

Remove Filters

Matching...

  • 27,935 W. Washington Listings
  • 776 Open Houses
  • 1,372 Reduced Listings
  • 2,224 New Listings
Refine your search to less than 500 properties to save.
Delete This Search

A First-Ever Flip in Mortgage Affordability

Follow & Review Us On:  trulia-vip_120

For the first time ever, interest rates for jumbo mortgages have dropped below the average rates for conforming mortgages, lenders say.

The average interest rate for a 30-year fixed-rate conforming mortgage last week was 4.73 percent while the average for a jumbo 30-year fixed-rate mortgage was 4.71 percent, according to the Mortgage Bankers Association. 

"In my 30-year career, I've never seen nonconforming loans priced below conforming loans," says Brad Blackwell, executive vice president of Wells Fargo Home Mortgage. Typically, rates for jumbo mortgages run at least 0.25 percentage points above rates for conforming loans. In 2008, jumbo mortgage rates peaked at 1.8 percentage points above conforming rates, according to HSH.com data.

"I've had situations where I've told clients, 'You don't need to borrow within the [conforming] limit. I can get you a lower rate if you borrow a little more,'" said Rolan Shnayder, director of new-development lending at H.O.M.E. Mortgage Bankers in New York.

Jumbo mortgages are those that exceed the $417,000 limit to qualify for 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.

Source: “'Jumbo' Mortgage Rates Fall Below Traditional Ones,” The Wall Street Journal (Sept. 4, 2013)

Axia Home Loans - Preferred Lender

If you are looking to purchase a new home, be sure to contact one our of local real estate agents about our lending partnership with Axia Home Loans.  Cascade Team customers have the opportunity to take advantage of up to $1275* in additional closing cost incentives and loans with no origination fees or discount points, potentially saving you thousands on your next home purchase.

*Actual lender credit varies slightly by state.  Please contact your local office or agent to confirm the actual closing cost credit. 

Get Prequalfied For Your Home Purchase

 

Check out our new "Responsive" website on any device or platform.

The Cascade Team Real Estate

Full Service Real Estate with 1% Listing Fees!!

Leave a Comment