Jumbo loans are back at bargain pricesNovember 14, 2013 @ 7:44 am (Updated: 4:30 pm - 11/14/13 )
Jumbo mortgages have not only been difficult to find but also to afford.
Now, for the first time since the national mortgage meltdown, jumbo loans are becoming a bigger bargain than conforming loans.
Lenders are offering jumbo mortgages at lower rates -- more than a quarter of a percentage point -- than conforming loans that are backed by Fannie Mae and Freddie Mac, CNNMoney reports.
Other than some high-cost areas, jumbo mortgages are for amounts greater than $417,000.
Generally, banks charge higher rates on jumbo mortgages, typically about a quarter of a percentage point more than conforming loans, according to the Mortgage Bankers Association. But recently that has reversed.
For example, Wells Fargo is offering a 30-year jumbo mortgage rate this week at 4.125 percent. In comparison, it is offering a 30-year fixed-rate conforming mortgage at 4.5 percent. US Bank is offering a jumbo mortgage rate for 3.875 percent, compared with 4.25 percent for a conforming loan.
Council vs Columbus
Seattle will consider a resolution to change Columbus Day to Indigenous Peoples' Day
Whatever it Takes
Ricardo Lockette takes playing time with the Seahawks over pride
How Bellevue will handle students who transfer from 'failing' schools
Please login below with your Facebook, Twitter, Google+ or Disqus account. Existing MyNorthwest account holders will need to create a new Disqus account or use one of the social logins provided below. Thank you.