Historical Jumbo Mortgage Rates
This blog recently discussed the strengthening housing market, and how lenders must keep themselves prepared as more consumers could be gaining confidence in their ability to handle home loans. Even so, mortgage rates continue to climb, which could put a damper on some house hunters' ability to make a purchase.
However, recent reports show that the jumbo loan market is improving, and some banks are even willing to offer better rates to those who can afford it.
The Los Angeles Times recently reported on this new trend.
Jumbo loans are often defined as mortgages over $417,000. These are too large to be backed by government sponsored enterprises like Fannie Mae or Freddie Mac. According to the Times, with rising mortgage rates and an overall improving economy, competition is "heating up" between lenders that are able to offer these larger mortgages.
Specifically, data cited from the Mortgage Bankers Association showed that the average contract rate for a conforming loan with a 20 percent down payment was 4.73 percent last week, compared to 4.71 percent for a comparable jumbo loan.
Brad Blackwell, executive vice president of Wells Fargo, told the news source that this is an unprecedented situation because jumbo loans have historically come at a premium price.
"This is a new phenomenon — something we've never seen before," Blackwell said.
Regardless of the specific types of home loans that financial organizations can offer potential borrowers, it is important for them to remain aware of extreme changes like this in the market. With current and comprehensive loan management software, banks can be sure to remain on top of all potential loans and prepare for any influx of potential borrowers.
This blog recently discussed the strengthening housing market, and how lenders must keep themselves prepared as more consumers could be gaining confidence in their ability to handle home loans. Even so, mortgage rates continue to climb, which could put a damper on some house hunters' ability to make a purchase.
However, recent reports show that the jumbo loan market is improving, and some banks are even willing to offer better rates to those who can afford it.
The Los Angeles Times recently reported on this new trend.
Jumbo loans are often defined as mortgages over $417,000. These are too large to be backed by government sponsored enterprises like Fannie Mae or Freddie Mac. According to the Times, with rising mortgage rates and an overall improving economy, competition is "heating up" between lenders that are able to offer these larger mortgages.
Specifically, data cited from the Mortgage Bankers Association showed that the average contract rate for a conforming loan with a 20 percent down payment was 4.73 percent last week, compared to 4.71 percent for a comparable jumbo loan.
Brad Blackwell, executive vice president of Wells Fargo, told the news source that this is an unprecedented situation because jumbo loans have historically come at a premium price.
"This is a new phenomenon — something we've never seen before," Blackwell said.
Regardless of the specific types of home loans that financial organizations can offer potential borrowers, it is important for them to remain aware of extreme changes like this in the market. With current and comprehensive loan management software, banks can be sure to remain on top of all potential loans and prepare for any influx of potential borrowers.
[:es]This blog recently discussed the strengthening housing market, and how lenders must keep themselves prepared as more consumers could be gaining confidence in their ability to handle home loans. Even so, mortgage rates continue to climb, which could put a damper on some house hunters' ability to make a purchase.
However, recent reports show that the jumbo loan market is improving, and some banks are even willing to offer better rates to those who can afford it.
The Los Angeles Times recently reported on this new trend.
Jumbo loans are often defined as mortgages over $417,000. These are too large to be backed by government sponsored enterprises like Fannie Mae or Freddie Mac. According to the Times, with rising mortgage rates and an overall improving economy, competition is "heating up" between lenders that are able to offer these larger mortgages.
Specifically, data cited from the Mortgage Bankers Association showed that the average contract rate for a conforming loan with a 20 percent down payment was 4.73 percent last week, compared to 4.71 percent for a comparable jumbo loan.
Brad Blackwell, executive vice president of Wells Fargo, told the news source that this is an unprecedented situation because jumbo loans have historically come at a premium price.
"This is a new phenomenon — something we've never seen before," Blackwell said.
Regardless of the specific types of home loans that financial organizations can offer potential borrowers, it is important for them to remain aware of extreme changes like this in the market. With current and comprehensive loan management software, banks can be sure to remain on top of all potential loans and prepare for any influx of potential borrowers.
[:it]This blog recently discussed the strengthening housing market, and how lenders must keep themselves prepared as more consumers could be gaining confidence in their ability to handle home loans. Even so, mortgage rates continue to climb, which could put a damper on some house hunters' ability to make a purchase.
However, recent reports show that the jumbo loan market is improving, and some banks are even willing to offer better rates to those who can afford it.
The Los Angeles Times recently reported on this new trend.
Jumbo loans are often defined as mortgages over $417,000. These are too large to be backed by government sponsored enterprises like Fannie Mae or Freddie Mac. According to the Times, with rising mortgage rates and an overall improving economy, competition is "heating up" between lenders that are able to offer these larger mortgages.
Specifically, data cited from the Mortgage Bankers Association showed that the average contract rate for a conforming loan with a 20 percent down payment was 4.73 percent last week, compared to 4.71 percent for a comparable jumbo loan.
Brad Blackwell, executive vice president of Wells Fargo, told the news source that this is an unprecedented situation because jumbo loans have historically come at a premium price.
"This is a new phenomenon — something we've never seen before," Blackwell said.
Regardless of the specific types of home loans that financial organizations can offer potential borrowers, it is important for them to remain aware of extreme changes like this in the market. With current and comprehensive loan management software, banks can be sure to remain on top of all potential loans and prepare for any influx of potential borrowers.
[:tr]This blog recently discussed the strengthening housing market, and how lenders must keep themselves prepared as more consumers could be gaining confidence in their ability to handle home loans. Even so, mortgage rates continue to climb, which could put a damper on some house hunters' ability to make a purchase.
However, recent reports show that the jumbo loan market is improving, and some banks are even willing to offer better rates to those who can afford it.
The Los Angeles Times recently reported on this new trend.
Jumbo loans are often defined as mortgages over $417,000. These are too large to be backed by government sponsored enterprises like Fannie Mae or Freddie Mac. According to the Times, with rising mortgage rates and an overall improving economy, competition is "heating up" between lenders that are able to offer these larger mortgages.
Specifically, data cited from the Mortgage Bankers Association showed that the average contract rate for a conforming loan with a 20 percent down payment was 4.73 percent last week, compared to 4.71 percent for a comparable jumbo loan.
Brad Blackwell, executive vice president of Wells Fargo, told the news source that this is an unprecedented situation because jumbo loans have historically come at a premium price.
"This is a new phenomenon — something we've never seen before," Blackwell said.
Regardless of the specific types of home loans that financial organizations can offer potential borrowers, it is important for them to remain aware of extreme changes like this in the market. With current and co
mprehensive loan management software, banks can be sure to remain on top of all potential loans and prepare for any influx of potential borrowers.