Jumbo mortgages are back
Finally.
For months the jumbo mortgage market has been virtually non-existent. However, today I received a phone call from Gordy Schubert at Ameristar Mortgage with some fantastic news.
Gordy has an investor offering 30 year fixed jumbo mortgages ($417,000 to $1 million) at an interest rate of less than 6 percent. A 5-year adjustable rate is also available for about 5 percent.
When credit tightened last fall, many lenders either stopped offering jumbo mortgages or the rate charged made financing high-end home purchases prohibitive.
Clearly, there has been a loosening of the purse strings and jumbo rates are once again competitive. This should spark greater interest and further stabilization of higher priced homes, a segment of the market that has been particularly hard hit in the past year or so.
Posted by:
Steve Bauman
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