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The Jumbo Mortgage Rate Market is as toughly fierce as one would expect and you can easily notice by doing a simple Google search for jumbo mortgage rates. One of the perennial top ranked sites is Wells Fargo advertising their jumbo mortgage rates around 4.125% as of 1/10/11 with an APR of 4.256%. The thing they don’t tell the customer is how long it takes Wells Fargo to close a loan. Another popular jumbo mortage rate site which I have reviewed is the premier rate comparison site specially tailored towards getting a jumbo mortgage rate quote as compared by different lenders. While rate shopping and comparisons sound great, you don't want to shop yourself out of a good rate. You need to find the right jumbo mortgage rate specialist locally and stick with them to get through the tough approval process. Keep reading below to figure out how to connect with that lender.
However, even when the loans servicing rights are retained by a third party like Wells, they are actually selling the ownership of the mortgage to one of aforementioned government sponsored entities most of the time. Therefore something around 90% of all mortgages are owned, guaranteed, or insured by a government entity (Fannie Mae, Freddie Mac, Ginnie Mae). Therefore any loan that does not conform to the standard GSE guidelines would typically be considered less liquid and thus have a higher risk reward ratio for both the investor and the borrower. This all translates to meaning that the remainder of the mortgage market, the jumbo mortgage rates, are typically about .375 to .5% higher than conforming rates. Also jumbo mortgage rates are subject to more strict guidelines such as lower loan to value ratios and less cash out allowed to the borrower. While people are intimidated by tighter guidelines and the appearance of higher interest rates, Jumbo Mortgage Rates are definitely at all time lows currently. Just as conforming and government (FHA/VA/USDA) loans have all time low interest rates, jumbo mortgage rates have also hit a floor never seen before. Even prior to the credit crunch and subsequent spread between conforming and jumbo mortgage rates, back when there was very little difference between conforming and non-conforming or jumbo mortgage rates, interest rates were over all quite a bit higher than they are now. Therefore we truly do have the lowest jumbo mortgage rates we have ever had in the USA. Take advantage by calling or emailing me now! |
Jumbo Mortgage Rate Alert:: Pricing weakens on China optimism but overall problems in Europe are expected to keep our period of all time low interest rates in ralley mode. There has never been a better time to lock in a jumbo mortgage rate.
Jumbo Mortgage Rates in Dallas Texas ease for fifth straight day on strong bond market ralley.