“World's Most Complete Neighborpedia”
Sponsor a Community — What is Localism? | Register or Sign In
Explore:   What's happening in your neck of the woods?
Home Falling Jumbo Rates Raise High End Sales

Falling Jumbo Rates Raise High End Sales

www.OnePlaceOpenHouse.com

Written by: Steve Cook

Aug 2, 2010 - Will suddenly affordable jumbo loans unlock the move-up market and kindle demand for unsold upscale properties?
High end sales have been picking up through the spring and early summer, even in the wake of the demise of the tax credit, whose impact was felt almost exclusively at the lower end of the market. The moribund economy and lenders who have re-entered the jumbo market have driven down jumbo rates to five-year lows that are giving hope to homeowners who have been unable to sell since the 2006 crash.
Just a year ago jumbo loans went for nearly 7 percent and they were hard to get even at that rate. Tougher lending standards that often included down payments as high as 20 to 40 percent make it hard for many buyers. Only a handful of lenders were making jumbo loans-- loans that exceed Fannie and Freddie’s conforming loan limits, which currently vary by locale from $417,000 to $729,750.

Access e*Mortgage is quoting a $750,000 to $1.5 million 5/1 ARM at 4.250 percent, with .75 points. Lenders are currently quoting rates as low as 3.50 percent on a 15 year ARM conventional jumbo to 5 percent on a 30 year fixed. READ FULL STORY


If you are interested in selling or buying a home or condo in the Miami area we would love the opportunity to meet with you and
discuss your real estate needs. From mortgage, relocation and residential services our peace of mind full service real estate
brokerage has you covered. Call today or contact via email for a free consultation.

For the inside scoop on real estate deals both on and off the MLS follow us on Twitter @ We_Sell_Miami and
join our Facebook page "We Sell Miami".

2875 NE 191 St

Aventura, Florida 33180

Miami Best Real Estate Team

ERA Herman Group Real Estate


Direct: (786) 704-8482

Email: MiamiBestTeam@aol.com

www.OnePlaceOpenHouse.com

Posted Monday Aug 02