Interest Rates on Jumbo Mortgages Decreasing

The difference between interest rates on conventional loans and jumbo loans has decreased from higher levels seen last year.

In some cases, the down payment requirements are easing as well, but they often still depend on the level of borrowing - the more the mortgage, the higher the down payment percentage. In New York, mortgage professionals report the following common down payments (to the right).

Borrowers will still need a good credit score, typically at least 700, evidence of high income, and a sizable bank account.

Available credit for the high end will likely help stabilize prices in that sector and boost the overall average sales price. Until now, the high levels of activity in the entry-level price points combined with relatively few sales at the high end have skewed the average price down.

* Based on the week of February 25, 2010. **According to Bank of America's Jeffrey Appel in Inman News.

Source: The Los Angeles Times, Inman News

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Best Regards,

David J Edwards
Real Estate Agent & REALTOR
Edwards Real Estate Group
Keller Williams Realty Southeast Sound
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