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Jumbo Mortgage Rates
Jumbo Loan Borrowers Are Avoiding Mistakes of the Past
Mar. 5, 2010 — (FreeRateUpdate.com) – Over the years, I have had countless conversations with home buyers about their jumbo mortgages. From 2003 to 2008, a typical a cocktail party or a BBQ invariably went something like this: Home-Buyer: We got a great deal on our new mortgage. Me: Did you do a 30 year fixed jumbo loan or something more exotic? HB: 30 year fixed jumbo mortgage— at 4.5% ! Me: Sorry, but that’s not 30 year fixed — rates are 6.5% today. That’s probably a… Read more
Fixed Jumbo Mortgage Rates at Historic Lows
Orange County, CA — Feb. 24, 2010 (FreeRateUpdate.com) – Warning: A little technical. This is the Whole Wheat 8 Grain Variety of our ongoing commentary on the jumbo mortgage market. As the top chart shows, 30-year fixed rate jumbo mortgage rates are going for a post-crisis low, a rate not seen since 2005. With a few scattered exceptions, the rate you get today is about as low as it has ever been in history. Conforming rates are still very close to all-time lows. As the second… Read more
Jumbo Mortgage: Jumbo Loan Borrowers Brace for Tsunami of Luxury Homes Hitting Market
LOS ANGELES, CA — Feb. 18 (FreeRateUpdate.com) – Standard and Poor’s released an excellent research piece this week detailing the tidal wave of short sale and foreclosed homes that will be coming on the market this year. This is the dirty secret inside the housing industry. This risk is widely known by the people that work in the guts of the mortgage business and that is why lending requirements have been so tight for the last two years. Client’s didn’t understand the need to have 20-30%… Read more
Jumbo Mortgage: Vicious Circle In The Jumbo Mortgage Market
LOS ANGELES, CA — Feb. 13 (FreeRateUpdate.com) – Retail sales came out basically flat, car sales have stabilized (aside from Toyota) and job losses seem to be slowing down. But this long running recession is not finished with exacting pain on jumbo mortgage borrowers. A record 9.6% of homeowners with a jumbo mortgage are behind on their payments or in foreclosure as the housing crisis spreads to borrowers with previously stellar credit records and six figure incomes. And the wave of… Read more
Jumbo Loan Rates: Jumbo Mortgage Rates Suffer from Delinquencies Near 10%
Feb. 8 (FreeRateUpdate.com) – Serious delinquencies on jumbo loans increased for a mind boggling 32nd straight month according to Fitch Ratings (http://www.fitchratings.com/). “The new year has brought no relief from declining jumbo loan performance,” said Managing Director Vincent Barberio. “The trend line for delinquencies indicates the 10% level could be reached as early as next month.” Prime (good credit) jumbo mortgage delinquencies of 60 days or more rose to 9.6% in January. About 66% of… Read more
Is Your Jumbo Mortgage Loan Adjusting? Have a Plan or Risk Losing the Game.
Feb. 8 (FreeRateUpdate.com) – We speak to dozens of folks daily that are waiting for rates to get lower than the 4.25% 5Y jumbo mortgage loan or a fixed jumbo mortgage at 5.75% for a 30Y Term on a 2 million balance that we quoted. Of course, who doesn’t want a lower cost on something? Especially on a household budget item that represents roughly 20-30% of most clients’ household income. Several factors could make waiting a disaster and the largest financial gamble a family ever unknowingly… Read more
Fixed Jumbo Mortgage: Jumbo Mortgage Rates to Record Lows on Economic Woes
Feb. 1 (FreeRateUpdate.com) — The gloomy economic reports during the month of January has created an excellent opportunity to refinance into a fixed jumbo mortgage or as a prudent option for a new home purchase this spring. Jumbo rates had some back-forth movement, but overall the trend was for increasingly better 30Y fixed jumbo rates. The trend was most impacted by very tough economic news on a variety of fronts. The latest Case-Shiller Index numbers showed home prices still under pressure… Read more
Mortgage Rates: Cold Reality Forces Jumbo Mortgage Rates Lower
The driving action in jumbo mortgage rates and especially fixed jumbo loan rates is the overall movement in the broader global debt markets. This week we had a great rally in the bond market following less than promising economic news and an earnings call out of JPMorgan Chase & Co that alerted investors that the credit meltdown is still well underway. How does all this news matter to a person waiting to refinance a jumbo loan or buy a new luxury home? The smart money is seeing this window… Read more
Faber Report: Jumbo Loan Problems? (VIDEO)
Fitch Ratings has downgraded jumbo mortgage securities once again. Jumbo mortgage rates are not bad with 30 year fixed jumbo mortgage rates as low as 5.75% at par. The real problem in the jumbo mortgage market is delinquencies. Jumbo mortgages are going 60 days late faster than regular loans. When you’re talking jumbo defaults your talking about risk in the jumbo home markets. Risk causes lender’s to raise rates to compensate and be more stringent with underwriting guidelines, lending on fewer… Read more
FDIC to Banks: Expect 2-3% Increase.Fixed Jumbo Loans Set for Large Rate Move in 2010?
Homeowners waiting for “the right time” to refinance/purchase should move up the timeline rapidly. The FDIC, Federal Reserve and other federal bank/credit union regulatory agencies are warning the banking industry today to prepare for an increase in rates from 2-4% over the next 1-2 years.This is a serious wake up call to people considering refinancing or purchasing a new home, especially for jumbo loan borrowers. The greatest increase would be immediately seen in fixed jumbo mortgage… Read more
On April, 05 2010, MI will be boosted to 2.25 and minimum credit scores will be raised. Read about this and other 
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