Jumbo Loan Updates
Jumbo Mortgage Spreads Decline
Good news! Rate spreads on jumbo mortgage loans continue to decline relative to FNMA and FHLMC conforming loans. Back in December, 2008, we were seeing spreads on a 30-year fixed rate mortgage of almost 2%. Today, these same spreads are down to less than 1%. With Treasuries falling, this is an excellent time to lock in a low rate to purchase a discounted executive home, or refinance and ARM to a fixed rate. Be prepared to show a significant down payment or equity in order to capture the best rates which are typically found at 75% of the home’s value or less.
You can check out current rates at www.hlstx.com/TexasMortgageRates
Mike 9/15/09