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JUMBO MORTGAGES LOWER THAN TRADTIONAL RATES
Love the Wall Street Journal. Front page article today says that Jumbo Mortgages fall below traditional rates. Jumbo mortgages are loans that exceed $417,000. In 2008 Jumbo’s were 1.8 % higher than traditional mortgages. Looking for that larger home? Now is the time to buy. Conforming loans have become more expensive because fed officials are trying to down size Fannie and Freddie. Banks such as Wells Fargo and J. P. Morgan are now wooing customers because their cost of funds is still very low.