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"Mortgage Fears Drive Up Rates On Jumbo Loans"
Abstract:
Mortgage market disruptions are causing lenders to raise mortgage rates on prime jumbo loans.
Summary:
The mayhem in the home loan mortgage market is beginning to squeeze high-end home buying consumers with good credit records, in the latest indication of rising unease among investors and mortgage lenders. Jumbo-mortgage rates are rising alarmingly despite long-term interest rates coming down. A prime 30-year fixed-rate jumbo loan now costs 7.34%, up more than 80bp (basis points) since mid-May. Jumbo loans, whose borrowers often possess high incomes and assets, are costing more than conforming loans because Wall Street has stopped buying them due to the higher risk factor. Jumbos are loans of more than $417,000, the limit observed by Freddie Mac and Fannie Mae, the government sponsored enterprises that buy loans in the secondary markets. In a tighter credit market, lenders are charging more for jumbos because of......
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Title: Article Summary
Approximate Word Count: 608
Approximate Pages: 3 (250 words per double-spaced page)
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