Jumbo Interest Rates Improve

Guest blogger Barbara Van Duyn, a mortgage planning specialist with First Priority Financial, has some good news for us about Jumbo Interest Rates. If you have any mortgage questions, you can reach her directly at Barbara@VanDuynGroup.com. 

In March we told you that HUD announced increased loan limits for conforming and governments back loans across the country. In Sacramento County, conforming, FHA and VA limits increased to $580,000. Those of us in the industry were expecting interest rates for these higher loan balances to find their way to our borrowers sooner than later but it has been painfully slow in coming. This week Fannie Mae and Freddie Mac announced they were lifting a premium for these new conforming Jumbo loans resulting in rates improving up to .500%. Regarding FHA Jumbo loans, not all lenders are currently offering these new loan limits. So a word of caution, if you are in need of financing a mortgage above $417,000 make sure you are working with a mortgage professional who has lenders offering BOTH the new conforming Jumbo loans and FHA Jumbo loans with the improved pricing. Until we meet again, take care. Barbara