If you’re in the market for a high-balance conforming jumbo mortgage as the new year begins, you’re in luck, because rates on these mortgages are sitting near the lowest levels seen in our lifetimes. Mortgage rates are low as a result of the confluence of a number of factors: uncertainty surrounding the debt situation in Europe, a lethargic U.S. economy, and Federal Reserve monetary policy are all depressing rates to unnaturally low levels.
Unfortunately, Congress allowed high balance conforming loan limits to drop in many markets. Formerly the maximum size for high balance jumbo mortgages in high cost areas was $729,750. The upper limit has now declined to $625,500, depending upon your location. Loans over this amount are not eligible for purchase by Fannie Mae or Freddie Mac, and are subject to significantly higher interest rates.
Neverthelss, jumbo mortgage rates are as affordable as they have ever been, making now an excellent time to lock in a low rate on a new home purchase or mortgage refinance.
Today we are offering qualified borrowers a 30 year fixed jumbo conforming mortgage at 4.625 percent* with an APR of 4.740 percent. Fifteen year fixed jumbo conforming mortgages are available at the rate of 3.375 percent with an APR of 3.569 percent. 5/1 ARMs are particularly affordable, and start at a rate of 2.625% with an APR of 2.830%.
To learn more about our high balance conforming jumbo rates, call one of our licensed loan officers at 877-868-2503. We can help you determine which of our products would be the best for your individual situation. Call us today, lower home payments may be waiting.
*Mortgage rates change all the time. The above rates were quoted at 11:40 A.M., on January 3, 2011.
*All rates shown are for 30 day rate locks. Longer locks available. The APR for conventional loan amounts is calculated using a loan amount of $417,000, 2 points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for jumbo loan amounts is calculated using a loan amount of $500,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. The APR for FHA loan amounts is calculated using a loan amount of $295,000, two points, a $495 application fee, $500 loan processing fee, $715 underwriting fee and a $16 flood certification fee. Some rates and fees may vary by state. All interest rates listed are for qualified applicants and are subject to mortgage approval. All rates are subject to change without notice.
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Jumbo mortgages are mortgage loans which are usually larger loans, above the conventional conforming loan limits set by Fannie Mae and Freddie Mac. The conforming loan limits differ from location to location. For most part of the country, $417,000 is the conforming limit. Any mortgage loan exceeding this amount is a jumbo mortgage loan. Other areas which are considered to be high cost areas have a conforming limit up to $729,750, and any loan above this limit is a jumbo mortgage loan. Check here for 
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