Did you know Jumbo loans get less expensive
Jumbo loans get less expensive
NEW YORK – Aug. 25, 2017 – The interest rate for jumbo loans – those greater than $421,100 – dropped five basis points last week, averaging 3.99 percent for the week. That is now 13 basis points lower than the conforming rate, which is the largest spread between jumbo rates and the conforming rate since March 2016, according to the Mortgage Bankers Association (MBA).
“A strong appetite for jumbo loans and a highly competitive jumbo market has led to increased availability and lower pricing,” says Joel Kan, an MBA economist. Sales on the higher end of the market are increasing, which also explains the stronger demand for jumbo loans lately.
Meanwhile, sluggish inventory levels of homes for sale on the lower end are keeping applications down, according to the MBA. Total mortgage application activity – for refinancings and home purchases – inched down by 0.5 percent week over week on a seasonally adjusted basis, the MBA reported.
This marks the second consecutive week that applications have barely budged.
Applications for refinancings last week eked out a 0.3 percent increase from the previous week, but remain 38 percent lower than the same week a year ago, when rates were lower. Mortgage applications to purchase a home dropped 2 percent for the week. Still, purchase applications are 9 percent higher than the same week one year ago, the MBA reports.
The 30-year fixed-rate mortgage averaged 4.12 percent last week, the lowest rate since last November.
Source: Florida Realtors
-
New$2,500,000
Rio Vista Unrecorded Subdivision
Courtesy of Real Estate Sales Force
6 BEDS6 BATHS4030 SQFTShare this Property -
New$1,275,000
Bn05 - Pelican Landing And North
Courtesy of Premiere Plus Realty Company
3 BEDS3 BATHS2330 SQFTShare this Property -
New$5,500,000
Moorings
Courtesy of William Raveis Real Estate
4 BEDS4 BATHS4293 SQFTShare this Property -
New$825,000
Na14 -vanderbilt Rd To Pine Ridge Rd
Courtesy of Downing Frye Realty Inc.
3 BEDS2 BATHS1827 SQFTShare this Property -
New$329,000
St Croix
Courtesy of BHHS Florida Realty
2 BEDS2 BATHS913 SQFTShare this Property -
New$1,595,000
The Strand
Courtesy of Downing Frye Realty Inc.
3 BEDS3 BATHS2806 SQFTShare this Property -
New$345,000
Reflection Lakes Of Naples
Courtesy of Premiere Plus Realty Company
3 BEDS3 BATHS1550 SQFTShare this Property -
New$599,000
Bn05 - Pelican Landing And North
Courtesy of Premier Sotheby's Int'l Realty
3 BEDS2 BATHS1406 SQFTShare this Property -
New$152,000
West Wind Estates
Courtesy of EXP Realty LLC
3 BEDS2 BATHS896 SQFTShare this Property -
New$646,000
Sterling Oaks
Courtesy of Coldwell Banker Realty
3 BEDS2 BATHS1913 SQFTShare this Property -
New$205,000
Golden Gate
Courtesy of Keller Williams Marco Realty
2 BEDS2 BATHS800 SQFTShare this Property -
New$924,900
Gulf Acres
Courtesy of Current Property Management
3 BEDS2 BATHS1478 SQFTShare this Property