Jumbo 30 year fixed rates are now in the low 5% area while Jumbo 7/1 & 5/1 rates are around 4%. The recent increase in mortgage rates for conforming loans (up to $417,000 in the Chicago area) has closed the gap between Jumbo and conforming fixed rates to 1/2% or less.
For so many that have been sitting on the sidelines, this is great news because so many of those loans have rates in the high 5% & low 6% levels.
In some cases lenders are also offering equity lines of credit to help homeowners who have seen their equity drop. Maybe there is still a silver lining out there.
Have a great day.
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