Jumbo Loans Availability and Rates Point To Growing LOUDOUN COUNTY Housing MarketEven as mortgage rates begin to rise, the difference between conforming and jumbo loan rates is shrinking, and that is good news for buyers of higher-priced homes. Conforming loans are largely financed by Fannie Mae and Freddie Mac, and are valued at up to $417,000 — although they can be as high as $625,000 in some of the nation's pricier markets. The jumbo market has heated up, as tight lending guidelines have drastically reduced consumer late payments, strategic defaults, and foreclosures, this gives investors confidence to buy jumbos again, which means lower rates for consumer borrowers. The rebirth of jumbo securitizations is being driven not just by investor confidence, but by growth in jumbo originations, which increased after the conforming loan limit was lowered. Originations of non-agency jumbo mortgages jumped by over 19 percent in 2012 from 2011, according to Inside Mortgage Finance. |
What Happened to Rates Last Week?
Mortgage backed securities (MBS) gained +42 basis points from last Friday to the prior Friday which caused 30 year fixed mortgage rates to move to lower. We had our highest mortgage rates on Monday and our lowest rates on Friday.
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CLICK HERE TO FIND OUT WHAT YOUR LOUDOUN COUNTY, VIRGINIA HOME IS WORTH IN TODAY'S SELLERS MARKET! |
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