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La Jolla Jumbo Mortgage Rates Report==July 6, 2011
Why are jumbo mortgage loans so much more expensive today than they were last Monday?  Greece struck a deal with the European Union to get emergency loans.  That action reassured golbal financial markets that a Greece default would be stayed.  Money flowed into equities and out of the safe haven of US Government securities.  Mortgage bond investors demanded higher yields from mortgage originators which was passed onto the retial borrower.
In which direction will jumbo mortgage rates head this summer?  I believe rates will be stable through Labor Day with some erratic movements upwards.  The federal Reserve bank has halted its quantitative easing plan.  While this should pressure jumbo mortgage rates higher, Greece is but the first of many sovereign default crises bubbling beneath the surface of a calm Mediterranean Sea.  I expect those threats of crises will hold the upwards pressure in check. 
If you can, lock a jumbo mortgage rate under 5%.  If higher than 5% is offered, you might pause to read what's happening in Europe.  Another one of these crises could afford you that rate under 5%.
Jumbo Mortgage Rate Indications, as of June 6, 2011:
5/1 ARM----------4.000%/4.210% APR 7/1 ARM----------4.375%/4.571%APR 10/1 ARM---------4.625%/4.807%APR 30 Yr Fix----------5.125%?5.557%APR Jumbo ... more

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