Fred Mullins, Donna Mullins, & Erin Biby
Coldwell Banker Schmitt Real Estate Company
1201 White Street Ste. 101 Key West, FL 33040
Direct: 305-745-9440
Email: mullinsf@bellsouth.net
Website: www.lowerkeys-homes.com
For the first time ever, interest rates for jumbo mortgages have dropped below the average rates for conforming mortgages, lenders say.
Jumbo mortgages are those that exceed the $417,000 limit to qualify for backing by mortgage giants Freddie Mac and Fannie Mae.
The average interest rate for a 30-year fixed-rate conforming mortgage last week was 4.73 percent while the average for a jumbo 30-year fixed-rate mortgage was 4.71 percent.
Sources: “‘Jumbo’ Mortgage Rates Fall Below Traditional Ones,” The Wall Street Journal (Sept. 4, 2013), http://www.floridarealtors.org/NewsAndEvents/article.cfm?id=296612
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