We all waited with baited breath for the new conforming limits to take effect only to find the new rates weren't much better than the jumbo fixed rates. Well that has been slowly changing, and today rates are over one full percent better. Example- 6.25% @1 point for jumbos to $729,750 vs 7.50% @ 1 point on 30 year jumbos.
This helps most in the qualifying area. Let's take a borrower that makes $100,000 a year, at 6.25% they would qualify for a mortgage of $540,000 and at 7.50% would only qualify for $475,000. As you can see it's quite a bit more home.
Let's hope the new rate gets even better, until then good luck
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