The jumbo loan market is starting to thaw, making it easier for move-up buyers to borrow.Rates on jumbo loans of more than $729,750 in highest-priced markets rose during the financial crisis and lending standards tightened to the point where borrowers couldn’t refinance or get a new loan.
In the last couple of weeks, the average interest rate on a 30-year fixed-rate jumbo fell to 5.79 percent, a five-year low, according to rate tracker Informa Research Services. Rates are even lower on hybrid adjustables.
The availability of these loans suggests that banks are feeling more confident since Fannie Mae, Freddie Mac, and the Federal Housing Administration do not insure them.
Source: Los Angeles Times, E. Scott Reckard (02/28/2010)
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