If you're looking to borrow more than the conforming loan limits allow – and you have. According to a survey by Bankrate, the interest rates on jumbo loans do.
A loan is considered jumbo if the amount of the mortgage exceeds loan-servicing limits set by Fannie Mae and Freddie Mac – currently $484,350 for a single-family home in all states (except Hawaii and Alaska and a few federally designated high-cost markets, where the limit is $726,525).
Fixed Rate vs Adjustable Rate Mortgages. Most people tend to choose fixed rate mortgages, however jumbo loans are available in both fixed and adjustable versions. Looking at the above chart it is clear rates are near historical lows, so those in need of stability who are looking to build equity in their home will likely want to choose fixed rates.
The difference between current mortgage rates on conventional mortgage loans and jumbo loans has narrowed lately, making jumbo loans more appealing. Interest rates for a 30-year fixed-rate mortgage loan that conforms to the government limits were 3.75 percent in April, while rates for jumbo loans were only 3.85 percent.
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Purchase applications rose around 5 percent, with increases for both conventional and government applications. Points increased to 0.44 from 0.34, but the effective rate moved lower. Jumbo 30-year.
As for jumbo loans, as the term "jumbo" suggests, they’re for houses that typically sell for significantly more than the national median. similar to conventional loans, jumbo loans come with options, as borrowers get to decide the term length – usually in five-year increments – and whether they’ll pay interest on a fixed- or adjustable-rate basis.
· Determining whether a mortgage is a conforming or jumbo loan depends on the type of loan (FHA or conventional), the area’s conforming loan limit and the type of property. For example, a conventional loan limit for a single family home or condo in Santa Ana, California, is $636,150, yet in Chicago, the limit is $424,100..
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