FAR Misses The Jumbo Mortgage Mark
June 9th, 2009 categories: Aventura, Real Estate News
The Florida Association of Realtors Early Bird News is typically a source of relevant and accurate industry news for Real Estate professionals and consumers alike. However, recently this publication has been the source of some misinformation that needs to be clarified.
On Friday June 5th Early Bird News included a link to a short article indicating that move up and luxury home buyers were holding off on purchasing homes “because they don’t want to pay jumbo mortgage rates“. If any buyer is not taking advantage of the incredible deals in Miami and Florida housing markets because they think jumbo rates are high then they are talking to the wrong mortgage banker.
Jumbo mortgage money is readily available and at rates that are below historic lows and in some instances even below conforming rates.
Here is a brief indication of current jumbo rates assuming loan amount greater than $1,000,000 with no points.
10% Down – 5/1 ARM 6.5%* 7/1 ARM – 6.75% 10/1 ARM – 6.875%
20% Down – 5/1 ARM 6.125% 7/1 ARM – 6.375% 10/1 ARM – 6.625%
35% Down – 5/1 ARM 4.75% 7/1 ARM – 5.125% 10/1 ARM – 6.00%
As you can see Read the rest of this entry »
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