Have you been interested in purchasing a home for over the conforming loan limit of $417,000 but afraid of what the interest rate may be? This may be a good time for you to begin looking. It's rare but the mortgage rate on a jumbo loan (a loan for $417,000 or more) is currently lower than the rate on a conforming loan (a loan for less than $417,000). I've posted the current mortgage rates listed on Wells Fargo's website below. You can see the rate on a 30 year fixed conforming loan is 4.375% and for a 30 year fixed jumbo loan the rate is 4%. Definitely a great opportunity to enter into the luxury home market.
as of 11/20/2013 12:00 PM Eastern
| Product | Interest Rate | APR |
|---|
| Conforming 1and FHA Loans |
|---|
| 30-Year Fixed | 4.375% | 4.547% |
|---|
| 30-Year Fixed FHA | 4.250% | 5.936% |
|---|
| 15-Year Fixed | 3.500% | 3.795% |
|---|
| 5-Year ARM | 3.000% | 3.076% |
|---|
| 5-Year ARM FHA | 3.125% | 4.003% |
|---|
| Larger Loan Amounts in Eligible Areas – Conforming and FHA.1 |
|---|
| 30-Year Fixed | 4.500% | 4.629% |
|---|
| 30-Year Fixed FHA | 4.250% | 5.887% |
|---|
| 5-Year ARM | 3.250% | 3.124% |
|---|
| Jumbo1 Loans – Amounts that exceed conforming loan limits1 |
|---|
| 30-Year Fixed | 4.000% | 4.112% |
|---|
| 5-Year ARM | 2.250% | 2.765% |
|---|
No comments:
Post a Comment