30 Year Fixed Jumbo Mortgage Purchase
30 Year fixed jumbo mortgages continue to have no appetite of purchase on the secondary market. If banks still are able to accommodate such a jumbo loan, their pricing normally starts in the 8’s with at least 1 discount point used to get to this rate. I work with one bank which offers rates in the 7’s if the jumbo mortgage meets the following conditions. The mortgage must be less than 850K and the down payment must be at least 15%. If you desire to stay in your home longer than 7 years this would be the very best option for you. There are still a hand full of banks which have great jumbo programs on 3,5 and 7 year adjustable mortgages. If you are looking for stability in mortgage the fixed 30 year mortgage is the best.
Josh Kohl