Arizona Mortgage Team

Arizona Mortgage Rates. Refinance FHA, VA and Jumbo Mortgage Loans.

  • Loan Programs
    • FHA Loans
      • FHA 203k Loan
      • FHA Streamline Refinance
      • FHA Kiddie Condo Loan
    • VA Loans
    • USDA Loans
    • HomePath Loans
    • Interest Only Mortgage Loans
    • Refinancing
    • Reverse Mortgages
      • Reverse Mortgage Quote
  • Insurance
    • Arizona Car Insurance
    • Arizona Homeowner Insurance
    • Arizona Life Insurance
    • Arizona Renters Insurance
  • Press
  • Blog

Jumbo Loan Rates Drop To 2003 Levels

July 10, 2010

Since the credit crunch that began a couple of years ago, jumbo loans have been harder to find.  Many of the lenders who used to specialize in jumbo loan financing are no longer around – and many of the larger lenders have tightened their guidelines – or just stopped lending money for jumbo loans all together.

But within the last few months, it seems that there have been a handful of lenders who are now offering jumbo loan financing – and just in time… interest rates on jumbo loans has dropped to levels not seen since 2003.

jumbo mortgage loan rates

Courtesy WSJ

According to the  WSJ:

Just a year ago, the average rate on a 30-year jumbo mortgage—a loan of more than $729,750 not backed by government-sponsored agencies Fannie Mae or Freddie Mac—was 6.86%, according to Greg McBride, a senior financial analyst at Bankrate.com. Now it is 5.48%—a rate that rivals those available during the height of the credit bonanza.

“In just the past couple of months, jumbo loans have really started to be competitively priced,” says Keith Gumbinger of HSH Associates, a publisher of consumer-loan information.

The recent low rates on jumbo loans has caused an uptick in refinancing activity – with some jumbo lenders reporting that jumbo refinancing up as much as 50% vs. what it was last year.

Refinancing a Jumbo Loan: Big Savings

Due to the large loan amounts of a jumbo loan, when you lower the interest rate by refinancing your jumbo loan, you can save a great deal of money.  Dropping your interest rate just a single percentage point can add up to over a thousand dollars – on a fairly “regular” jumbo loan product.

A simple example pointed out by the WSJ was where a homeowner with a 30-year fixed-rate $800,000 mortgage at 6.86% pays $5,247 a month. If he were to refinance at 5%, his monthly payments would be reduced by $952.

Jumbo Lenders in Arizona: We Are Here

Working with the right loan officer who knows what lenders are offering what terms on jumbo loan financing here in Arizona is key — there are a handful of different lenders offering jumbo financing and each one has different guidelines.

Contact us today to see if it is in your best financial interest to refinance your jumbo home loan here in Arizona — or anywhere else!

Filed Under: Jumbo Loans Tagged With: Arizona Jumbo Loans, az jumbo loans, jumbo loan refinancing, Jumbo Loans, jumbo mortgage refinance, refinancing a jumbo loan

Recent Items

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Latest News

  • How Does a VA Streamline Work?
  • Can you Use a Mortgage Assumption after a Divorce?
  • What are the Major USDA Streamline Guidelines?
  • How is the USDA Monthly Guarantee Fee Calculated?
  • How to Purchase USDA Foreclosed Homes?

Search

IMPORTANT MORTGAGE DISCLOSURES:

When inquiring about a mortgage on this site, this is not a mortgage application. Upon the completion of your inquiry, we will work hard to match you with a lender who may assist you with a mortgage application and provide mortgage product eligibility requirements for your individual situation.

Any mortgage product that a lender may offer you will carry fees or costs including closing costs, origination points, and/or refinancing fees. In many instances, fees or costs can amount to several thousand dollars and can be due upon the origination of the mortgage credit product.

When applying for a mortgage credit product, lenders will commonly require you to provide a valid social security number and submit to a credit check . Consumers who do not have the minimum acceptable credit required by the lender are unlikely to be approved for mortgage refinancing.

Minimum credit ratings may vary according to lender and mortgage product. In the event that you do not qualify for a credit rating based on the required minimum credit rating, a lender may or may not introduce you to a credit counseling service or credit improvement company who may or may not be able to assist you with improving your credit for a fee.

Copyright © Mortgage.info is not a government agency or a lender. Not affiliated with HUD, FHA, VA, FNMA or GNMA. We work hard to match you with local lenders for the mortgage you inquire about. This is not an offer to lend and we are not affiliated with your current mortgage servicer.

Contact Us | Terms of Use | Privacy Policy

Buy Mortgage Leads

Mortgage.info

NMLS ID #1237615 | AZMB #0928735

8123 South Interport Blvd. Suite A, Englewood, CO 80112

CLICK TO SEE TODAY'S RATES

Contact Us