Jumbo mortgage rates starting to become more affordable - MarketWatch
CHICAGO (MarketWatch) -- Jumbo mortgages became more expensive and harder to come by as the nation's credit crisis deepened. That might be starting to change.
"Jumbo" refers to mortgages that are too large to be bought by Freddie Mac or Fannie Mae. The "conforming loan limit" for those government-backed entities is $417,000 in many parts of the country, but goes as high as $729,750 in high-cost areas of the continental United States.
Bank of America recently began trumpeting its jumbo program, offering 30-year fixed-rate jumbo mortgages with rates in the high 5% range, said Vijay Lala, product management executive for the bank. "We decided it was time to really go after that market," he said.
More lenders may soon join in, said Guy Cecala, publisher of Inside Mortgage Finance.
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