Mortgage Rates Jumbo
What does the Fed's three-quarter point cut today mean for mortgage refinancing?
I got a jumbo loan in October 2007 at 6125% (I in SF Bay Area). Since the Fed rate has been sweet by 2 points since then, and I understand that in June my loan is a loan compliance, what kind of refinancing rate I could expect to be this summer? By "reasonable", I mean nothing sinister, just run of the mill Bank of America or Wells Fargo type firm offer. Thanks!
Frankly, there is no way to know. I administration at national headquarters in Midwest's largest privately owned mortgage lender, and we have no idea what will happen with prices. While you are correct that you will soon have a conforming loan, we are anticipating a tiered rate structure among the large end investors. I would not be surprised to see a new subset of prices that are between conformity and jumbo. 6.125% is not a terrible rate in this market for a solid, jumbo product. Do you have any further questions please email me, unlike most people who answer questions on here I know what I'm talking about and have credentials to back it up. Edit: I just received this email from an answer that I will not mention "in contrast to most people who answer questions on here, I actually know what I'm talking about and have credentials to back it up. "Granted there are a bunch of idiots and children, but forgive me for stepping on your holy feet DU is not the only one with credentials so far out weight you have. _______________________________________________ It's OK to disagree with me, but if you want to do so you at least use English! Is not it out and weight … HA!