Jumbo Mortgage Rate Survey April 30, 2010
Jumbo mortgage rates inched down by the close of the week according to this week’s survey of jumbo mortgage rates completed by Findlocalmortgagerates.com.
The average 30 year fixed jumbo mortgage moved lower by 2.5 basis points, to 5.625 percent. A basis point is one-hundredth of a percentage point. The average points charged to obtain this rate was also lower. The average points charged by the mortgage lenders in this week’s survey dropped to 0.614 points from 0.664 points in the previous week.
Jumbo loans are also known as a non-conforming loan. Jumbo loans have balances that exceed the standards that would make it eligible for sale to Fannie Mae and Freddie Mac. The maximum amount is set annually. The 30 year fixed rate jumbo loans have interest rates that are guaranteed to remain fixed for the stated period of the loan.
Results of the survey results from the largest jumbo mortgage lenders included the following results:
Chase Mortgage’s 30 year fixed rate jumbo loan has a mortgage rate of 6.125% with 0.125 points and an APR of 6.167%. The APR is up slightly from the previous week with the mortgage rate unchanged and the points charged higher by .125.
Bank of America offers a 30 year fixed jumbo home loan with a mortgage rate of 5.500% with 0.875 points and a 5.627% APR. The mortgage rate was unchanged while the points charged dropped by 0.25.
Wells Fargo has a 30 year fixed rate jumbo loan with a rate of 5.500% and 1.0 point and a 5.643% APR. Wells Home Mortgage jumbo rate held constant for the week.
US Bank’s jumbo loan with a 30 year term that has a mortgage rate of 5.250% with1.0 point and a 5.408% APR. US Bank’s mortgage rate is lower by 0.125% from the previous week.
GMAC Mortgage offers a 30 year jumbo mortgage rate of 5.750% and 0.070 points and an APR of 5.777%. GMAC Mortgage rate is unchanged and the points charged are lower by 0.125 points.
APR calculation assumes a $500,000 loan amount with a 20% down payment for a single family, owner occupied home. Mortgage rates published are current as of this publication date. Mortgage interest rates are subject to change, and closing costs may depend on the individual mortgage loan qualifications.
For additional information on the mortgage rates listed, these bank mortgage lenders can reached at the following contact numbers:
Chase Mortgage 800-873-6577
Bank of America 800-990-6248
Wells Fargo Home Mortgage 877-937-9357
GMAC Mortgage 877-941-4622
US Bank 888-831-7524
Jumbo Mortgage Rates April 11, 2010
Jumbo mortgage rates drifted moderately higher for the second consecutive week. The average rate from the top five jumbo mortgage lenders surveyed in the weekly jumbo mortgage rate survey performed by Findlocalmortgagerates.com was higher by 10 basis points or 10/100 of a percent for the week ending April 9, 2010.
The average jumbo home loan rate ended the week at 5.70% with 0.639 points. The previous week’s average jumbo home loan rate stood at 5.60% with 1.039 points.
While jumbo loan rates have moved higher over the past few weeks, the interest rate difference between conforming loan rates and jumbo loan rates has narrowed slightly. The reduced spread is generally attributed to credit easing in bank lending, as minimal as it mat be.
Measuring the average jumbo loan rate often involves greater variation than conforming loan rates. A large segment of this variation is due to the greater dependence by mortgage lenders on credit scores and qualifications of the borrower on jumbo loans as opposed to conforming loans. Conforming loans are, well more conforming with well established underwriting standards in contrast to the jumbo loan market which is much smaller and more fragmented and thus leads to greater differences in mortgage rates offered by lenders due to relatively small variations in credit, income, down payment and the borrower’s assets.
The top five mortgage lenders used in this week’s survey results included: Chase Mortgage, Bank of America, Wells Fargo Home Mortgage, GMAC Mortgage and US Bank.
Survey results from the individual bank mortgage lenders for jumbo loan rates included:
Chase Mortgage which offers a 30 year fixed rate jumbo loan rate at 6.125% with no points and an APR of 6.155%.
Bank of America offers a jumbo loan with a mortgage rate of 5.500% with 1.0 point resulting in a 5.605% APR.
Wells Fargo Home Mortgage has a 30 year fixed rate jumbo loan rate of 5.500% and 1.0 point with an APR of 5.643%.
GMAC Mortgage promotes a 30 year jumbo mortgage with a mortgage rate of 5.875% and 0.195 points and an APR of 5.914%.
US Bank markets their jumbo loans with a mortgage rate of 5.50% and 1.0 point and a 5.660% APR.
While these are the mortgage rates are for a 30 year fixed rate jumbo loan, the bank mortgage lenders listed offer additional loan programs as well as additional rate and point options for jumbo loans.
The mortgage rates, points and APRs listed are accurate as of this publication date but are not guaranteed. Mortgage rates may change and are subject to bank approval and underwriting loan conditions. Rates may also vary by region.
The mortgage lenders listed for the survey can be contacted directly for current jumbo loan rates and terms as well as additional loan information. The phone numbers for the mortgage lenders listed are as follows:
Chase Mortgage 800-873-6577
Bank of America 800-586-9861
Wells Fargo Home Mortgage 877-937-9357
GMAC Mortgage 877-941-4622
US Bank 888-831-7524
Jumbo Loan Rates April 2, 2010
Jumbo loan rates have ratcheted up in the past week along with conforming mortgage rates based on the most recent survey of jumbo mortgage rates performed by Findlocalmortgagerates.com. The top five bank mortgage lenders measured in the survey offered an average 30 year jumbo home loan of 5.60% with 1.039 points and an APR of 5.737%.
Jumbo loans are mortgages with loan amounts greater than the conforming loan limit. The cutoff for the single-family home conforming loan limit is $417,000 and $729,750 in certain high-cost areas. The amount that delineates a jumbo mortgage is redefined each year when the conforming loan amounts of FNMA and FHLMC are established.
Because jumbo loans are bought and sold on a much smaller scale than conforming loans, they usually have a slightly higher interest rate. The difference between the conforming loan amount mortgage rate and jumbo mortgage rate will also vary with the economy.
The top five mortgage lenders used to determine this weeks mortgage rates on a jumbo loan included: Chase Mortgage, Bank of America, Wells Fargo Home Mortgage, GMAC Mortgage and US Bank.
This week’s survey results for the individual bank mortgage lenders for jumbo loan rates.
Chase Mortgage offered a 30 year fixed rate jumbo loan at 5.875% with 1.0 point and an APR of 5.998%.
Bank of America jumbo loan rate is 5.625% with 0.875 points and a 5.749% APR.
Wells Fargo Home Mortgage 30 year fixed rate jumbo home loan has a rate of 5.500% and 1.0 point with an APR of 5.637%.
GMAC Mortgage promotes a 30 year jumbo mortgage with a mortgage rate of 5.50% and 1.32 points with a 5.641% APR.
US Bank’s jumbo mortgage rate is 5.50% and 1.0 point and a 5.660% APR.
While these are the mortgage rates are for a 30 year fixed rate jumbo loan, these bank mortgage lenders offer additional loan programs as well as additional rate and point options.
Pricing of jumbo loans is generally more dependent on attributes regarding the loan such as loan amount, down payment, property type, property location than conforming loans. The down payment alone on a jumbo loan can cause a change in the mortgage rate while the rate on a conforming loan will almost always be consistent as long as the down payment is 20% or greater. This is just an example to make borrowers aware that jumbo loan rates and costs will vary significantly more than conforming loans. Compare mortgage rates and call the mortgage lenders for more details.
Mortgage rates and terms are accurate as of this publication date but are not guaranteed. Mortgage interest rates may change and are subject to bank approval and conditions.
The following list includes the contact phone number for each mortgage lender listed:
Chase Mortgage 800-873-6577
Bank of America 800-586-9861
Wells Fargo Home Mortgage 877-937-9357
GMAC Mortgage 877-941-4622
US Bank 888-831-7524