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Monday, January 5, 2009

Jumbo Loans Still Have High Interest Rates

From Realtor Magazine Online, Daily Real Estate News January 5, 2009

While borrowers of conventional fixed mortgages are paying interest in the 5-percent range, jumbo loan borrowers are paying around 7 percent interest.

It's not just an issue for luxury-home buyers. In some high-cost housing areas, jumbo loans are necessary simply because home prices are high, experts say.

The NATIONAL ASSOCIATION OF REALTORS® is pushing for the Federal Reserve to include jumbo loans in its purchases of mortgages and mortgage-backed securities.

Meanwhile, House Financial Services Committee Chairman Barney Frank (D-Mass.) plans to include language in an upcoming economic stimulus bill that would raise conforming loan limits and alter calculations of these limits to take into account real market conditions.

Source: Boston Globe, Jennifer B. McKim (01/05/09)
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