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Thursday, April 23, 2009

Rates on Bigger Mortgages Poised to Come Down

From Realtor Magazine Online, Daily Real Estate News April 23, 2009

Mortgage lenders will begin making loans between $625,500 and $729,750 in high-cost housing markets now that Fannie Mae and Freddie Mac have issued their underwriting standards.

Fannie Mae and Freddie Mac have said they will begin buying loans up to the new conforming-loan limit of $729,750 from mortgage lenders on May 4.

As more lenders originate loans in this range, the rates on them -- still at higher, jumbo pricing for the moment -- should begin to fall. It remains to be seen, however, how much the cost of bigger home loans actually comes down.

Source: San Francisco Chronicle, Kathleen Pender (04/23/09)
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