April 2014 exhibited jumbo 30-year interest rates creeping down significantly for a total of 5 basis points since March 2014, and now that we are in the first half of May, jumbo 30-year interest rates have made it down a full 10 basis points since March 2014. The United States is displaying historically low interest rates that are still higher than the low during this same time last year, but this is one of the lowest rates in the past 10 years meaning that any opportunists out there should explore taking advantage of them.
This pattern should stick for a while as interest rates have remained low due to slow unemployment improvement, an erratic stock market, lower-than-expected gross domestic product, and an overall wobbly economy. Rates will most likely remain relatively low until economic productivity information is available for Q2 of this year.
The low jumbo interest rates can be advantageous for those seeking to purchase a home in some of the U.S. metropolitan areas such as Los Angeles, San Francisco, and Manhattan where the majority of home loans are jumbo mortgages. Metropolitan markets are already so expensive; times when interest rats are low can make homes significantly more affordable.
High credit scores (typically around 800) are needed for jumbo loans, and down payments should be along the lines of 20%. Contact a loan officer to explore your options with a jumbo mortgage today.
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