Not only did jumbo 30-year fixed rates hit the lowest I have ever seen yesterday, but more creative terms are coming out too.
These terms were sent to me yesterday by a local lender:
Just priced a 30 year fixed 1.2 million loan and it’s 3.625 with no points.
We have a 95% purchase money with loan amount up to $850,000. The 5/1 is 2.75%, 7/1 is 3.00% and the 10/1 is 3.25%.
AND we have a 30 year fixed jumbo up to 1.5 million at 90% with no mortgage insurance. The rate is 5.125 with no points.
The fantastic rates and terms available should help buyers get off the fence, and buy a little more house than they could have 6-12 months ago.
This will help the low-down folks too:
http://dsnews.com/news/01-07-2015/report-president-announce-reduction-fha-premiums
Hey, Jim.
Can you give me a lift to Hesperia? I might want to get me one of them no-downpayment houses. My waitress at Denny’s might want to come along too, to see what’s up. She’s from Arkansas, but she’s nice, and would like a house too.