BREAKING NEWS: Interest Rates Lowered

As of today, the banks have lowered the rates on loans from $417,000-$729,000 to slightly more than the non-jumbo loans. If anyone has a loan in this range, the interest rate is currently 6.125% on a 30 year fixed.

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7 Responses to BREAKING NEWS: Interest Rates Lowered

  1. avatar Ethan says:

    I was told about this yesterday from a mortgage broker that I’m working with but he said that with the Jumbo conforming at this rate his investors will not allow any secondary financing so you have to come up with at least 20% down… is that the case with all of the banks or is it investor specific?

  2. avatar John says:

    Any chance you can provide more color/commentary behind this move? thanks!

  3. avatar Dan Shlufman says:

    Ethan:
    I am not sure if it is true for all investors, but it probaby is. I will check into this further tomorrow and post a follow-up on it.
    Dan

  4. avatar anon says:

    But this is only for condos, not co-ops, right?

  5. avatar Ethan says:

    Anon- yes, it is only for condos, not coops.

  6. Yes, it is only available for loans on condos and houses, not coops.

  7. There are investors who allow 90% financing and subordinate financing to do a loan as an 80% first and a 10% second.

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