Into The New Year; 30-year Jumbo 7.32%

Hope everyone is having a fantastic last bit of 2008.  Here are some quick facts for those who live and breath Real Estate!

$729,750- The minimum loan balance that qualifies your mortgage as “Jumbo”.

7.32%- The average interest rate on a 30 year fixed Jumbo loan.

5.14%- The average interest rate on a 30 year fixed Conforming loan.

10x- The current spread of Jumbo over Conforming loan interest rates (historically the spread is 0.20%).

-13%- The year over year drop of US median house prices from November over November (as reported by The National Association of Realtors (NAR))- the largest on record.

45%- The amount of November 2008 homes sales related to foreclosure.

5.51%- The average interest rate on a 30 year “Conforming- Jumbo”- $417,000- $625,500.  Confusing huh!

If your current rate is over 5.875% on a conforming loan you should check into your mortgage broker.  If you don’t have a loan officer- please contact any of us at Incolo and we can connect you with an integrous loan officer that can obtain you today’s best rates.