Did you see Jumbo Rates Today?

They were down dramatically.  Really Dramatically.

Last Friday the difference between Conforming 30 year fixed rates (loans under $417,000) and Jumbo Conforming 30 year fixed rates ($417,001 and above) was roughly 5/8ths.

That was a big difference.  On a $417,000 loan the Payment would be somewhere around $2,400 a month.  Add a single dollar to the loan amount and that same payment would have jumped to $2,568.  That's an additional $168 each and every month. 

Today that difference was almost nil.  How about 1/8th?  The same example above would have been $2,433 for a $417,001 Jumbo Conforming Loan today.

That makes a big difference ($135 a month), but let me share an even bigger difference.

I have a loan for $925,000 on my desk.  It's a Jumbo - always has been.  You can only guess at the difference a couple days makes for them.

Sometimes Good News Gets You In Trouble

I just got off the phone with a local Real Estate Agent relaying this information.  He's always on top of the information game.  Reads all the papers, watches the news.  You know the type.

"When did this happen?  Why didn't I hear about this?", says he.

The Media has plenty to report on, they don't know and they can't catch everything I explained.  "Besides, I reported on it yesterday".  Ooops... thought I.

"I read your blog every day, I saw nothing about that." I could tell he was pulling up the latest post as he was talking.

"Dave, it wasn't on the Blog.  It was on Twitter."  Ever get the feeling you shouldn't have uncorked the Genie?

"What's a Twitter?"  So for the next 20 minutes I walked Dave through Twitter.  Maybe I should have done that earlier.  My Fault.

For the rest - here's a simple way to get the same information that Dave does (now).

www.PatagoniaFinance.com/twitter

Will this pricing last?   If it doesn't how will you know?

Follow me, or the Bay Area Mortgage Report. 

Be informed.