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By now you have heard that conforming rates are at all time lows.  But, Jumbo mortgage rates are also super low right now.  Jumbo Loans are considered any loan over $417k.  Recently CNBC did a great article on how the lower Jumbo Rates are helping higher priced homes sell.   CNBC points out this great fact, "Sales volume for homes worth more than $1 million across the country are up more than 35 percent from last year at this time," says Walter Maloney, spokesman for the National Association of Realtors (NAR). "Homes between $700,000 and a million are also on the rise by some 29 percent over last year. There's no question that's because of the historic low jumbo rates."   The article also points out that at this time last year the national average Jumbo rate was 6% and now it is 5.07%. 

When doing a Jumbo mortgage, you must keep in mind that they require excellent credit(680+), down payment of 20% or more and have money in the bank(called reserves).  You also do not always need to do a Jumbo Mortgage if your loan amount is over $417k, many times you break that loan up into two different loans.  Keeping your first mortgage at $417k or lower and a 2^nd mortgage for the remaining amount.  This will help you avoid the higher Jumbo Mortgage Rate, since Jumbo Rates are higher then conventional mortgage rates.  Call me today if you are thinking of buying a home or refinancing your mortgage and may need a Jumbo Mortgage.