It’s a good time to be a buyer of luxury homes. That is a sentence from an article I just read at a mortgage web-site called The Mortgage Reports.
Here are some excerpts from the article:
- For the first time in over two decades, mortgage rates for jumbo mortgages — loans over $417,000 in most of the United States and over $625,500 in pricier areas such as California, New York and Washington D.C — are at, or below, rates for conventional mortgages.
- Jumbo mortgages are sometimes more readily available, and less expensive, than conventional loans.
- The improving jumbo mortgage landscape is great news for high-end homebuyers, but it’s also good for buyers of all types — especially first-time home buyers and so-called “boomerang” buyers, buyers who suffered a major credit issue such as bankruptcy, foreclosure or short sale during last decade’s housing downturn and recession.