Daily Real Estate News May 23, 2008
Better Terms Coming for Jumbo Loans
Executives from Fannie Mae and Freddie Mac told Congress on Thursday that they are reducing interest rates on some jumbo mortgages.They said their more aggressive purchases in recent weeks of loans between $417,000 and $729,750 have brought rates down.Prices still remain relatively high compared to rates for lower amounts because investors believe borrowers will refinance as soon as rates decline. HSH Associates, a financial publisher in Pompton Plains, N.J., said its surveys showed the average rate last week for a 30-year fixed-rate mortgage of $417,000 or less eligible for sale to Fannie or Freddie was 6.17 percent. The average for such loans of between $417,000 and $729,750 was 6.61 percent, or 0.44 of a percentage point higher.
Source: The Wall Street Journal, James R. Hagerty (05/23/2007)
What Does this mean for the Destin Florida Real Estate Market?
With the majority of resort and upscale homes in Destin Florida's Real Estate market going for well in excess of $417,000 Jumbo limits play a major factor. When you are looking at Destin Florida Real Estate loans as high as $1M-$5M .25 percent can play a major role in your monthly payment. Even on the $600,000 and under homes and condominiums you can see a savings of around $1,000 a month on your payment! With the decline and thoughts of "where's the bottom?" many people are a little worried and with mortgage rates up and down like a yoyo...buyers are worried also about when is the right time to buy. The good thing is the Destin Florida Real Estate market is stabilizing and even though rates are going up and down, for the most part the swings are narrow. Ensure that when you are looking to purchase a Destin Home or a Destin Condo, you are working with a qualified agent. That not only includes your Destin Florida Real Estate agent, but also your Destin Florida mortgage broker. Please feel free to visit more about the Destin Florida Real Estate market online at InvestSmarter or R & B Coastal Real Estate where you can search the entire Destin Florida MLS.
www.InvestSmarter.com
www.RandBCoastalRealEstate.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment