Article Summary
"Mortgage Fears Drive Up Rates On Jumbo Loans"
Abstract:
Mortgage market disruptions are causing lenders to raise mortgage rates on prime jumbo loans.
Summary:
The mayhem in the home loan mortgage market is beginning to squeeze high-end home buying consumers with good credit records, in the latest indication of rising unease among investors and mortgage lenders. Jumbo-mortgage rates are rising alarmingly despite long-term interest rates coming down. A prime 30-year fixed-rate jumbo loan now costs 7.34%, up more than 80bp (basis points) since mid-May. Jumbo loans, whose borrowers often possess high incomes and assets, are costing more than conforming loans because Wall Street has stopped buying them due to the higher risk factor. Jumbos are loans of more than $417,000, the limit observed by Freddie Mac and Fannie Mae, the government sponsored enterprises that buy loans in the secondary markets. In a tighter credit market, lenders are charging more for jumbos because of......
View the rest of this paper...
Approximate Word Count: 608
Approximate Pages: 3 (250 words per double-spaced page)
Why should you join Frat Files?
- - It's safe, secure, and private.
- - Instant access to over 100,000 papers. New papers are added hourly.
- - Fast and reliable customer support.
Similar Essays
-
Article Summary Ozone Layer
Article Summary Ozone Layer. Article Reflection: Ozone Layer Ozone: The Pollution
Paradox This article was based on information about ozone pollution. ... -
Article Summary
Article Summary. Article Summary Week 4 Network security is a concern that
every company needs to worry about. Most companies are ... -
Article Summary
Article Summary. Article Summary The popularity of computer-to-telephone
call services is expanding at a phenomenal rate, threatening ... -
Article Summary - Intellectual Property
article summary - intellectual property. Intellectual Property Article Summary
The restaurant business can be extremely competitive ... -
Epidemiology Article Summary
Epidemiology Article Summary. Epidemiology Health Article Summary #2 Scientists
at the UT Southwestern Medical Center in Dallas recently ...
Frat Files
Members
Information
