News which affects Jumbo mortgage rates:
International: China says U.S. is already defaulting on its debt. This has profound implications because it portends higher interest rates (in general) and higher mortgage rates (specifically). Ironically, the Chinese seem to be echoing the tea party call for budget cuts rather than raising the federal debt limit.
National: The US "War on Drugs" is failing and its costs contribute to federal spending. Former Secretary of State George Schultz and Former Federal Reserve Chairman Paul Volcker point out that our domestic policy has inhibited governance and economic development.
California: Is your neighbor pulling a fast one, by "short-selling" his home, only to by it back a year later at a much reduced price? Lew Sichelman answers this Palm Springs home owner about the how the practice of flopping may catch up with the seller...down the road
Jumbo Mortgage Rate Indications, as of June 13, 2011:
- 5/1 ARM----------4.000%/4.210% APR
- 7/1 ARM----------4.375%/4.571%APR
- 10/1 ARM---------4.625%/4.807%APR
- 30 Yr Fix----------5.125%?5.557%APR
Jumbo mortgage rates quoted are for loan amounts from $700,000 to $2,000,000. Credit, down payment, and income restrictions apply. Not all will qualify. Equal Opportunity Lender. NMLS ID 339261