Jumbo mortgage rates gave returned to the end of June levels as the mortgage bond market reacted to a weak employment report and more fear about bloated PIIGS (European government default risk). I talked about this in my Jumbo Mortgage Rates report for July 5, 2011.
I digress but I'd be remiss if I didn't tell you that today is Free Slurpee Day. Slurpees can cause Brain-Freeze. I would love to freeze today's mortgage rates for a week or so but I'm not so sure the markets will accomodate. Last week, I suggested you could hold out for lower rates; that happened. Today, I think it makes complete sense to lock-in your mortgage rate at application. While rates could trend lower, the risk of them rising another .25%...quickly, far outweighs the reward of them improving by .125%. As always, my advice may not be perfect for you so it's best to speak with your loan originator.
Jumbo Mortgage Rate Indications, as of July 11,, 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
- 30 Y FNMJmbo-4.500%/4.724%APR
- 30 Y FNMA-- ----4.375%/4.615%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
