Just off the wire, Jumbo Mtg rate increase.

It seems that ALMOST every loan in sowal would be a Jumbo with the 500-600,000 price tags. This could get interesting if other banks follow suit.

I'll be at the pool today heavily medicated.

Holy cow! I just got in under the wire last week. That's quite a jump I would have been joining you Mangy.

Holy cow! I just got in under the wire last week. That's quite a jump I would have been joining you Mangy.

Can't you join me anyway and bring me a mojito? or two, or three?

I'm guessing that the multitude of $400-$450K condos on the market will be repriced to $399,999.95.

:scratch: What effect will that have on the condos that are now priced higher and lower?



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I thought the cutoff for jumbo was $417,000?

Either way, I think there will be alot of fancy footwork to beat the "magic number". :roll:

Actually in the article it says the limit is 417k like Scooterbug said so the ceiling will be 521k with a 20% down payment. How many 525k condos just got moved to 520k, and on and on...

Actually in the article it says the limit is 417k like Scooterbug said so the ceiling will be 521k with a 20% down payment. How many 525k condos just got moved to 520k, and on and on...

20% Down Payment??

How many people in the US know what a "Down Payment" is??


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Having at least enough to pay for 1/5 of what you're buying............why does that NOT sound unreasonable to me?

I thought the cutoff for jumbo was $417,000?

Either way, I think there will be alot of fancy footwork to beat the "magic number". :roll:

The $475K guys will be moving down into the $417,000 slot and everyone below that will schooch down from there. The $476K+ guys are essentially skrewed anyway.

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Having at least enough to pay for 1/5 of what you're buying............why does that NOT sound unreasonable to me?

Because then you would be playing with "Your" money and not the lender's...the more of "your" money put into the deal, the less leverage you have---and leverage is everything---:shock: well, leverage was everything until folks discovered that it can work against them too. Imagine that. :roll:

Consider yourself "Risk Averse"

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I bet the market formerly known as jumbo will now become the market that splits mortgages into pieces, with none above jumbo levels. The first will be a lower rate, the second will be higher, but still below the Wells Fargo jumbo rate.

Some possible interesting developments.....................

http://online.barrons.com/article/SB118641816712389361.html?mod=googlenews_barrons

The operative line from the above referenced article:


"...All of which suggests the mortgage crisis is only beginning, notwithstanding Monday's big stock-market move..."




Just my opinion.



And I always have one.

The operative line from the above referenced article:


"...All of which suggests the mortgage crisis is only beginning, notwithstanding Monday's big stock-market move..."




Just my opinion.



And I always have one.

and that is?

20% Down Payment??

How many people in the US know what a "Down Payment" is??


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That might have been the case two years ago, but times, they are a changin'.