According to an article in today's Wall Street Journal, the average rate for a fixed rate jumbo mortgage (over $729,500) is currently 7.91%, versus 6.6% for smaller "conforming" loans that are backed by the government; the federal legislation that raised the conforming ceiling to $729,500 back in March is scheduled to expire at the end of the year, and a Real Deal article last week noted that both Chase and Wells Fargo were moving up that date to December 1. What are readers that have been in the market for a mortgage hearing from their mortgage brokers? Any mortgage brokers out there care to chime in directly?
No Quick Fix for Housing Prices [WSJ]
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