Jumbo Mortgage Rates Hit 4-Year Lows: 5 Things to Know

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Michael Johny of AL 5:51AM October 14, 2009

there are no private buyers for the home, should the borrower default.

Dennis of DE 5:38PM October 07, 2009

The typical three-year rate on your Grandma's certificate of deposit is now quoted at 2.0 to 2.5 percent, or somewhere in the one's for shorter terms----courtesy of the Fed artificially reducing it's target Fed Funds rate to zero,----and we're celebrating banks lending the money on jumbo home loans in the six's.
WHO do you suppose is now subsidizing the market for those big houses? Everybody who needs the safety of an FDIC-insured investment, like say, the elderly?
Grandma puts up the money for more-or-less nothing. The bank gets a four-or-five point spread and the FDIC insures the risk THAT IS STILL HIGH ENOUGH THAT THERE ARE NO PRIVATE BUYERS FOR THESE LOANS IN THE SECONDARY MARKET.
There is no sensible reason that jumbos are not still in sevens or eights or however high would be sufficient to actually attract secondary buyers.

Muser of NM 7:28PM September 22, 2009