HMB “Telephone tree” at work

Just in from Susan O’Driscoll, our Half Moon Bay office in-house lender, Princeton Capital…

**Rates for our agency jumbos are down! Loan amounts > $417,000 – $729,750 today on a 30 year fixed are 6% – 0 points or 5.75% with 1 point.**

Shortly before Susan’s email, I got a call from HMB Branch of Bank of America’s Bob Zimmer with his update.  I hadn’t gotten to my newsfeed in the last few days to see for myself the Fannie Mae announcement.  Thanks guys for keeping the telephone tree alive and well so that we and our buyer clients can be the first to know about changes that may affect their rates!

Their news to me coincides with Wednesday’s announcement by Fannie Mae, summarized here by an NAR press release that Fannie is…

“…working to reduce the cost to consumers of jumbo conforming loans (loans above $417,000, up to $729,750 in some areas) and make it easier for individuals and families to qualify for these loans. We expect this step will lower mortgage costs for many families living in high-cost areas. Additionally, Fannie Mae will allow many borrowers to refinance Fannie Mae-owned mortgages even where a home’s current value is significantly less than the existing mortgage.”

“Agency jumbo” is the another term for “jumbo conforming”, the recently approved loan limit increase for high cost areas.  I know, we really don’t need more industry lingo, do we?

Related reading:

Fannie Mae Quarter 1 News Release