You’ve asked for better Jumbo pricing and we have listened. Our Jumbo 30 year fixed is priced similarly to our conforming 30 year fixed.
The slide in interest rates we had in November have carried over into December and we had another week of rate decreases. This is good news for those who haven’t refinanced their ARMs or higher interest rate mortgages, but it is GREAT news for home buyers. Housing prices have been soft this fall. Coupled with lower interest rates, this could be the best time to buy we have seen in many months! Now is a good time to visit with those prospects who have been on the fence about buying. It could save them many thousands of dollars.
The Fed is also meeting today and they are expected to raise rates by .25%, but there has been much for them to consider before making another rate hike. The Fed has already raised the Fed Funds Rate 3 times in 2018 and 8 times since rate hikes began in late 2015. Perhaps more important than the Fed’s decision today will be what they say about their intentions for further rate hikes moving into 2019. The Fed’s stance shifted to more hawkish late this summer, but then became more dovish recently so this will be an interesting meeting. We will fill you in during our next weekly update.