Rates on Jumbo Mortgages finally Down!

Rates for Jumbo mortgages (financing over 417K) have finally dropped to about 7%, which is great; last week they were hovering near 8%. This is great news for those who are trying to sell homes over 450K.

Additionally, Conforming financing is down to 6.5%. If a Long listing is purchased and the purchaser users Long Mortgage, the first year rate will be one percent less; hence will start at 5.5% for Conforming and 6% for Jumbo.

Long Realty wants to give our Sellers the edge during this transitional market.

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