The San Francisco Chronicle is reporting that the rates for the new jumbo-conforming mortgages (created by Congress) are being slashed and now envy the typical conventional mortgage rates usually reserved for loans under $417,000. However, the industry-wide tightening of guidelines is still in effect, making it difficult to qualify. Congress’ hope for the new jumbo loans is that it will spur the struggling housing market by increasing home affordability in high-value areas like California, Florida and New York. Read more from The San Francisco Chronicle:
Jumbo mortgage rates becoming affordable by Kathleen Pender
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