Can Jumbo Mortgage Rates in Illinois Go Any Lower?
Mortgage rates got a bit of a boost on Friday when the Non Farm Payroll report number was announced. Although the market was expecting 197,000 jobs, only 74,000 were created. While this is bad news for the economy overall, it is good news for interest rates as it means the Fed may continue to keep interest rates extremely low through Quantitative Easing.
Jumbo mortgage loans continue to be the hot lending product that all banks and lenders are pursuing. These loans have very low default rates, sterling credit reports and typically, high equity positions. And, originating and servicing one $1,000,000 loan generates the same revenue as four $250,000 loans, with one quarter of the manpower.
So with the recent economic news and the appetite for higher loan amount lending, we could see Illinois jumbo mortgage rates drift down a bit. Jumbo ARMS are just about at historic lows as are jumbo 30 year fixed.
If you are purchasing a new home and need a quote on an Illinois jumbo mortgage loan, please contact United Home Loans today at (708) 531-8388. We welcome your call.