Lowest Jumbo Loan Rates Since the Start of 2014

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The average interest rate on a 30-year fixed jumbo home loan reached 4.15% in the week ending August 29th, according to the weekly survey of the mortgage service provider HSH. This is the lowest level which it has reached since the beginning of the year. The jumbo loans, which are a type of non-conforming loans, have initial balance exceeding $417,000.

The average rate on a 30-year fixed jumbo loan is now 0.55% lower compared to its highest level for the year. It was 4.7% in January 2014.
Freddie Mac has also found the average 30-year fixed jumbo loan rate to be following a downward trend during August 2014. The average rate was 4.29% in the week ending August 22nd, according to their survey. It dropped down from 4.35% during the previous week.

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The Weekly Mortgage Application Survey of the Mortgage Bankers Association has shown that the average interest rate on a 30-year fixed jumbo loan has not changed for the past two weeks. It retained its previous week’s level of 4.22% during the week ended August 29th. It marked a slight increase during the week ended August 22nd. It went up by 0.04% from 4.18% during the week before.

The low level of the 30-year fixed jumbo loan rate coincides with increase in refinance. The Refinance Index of the MBA which measures the volume of mortgage refinance applications rose by 1% in the week ended August 19th on a seasonally adjusted basis. The Purchase Index, which measures the volume of purchase home loan applications, decline by 2% during the week.

The total share of applications for mortgage refinancing has been growing for two consecutive weeks. It went up by 1% during the week ended August 29th to reach 57%. It marked the same increase in the week ended August 22nd. It reached a level of 56% after standing at 55% in the week before.

Mailynne

Mailynne

Mailynne serves as a content strategist and writer for mortgage.info. She is ahighly task-oriented strategic planner and experienced writer. Over the past 10 years, Mailynne has managedcontent for both large corporations, non-profits and businesses. She specializes in managing digital marketing,branding and web development content. Mailynne has worked with a variety of local, national and international organizations.

Contact: mailynne@mortgage.info
Mailynne

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