05 | 8 | 2008 Posted By Daniel Shlufman

BREAKING NEWS: Interest Rates Lowered

As of today, the banks have lowered the rates on loans from $417,000-$729,000 to slightly more than the non-jumbo loans. If anyone has a loan in this range, the interest rate is currently 6.125% on a 30 year fixed.

Written By:Ethan On May 8, 2008 12:30 PM

I was told about this yesterday from a mortgage broker that I'm working with but he said that with the Jumbo conforming at this rate his investors will not allow any secondary financing so you have to come up with at least 20% down... is that the case with all of the banks or is it investor specific?

Written By:John On May 8, 2008 1:28 PM

Any chance you can provide more color/commentary behind this move? thanks!

Written By:Dan Shlufman On May 8, 2008 8:33 PM

Ethan:

I am not sure if it is true for all investors, but it probaby is. I will check into this further tomorrow and post a follow-up on it.

Dan

Written By:anon On May 8, 2008 9:29 PM

But this is only for condos, not co-ops, right?

Written By:Ethan On May 9, 2008 11:01 AM

Anon- yes, it is only for condos, not coops.

Written By:Daniel Shlufman On May 9, 2008 2:57 PM

Yes, it is only available for loans on condos and houses, not coops.

Written By:Daniel Shlufman On May 9, 2008 4:19 PM

There are investors who allow 90% financing and subordinate financing to do a loan as an 80% first and a 10% second.