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Old 09-23-2008, 05:02 PM
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Default YOWZA-- Jumbo Mortgage rate hits 9.176%
Wells Fargo has raised Jumbo rates a bit here:

https://www.wellsfargo.com/mortgage/rates/

Is this just their problem, or a sign of things to come? Maybe it has something to do with this:

Moody's reviewing jumbo mortgage securities as loan defaults soar - Los Angeles Times

A dark day in McMansion Land.
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Old 09-23-2008, 05:53 PM
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Ouch! Is this just wells or are all the lenders following suit? If so..this will kill the market in NJ as it all JUMBO!
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Old 09-23-2008, 10:02 PM
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Average jumbo 30 yr fixed is over 7%

Mortgage Rates Loan Compare Interest Rate Refinance Loans | Adjustable Rate Mortgage | Mortage
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Old 09-24-2008, 07:09 AM
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Quote:
Originally Posted by wileynj View Post
Ouch! Is this just wells or are all the lenders following suit? If so..this will kill the market in NJ as it all JUMBO!
It's like that in the northwest too. Forget mcmansions, the average price back over there is somewhere in the $400s.
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Old 09-25-2008, 07:23 AM
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When a company raises their interest rate much beyond the average, its there way of saying "We don't want to issue these loads, but we don't want to remove the option".
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