Luxury Homes Sales Get Boost from Low Jumbo Rates

http://rcm.amazon.com/e/cm?t=debhalsey&o=1&p=8&l=bpl&asins=091062769X&fc1=000000&IS2=1&lt1=_blank&m=amazon&lc1=0000FF&bc1=000000&bg1=FFFFFF&f=ifrHigh-End Home Sales Getting Boost From Low ‘Jumbo’ Rates

Published: Thursday, 12 Aug 2010
12:29 PM ET

By: Mark Koba

Senior Editor

While record-low mortgage rates aren’t doing much to spur regular home sales, the higher end of the housing market is getting a significant boost from the decline in so-called jumbo rates—mortgages of $417,000 and above.

Source: luxuryportfolio.com

Greenwich, Connecticut home

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An economy suffering from high unemployment and falling home prices has left many potential buyers unable take advantage of the lower conventional rates.

But it’s different for those seeking bigger jumbo loans for the more-expensive homes.

“Sales volume for homes worth more than $1 million across the country are up more than 35 percent from last year at this time,” says Walter Maloney, spokesman for the National Association of Realtors (NAR). “Homes between $700,000 and a million are also on the rise by some 29 percent over last year. There’s no question that’s because of the historic low jumbo rates.”

 

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