At a rate unseen since the housing boom, high-end home buyers are acquiring large “jumbo loans” thanks to low interest rates.
Jumbo loans (loans larger than $417,000) are now a better deals than they have been in years. The average rate on a 30 year jumbo loan is now 5.15% down from 6.41% just two years ago. In fact the difference in rate between jumbo loans and conventional loans (loans for less than $417,000) is only .43%; the narrowest it’s been since 2007.
There is more inventory of homes above $500,000 than any other groups in the Tucson area. Now is a good time to get a home for a deal and lock in a jumbo loan at a good rate.