If you’ve been thinking about buying a more expensive home, now is the time to make a move. That’s because interest rates on jumbo mortgages, which in the Chicago metropolitan area are loans over $417,000, have fallen below rates on smaller conforming loans.
How often does such an inversion occur? Try never. Yes, economists believe this is the first time jumbo mortgage rates have gone upside down on conforming rates, which means luxury buyers have a historic opportunity that probably won’t be available for very long. Continue reading