Decline in jumbo rates helps boost higher end of market

08/12/2010 | CNBC

The struggling economy and high unemployment rate have kept many potential homebuyers from capitalizing on record-low mortgage rates, but for those interested in a jumbo loan, the situation is different. "Sales volume for homes worth more than $1 million across the country are up more than 35% from last year at this time," said Walter Maloney, spokesman for the National Association of Realtors. "Homes between $700,000 and a million are also on the rise by some 29% over last year. There's no question that's because of the historic low jumbo rates."

View Full Article in:

CNBC

Published in Brief: