This news article couldn’t get more specific: “It’s a good time to buy an expensive home.”
Why? Lower home prices are certainly one important reason. Another? Great interest rates. Jumbo loan rates in recent years have generally been higher than rates on mortgages used to purchase less expensive properties. But now, the difference between regular mortgage rates and jumbo rates have dwindled to less than one-sixth of one percent. That’s a six-year low. With such great rates, the jumbo mortgage market is taking off!