Jumbo mortgage rates declined significantly over the last few weeks.  As of July 12th, borrowers could refinance with a 10/1 jumbo rate starting at 4.75%.  This was exciting news for California homeowners looking for the best jumbo mortgage refinance opportunity in years.

Jumbo Mortgage Rates Available at 4.75% and Fixed for 10-Years

According to iServe Lending’s George Kaganovich, a mortgage lender in California, “This is wonderful news for thousands of California homeowners who have been stuck in adjustable jumbo mortgage rates for years.”   In high costs areas like California and New York, borrowers have been unable to refinance out of their variable rate loans.  The jumbo refinance guidelines were tightened over the last few years and the jumbo mortgage rates were significantly higher than the highly publicized conforming rates. Kaganovich said that for many of their clients it ment saving thousands of dollars a year.

Bloomberg reported that yields on the Fannie Mae bonds have advanced to 3.73% from a record low of 3.63% reached July 6th, down from 4.67% on April 5th.  The gain has been slower than benchmark Treasuries, whose yields have begun to jump as stocks rallied.

Freddie Mac reported that the average fixed mortgage refinance rate for a conforming mortgage declined to a record low 4.57% in the week ended July 8^th.   The MBA report indicated that the average fixed jumbo mortgage with a fixed jumbo declined to a record low 5.25% in the week ended July 8^th.