Jumbo Mortgage Market Relatively Healthy
Washington, DC, May 13, 2014 -- Jumbo mortgage loans are thriving compared to other kinds of mortgages.
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Applications for jumbo mortgages of at least $729,000 rose 4.9% in March from a year ago, according to the Mortgage Bankers Association.
However, at the other end of the scale, applications for loans of less than $150,000 fell by 21%.
Jumbo loans are generally those greater than $417,000, although they're much higher in more expensive areas such as Manhattan.
The average purchase application loan amount was $280,500 in April.
JPMorgan and Bank of America have eased their requirements for those seeking jumbo loans. For example, Bank of America lowered the down payment to 15% from 20% for most jumbo loans under $1 million.