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Jumbo Mortgage Rates Fall Slightly Ahead of Thanksgiving

Jumbo mortgage rates continued to fall this week, mirroring a drop in mortgage rates across the United States. According to Bankrate, jumbo loan rates for a 30-year fixed loan dropped to 4.74 percent on November 23, an all-time record low. This was a pattern across the mortgage industry this week, as the benchmark 30-year mortgage rate fell slightly to end the week at 4.23 percent.

Mortgage rates continue to remain at or near all-time lows for several reasons, with only some of them related to the current housing market. Investors are still leery about the impact of the European debt crisis on the United States’ economy, and fallout from this is even impacting jumbo mortgage rates. In addition, the failure of the Congressional “super committee” to come to a resolution on debt solutions for the domestic economy have done little to alleviate investors’ concerns about the debt status of the U.S. economy.

Many experts believe that jumbo loan rates should stabilize over the next week. The Thanksgiving holiday typically slows overall activity in the mortgage industry, and should serve to offset any potential negative economic news which could drive jumbo mortgage rates down even lower. In addition, Treasury yields have been steady over the past week, and the Federal Reserve appears to be purchasing enough mortgage-backed securities to keep mortgage rates stable.

But even with the holiday weekend, there are signs that this could be a busier week than expected. Many mortgage brokers are anticipating heavy activity as lenders are looking to take advantage of the recent changes to the Home Affordable Refinance Program. Dubbed HARP 2.0, the revamped program could provide an opportunity for up to one million Americans to refinance their home mortgages who otherwise would not have qualified. Mortgage brokers have been fielding calls from interested borrowers since the program was announced last month, and many anticipate talking to more homeowners as more details emerge. The list of homeowners includes many people with jumbo mortgages struggling with good credit scores but poor equity on large, expensive homes and who are increasingly becoming risks to walk away from their loans and go into foreclosure.