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End of July is last chance to lock in Super Conforming Loan as high as $729,750 in our NJ towns!

by: Sue Adler
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Super Conforming Loan Limits Set to Expire September 30

In the midst of the 2008 and 2009 recession, FNMA and FHA loan limits were raised as high as $729,750 in our area to accomodate a struggling housing market and economy.  As of September 30 these higher loan limits will expire. The new maximum high balance FNMA and FHA loan limit for our area will be $625,000.

Thinking ahead: If you are a home buyer in that price range,  the latest you can lock a loan rate for 60 days with the old loan limits will be the end of July.

This is also important for Sellers to take note of, as it totally changes a buyer’s buying power and is more reason for you to get your house sold now if you are in the $800’s to low $1M’s  range.

Mortgage Interest Rates for Fixed Rate Mortgages*
Rates as of Monday, 11th July, 2011:
 TermConformingAPRPayment per
$1,000
JumboAPRPayment per
$1,000
5/1 ADJUSTABLE3603.250%3.408%$4.353.375%3.455%$4.42
7/1 ADJUSTABLE3603.750%3.912%$4.633.875%3.957%$4.70
10/1 ADJUSTABLE3604.250%4.417%$4.924.250%4.334%$4.92
5/1 SUPER JUMBO3603.500%3.660%$4.49%0.000%$0.00
7/1 SUPER JUMBO3603.875%4.038%$4.70%0.000%$0.00
10/1 SUPER JUMBO3604.375%4.543%$4.99%0.000%$0.00
15-Yr. fixed1803.875%4.167%$7.333.990%4.137%$7.39
30-Yr. fixed3604.625%4.796%$5.144.750%4.836%$5.22
FHA 30 Yr fixed3604.500%4.670%$5.074.500%4.585%$5.07

Courtesy of Steve LuptonLoan Officer ISB Mortgage Co., LLC Phone: 908-591-4235 Fax: 908-248-9700 

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