Total Mortgage Services LLC, Milford, Conn., said it is seeing "significant improvement" in the jumbo mortgage market and is now offering the loans at rates of under 5% to certain borrowers.
Company president and founder John Walsh said he believes that the GSE conforming loan limit should be raised nationwide, not just in high cost areas to further help improve the housing market and the overall economy.
Currently, the GSE loan limit is at $729,750, but is set to expire in about a year. However, many Republican Congressmen and Senators are adamantly opposed to the idea.
"The jumbo market is seeing significant improvement in both competitively priced rates and market liquidity," said Walsh. "Many borrowers are taking advantage of this opportunity to lock-in low rates."
