Is it getting cheaper to buy a big house?
Interest rates on jumbo mortgages are no longer tremendously higher than those on conforming loans.
The latest weekly applications data from the Mortgage Bankers Association shows a widening gap between the rate on so-called conforming mortgages ($417,000 or less) and jumbo mortgages (those above $417,000).
The gap in the latest week was five basis points, which may not seem like much.
But just six months ago, jumbos were 15 basis points more expensive than conforming loans, and a year ago they were 48 points more expensive, according to Barchart.com.
Jumbo loans have historically been more expensive because of the higher risk and fees involved, but that relationship has reversed in recent months as fees rise at Fannie Mae and Freddie Mac.
Source: Mortgage Bankers Association
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I guess everything is relevant....If you live in a fairly large house are comfortable and can afford it...
Some people just don't want to move or ever move again.
Others are ready to downsize, sell and lease condos etc...
Have a Winter place and one for the Summer or travel vagabond style moving with seasons in a 5th. wheel or Motorhome...
Guess it all depends on what you call home and enjoy the most...
As you get older in life you realize, keeping up with the Joneses isn't really all that important.
Yes unless having a "mini-home" built, most houses today are probably closer to 2000sft. then like 800sft. of 40-50 years ago..
They wanted them built and livable, quickly after WW2 and Korea.
Many were m****duced...
Sounds like the bank is over loaded with big houses they want to dump....