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The word is on the street – Bank of America will stop taking loan applications for the super-conforming loans (max $697,500 in SD) on July 1, 2011, in order to comply with Fannie/Freddie’s October 1st deadline.
Their website today is quoting 5.0% with one point for jumbo money, so hopefully borrowers won’t be too bent out of shape about having to pay more – but the hysteria from the media is sure to ramp up concerns.
It’s going to be an awfully cold summer in some markets….
This story seems to only live on page 3 of the business section. If July 1 is the end of an era nobody seems to care.
People, especially the wealthy, get really riled up over interest rates. Might be a bump in the upper end in June but I agree with JtR that it really won’t make much of a difference.