BanxQuote Jumbo-Conforming Mortgage Spread Measures 1.36 Percent Mortgage Rates Up...

BanxQuote Jumbo-Conforming Mortgage Spread Measures 1.36 Percent Mortgage
Rates Up By Nearly Half a Percent This Week

WHITE PLAINS, N.Y., June 18 /PRNewswire/ -- The uncharacteristically high
spread between 30-year fixed rate jumbo and conforming mortgages measured 1.36
percent this week, according to the BanxQuote Index, with the national average
30-year fixed rate conforming mortgage up to 6.63 percent and the national
average 30-year fixed rate jumbo mortgage up to 7.99 percent.
Since last week, the 30-year fixed rate conforming and jumbo mortgages are
up 0.48 percent and 0.47 percent respectively.
The BanxQuote Jumbo-Conforming Mortgage Index is typically used to analyze
the current and historical spread or rate differential between national
average conforming and jumbo mortgage rates, which until August 2007 remained
within a range of one quarter of a percent or less. It is the most prominently
used performance benchmark and barometer of the U.S. mortgage markets. The
BanxQuote Index was recently featured by the White House in the 2008 Economic
Report of the President and in a Wall Street presentation by the U.S.
Department of the Treasury entitled The Administration's Housing Strategy and
Economic Update, to illustrate certain key financial market stresses and how
the spread between jumbo and conforming mortgage rates widened following the
onset of credit market turmoil in August 2007.
"The Jumbo-Conforming Mortgage Spread started widening from 0.16 percent
in late July 2007, reaching a peak of 1.90 percent in late March 2008, and
narrowing somewhat since then," said Norbert Mehl, CEO of BanxQuote.
"Nevertheless, this extraordinarily high spread, combined with rising mortgage
rates, tighter credit standards and disappearing adjustable rate jumbo
mortgages, continues to present a challenging outlook for the housing,
mortgage and banking markets, and particularly for the luxury end of the real
estate market."
About BanxQuote
BanxQuote.com is a bank rate aggregator that provides personal finance and
enterprise benchmarking solutions featuring dynamically updated daily market
rates on banking, mortgage and loan products from financial institutions in
all fifty states and Washington, DC.
Established by BanxCorp since 1984, BanxQuote is the foremost provider of
indices, benchmarks and analytical tools that measure the rates and
performance of banking, depository, mortgage, home equity and consumer loan
markets. Clients of the firm have included hundreds of financial institutions
nationwide and its indexes are frequently used as a trusted source and
performance benchmark by public policymakers, government agencies, Freddie
Mac, pension funds, foundations, religious organizations, major banks and
brands. During the past two decades, BanxQuote has been featured by leading
news media, including Dow Jones, The Wall Street Journal, Reuters, Bloomberg,
Associated Press, The New York Times, USA Today, The Washington Post, CBS,
Business Week, Fortune, Forbes, American Banker, and many others.
For additional information and a BanxQuote Jumbo-Conforming Mortgage
Spread chart, visit www.banx.com. On Bloomberg type BANX < Go >.
Contact:
Norbert Mehl, CEO, BanxQuote
norbert.mehl@banx.com
914-644-1810

SOURCE BanxCorp

Norbert Mehl, CEO of BanxQuote, +1-914-644-1810, norbert.mehl@banx.com