there are two jumbo limits now…one is over $417k (jumbo conventional) and over $697.5k (jumbo). Which of those did you do?[/quote]
Based on the numbers given above it is below 697.5K.
Here’s why.
Savings of $150 per month
orignally 5.0%
new loan 4.625%.
To save $150 on this change in rate, the principal would have to be ~ $650 K.
Plus getting 4.625%, 30-year fixed above the Jumbo conforming limit just does not seem feasible currently.[/quote]
Your calculation is correct. my loan amount is around $650K. But why did you say it is not feasible? Two more of my friend just locked their rate at 4.625% in my neighborhood. They refinanced with other agent than mine. One of them locked it yesterday. So I think 4.625% is not so hard to get now.
