FHA Jumbo Rate - purchase

[mdjd]

$725k FHA JUMBO purchase loan in CALIFORNIA.

 

RPM Mortgage said they would lock at 3.75%, which seems to be in line with the rates on Wells Fargo's site.

 

Chase, however, said they would lock at 3.375%.

 

Both are zero point loans. When I called the lady at Chase back today and asked her why Chase was so much lower, she said they are able to offer much lower rates because they have shifted to making their money off of refinances. She even said that this rate was lower than what was on Chase's website. Does this make sense to anyone here? It sounds very fishy to me.

 

Thanks!

[mdjd]

anyone?

[Brian B The Loan Professor]

Banks decide their profit margin and price according to that - not all banks are the same - those rates sound incredible for a Jumbo -If you can get low 3's I would lock.

B

[mdjd]

Banks decide their profit margin and price according to that - not all banks are the same - those rates sound incredible for a Jumbo -If you can get low 3's I would lock.

B

Thanks for the reply! Sounds like it could be the right way to go then.