| North Palm Beach, Fla. -- Nov. 27, 2009 (Bankrate.com) -- Rates on 30-year jumbo mortgages in the United States fell 1 basis point to 5.89 percent on Friday, according to Bankrate.com's daily Your Best Interest report. A basis point is one-hundredth of a percent. The mortgages in the survey had an average of 0.68 discount and origination points.
A 30-year jumbo mortgage is a home loan that exceeds the limits set by Fannie Mae and Freddie Mac (the 2007 limit is $417,000 in the continental U.S., and $625,500 in Alaska, Hawaii and the U.S. Virgin Islands). Jumbo mortgages generally have a slightly higher interest rate than smaller (sometimes called "conventional" or "conforming") mortgages. Someone taking out a $435,000.00 30-year jumbo mortgage at the current average would pay $2,577.36 a month for the life of the loan. Nationally, the highest rate Bankrate found on a 30-year jumbo mortgage was 10.500 percent. The lowest rate was 4.375 percent. Six months ago, the average rate in the U.S. was 6.43 percent. To see all of the results of Bankrate.com's surveys, go to www.bankrate.com. The Your Best Interest report is a daily service of Bankrate.com, a financial news and information service based in North Palm Beach, Fla. Bankrate surveys more than 300 financial products from more than 4,800 institutions in all 50 states. | 
