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April 18, 2008
Freddie Mac, Banks Reach Deals on Jumbo Mortgages
Wells Fargo, J.P. Morgan Chase, Citigroup and Washington Mutual will offer lower interest rates on home loans greater than $417,000 as a result of an agreement the lenders have reached with Freddie Mac. As much as $15 billion in big loans and related bonds will be bought or guaranteed by Freddie Mac this year. Jumbo borrowers, meanwhile, are likely to face an interest rate that is 0.50 percentage point to 0.75 percentage point higher than on smaller loans.
Posted by S. Germain at April 18, 2008 08:10 AM