Some jumbo loans are now even cheaper than conforming mortgages!

With mortgage rates rising to levels not seen for two years, it's hard work finding a great deal on a home loan — unless you're rich enough to need a jumbo mortgage.
These loans on steroids certainly aren't for everyone: Jumbos are defined as mortgages over $625,500 in much of California and more than $417,000 even in places where homes are cheap.
But if you can qualify, America's banks stand ready to reward you with a rate nearly as good as or even better than what you can get for a normal loan. This is an unprecedented situation because jumbos historically have come at a premium price, said Brad Blackwell, executive vice president of No. 1 mortgage lender Wells Fargo Home Mortgage.
"This is a new phenomenon — something we've never seen before," Blackwell said in an interview.
Freddie Mac said Thursday that lenders were offering non-jumbo 30-year fixed-rate loans to solid borrowers at an average of 4.57%, up from 4.51% last week and a recent low of 3.35% in May. The borrowers would have paid 0.7% of the mortgage amount in upfront lender fees to obtain the rates.
Rates for 15-year fixed mortgages and adjustable loans also rose, a trend attributed to stronger growth in the gross domestic product and positive surveys on manufacturing and home building.