There are some who believe this won't hit the high-end mortgage market, and I disagree.
With Wells Fargo increasing it's rate on PRIME Jumbo loans (loans over $417k) this will virtually shit down the high end of the market as others follow.
Wells Fargo and many of the large banks appear to be hell-bent on bringing about a full correction of both the mortgage market and the housing market.
The bubble has burst and there will be havoc as the outcome. If you purchased a home in one of the hot markets in the last 2-3 years, you better be bale to make your payments for the next 10 or you're going to lose, big time.
“With Wells Fargo increasing it’s rate on PRIME Jumbo loans (loans over $417k)”
What rate are you talking about?
We haven’t increased our rates on jumbos that I am aware of.
I just priced one to check and they are the same.