Mortgage rates have improved to the low 5% range to help jump start the refinancing and housing markets.  However, jumbo loans are 2% higher because of the higher risk. Underwriters are fearful of approving jumbo loans at the risk of losing their jobs.

http://www.examiner.com/x-15861-LA-Mortgage-Industry-Examiner~y2009m7d6-Mortgage-Rate-News-Mortgage-Rates-Improve-but-Underwriters-are-Scared-to-Approve-Jumbo-Mortgages

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