Rising mortgage rates are putting pressure on buyer demand. It is important to note that not all loans are created equally. Currently conforming loan rates are higher than jumbo loan rates and rates can widely differ for 30 year fixed products vs ARMs (adjustable rate mortgages). The 2022 Conforming Limit is $647,200 and goes up to $970,800 for high-cost counties, like New York City, for one-unit properties. Jumbo loan limits in New York City are loans above $970,800. 

The 

Stacey Froelich Team works with the best mortgage professionals in the industry. We asked our most trusted lenders at Wells Fargo, Citi-bank, Citizens bank and Guaranteed Rate to lay out the unique products their bank’s have put in place to help buyers during this period of transition.

Wells Fargo:

• Currently, our standard rate lock for purchase transactions in NYC is 120 days (4 months) from the time they lock in. We can lock in the interest rate once we have a fully executed contract of sale OR once they have an accepted offer and can confirm that their expected closing date is within the expiration timeframe of the rate lock period; Rate Lock Information | Wells Fargo

• We offer a really robust long term rate lock program for new construction called BuilderBest which allows buyers to lock in rates for an extended period of time. For conforming loans we can lock in rates for up to 1 year and for non-conforming loan (jumbo) we can lock in for up to two years. There are fees and costs incurred for the BuilderBest program but in a rising rate environment, it has proven to be very helpful

• We have relationship pricing; Mortgage interest rate discount – flyer (