Jumbo rates below conforming rates: When did this happen and why?
研究发现大额贷款利率在2013年至2019年间低于合规贷款利率，主要原因是政府赞助企业担保费上升，对理解抵押贷款市场定价机制有参考价值。
Abstract We show that jumbo mortgage rates were above conforming rates before the financial crisis, consistent with previous studies, and that the spread between them widened during the crisis. However, the spread turned negative in 2013 and remained so through 2019, with jumbo rates about a quarter percentage point below conforming rates. A rise in the government‐sponsored enterprise (GSE) guarantee fees appears to be the main reason for the change. Increased bank supply of jumbo loans also may have played some role, though the evidence is weak. With the onset of the Covid‐19 pandemic, we estimate that the jumbo‐conforming spread increased enough to move slightly above zero.