Rich People are Splurging on Million-Dollar Homes Again. Here’s Why

Julie C. Nichols General

Washington Post – Dina ElBoghdady and Dan Keeting

Want to get a good rate on a new mortgage? Two tips: Be wealthy, and borrow more. For the first time in recent memory, lenders are offering well-heeled buyers large “jumbo” mortgages at the same — or even better — interest rates as smaller loans. The trend has helped fuel a resurgence at the high end of the real estate market. Sales of homes priced $1 million or more are soaring as lower-priced properties lag, accentuating the uneven nature of the economic recovery.

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