According to today's Wall Street Journal, even well-heeled, high-end buyers are starting to see access to mortgage credit become more difficult.

Lenders — having already slashed lending to subprime borrowers, as those with weak credit records are known — now are jacking up rates on jumbo mortgages for prime borrowers. These mortgages exceed the $417,000 limit for loans eligible for purchase and guarantee by Fannie and Freddie. They account for about 16% of the total mortgage market…Lenders were charging an average 7.34% for prime 30-year fixed-rate jumbo loans yesterday, according to a survey by financial publisher HSH Associates. That is up from an average of about 7.1% last week and 6.5% in mid-May.

There is nothing to be done about this but see if it works its way through. For more information, contact us!