While jumbo loan pricing is holding up for the best-of-the-best loans, the market seems to be getting much more particular about LTVs.  It appears that there is an implicit belief that a real estate value bubble may be forming in this large loan balance market, and an adjustment might be forthcoming.  This graph shows the average price adjustors for high FICO jumbo loans across the band of possible LTVs.  November 2023 (blue) is compared to August 2023 (red).  Very low LTVs have a price adjustor of zero.  The negative adjustor soars as LTVs increase.