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Compare current jumbo mortgage rates
Weekly national mortgage interest rate trends
Current mortgage rates
| 15 year fixed jumbo | 6.68% | |
| 30 year fixed jumbo | 7.13% |
Today's national jumbo mortgage interest rate trends
For today, Wednesday, July 10, 2024, the national average 30-year fixed jumbo mortgage interest rate is 7.08%, up compared to last week’s of 7.07%. The national average 30-year fixed jumbo refinance interest rate is 7.07%, down compared to last week’s of 7.10%.
Whether you're buying or refinancing, Bankrate often has offers well below the national average to help you finance your home for less. Compare interest rates here, then click "Next" to get started in finding your personalized quotes.
We’ve determined the national averages for mortgage and refinance interest rates from our most recent survey of the nation’s largest mortgage lenders. Our own mortgage and refinance interest rates are calculated at the close of the business day, and include annual percentage rates and/or annual percentage yields. The interest rate averages tend to be volatile, and are intended to help consumers identify day-to-day movement.
Current jumbo mortgage rates
Jumbo mortgage rates fluctuate day to day just like the rates on conforming loans. Here are the current jumbo mortgage rates:
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed-Rate Jumbo | 7.08% | 7.13% |
| 15-Year Fixed-Rate Jumbo | 6.61% | 6.69% |
| 7/1 ARM Jumbo | 6.51% | 7.64% |
| 5/1 ARM Jumbo | 6.44% | 7.66% |
Rates as of Wednesday, July 10, 2024 at 6:30 AM
How do jumbo loans compare to other mortgage types?
As the name implies, jumbo loans are bigger, in amounts exceeding the conforming loan limits. Jumbo loans generally carry higher qualifying requirements in terms of minimum credit score and cash reserves. Currently, jumbo rates are similar to those on 30-year conforming loans.
Jumbo loan qualifications and requirements
Jumbo mortgages are home loans that exceed the Federal Housing Finance Agency’s conforming loan limits. For borrowers in much of the U.S. in 2024, this limit is $766,550, but it goes up to $1,149,825 in high-cost areas, such as Hawaii, San Francisco and New York City.
Here are the general minimum requirements for jumbo loans:
- Credit score: 680 or higher
- Debt-to-income (DTI) ratio: 45% or lower
- Down payment: 10%-15% or more
- Cash reserves: Six to 12 months’ worth of mortgage payments in savings
Some lenders might have stricter requirements. With better credit and finances, you’re more likely to get a lower rate.
Jumbo loan rates
Historically, jumbo loans had slightly higher rates than conforming mortgages. However, that relationship changed in 2022 and 2023, a period when jumbos were actually cheaper than conforming loans. In late 2023 and early 2024, the dynamic between jumbo loans and conforming mortgage rates seemed to return to normal, with jumbo rates a bit higher.
National mortgage rates by loan type
| Product | Interest Rate | APR |
|---|---|---|
| 30-Year Fixed Rate Jumbo | 7.08% | 7.13% |
| 30-Year Fixed Rate | 6.98% | 7.03% |
| 15-Year Fixed Rate | 6.48% | 6.55% |
| 5-1 ARM | 6.52% | 7.82% |
| 30-Year Fixed Rate FHA | 7.02% | 7.06% |
| 30-Year Fixed Rate VA | 7.13% | 7.17% |
| 30-Year Fixed Rate Jumbo | 7.08% | 7.13% |
Rates as of Wednesday, July 10, 2024 at 6:30 AM
Why are jumbo loan rates comparable to conforming loan rates? Aren’t jumbo loans more expensive?
Bankrate principal writer, Jeff Ostrowski says: "I’ve been wondering the same thing. For decades, jumbo loans were consistently pricier than conforming loans. Pick a date, any date. Oct. 28, 1998? Jumbo loans were 48 basis points higher than conforming 30-year loans, according to Bankrate’s survey of lenders. Nov. 1, 2006? Jumbos were 28 basis points higher. May 6, 2015? Jumbos were 8 basis points higher.
However, when things get volatile in mortgage markets, jumbos can flip the script. After the Brexit vote in June 2016, for instance, rates plunged and jumbos got cheaper than conforming loans. The trend became even more pronounced and prolonged during the pandemic, and they’re still unusually close now — jumbos were just 5 basis points higher than conforming loans in Bankrate’s May 8 survey.
Blame the behind-the-scenes maneuverings of mortgage investors, an unusually wide “spread” and the practices of jumbo lenders. Conforming loans are originated by lenders, then packaged and sent to Fannie Mae and Freddie Mac, which turn them into mortgage-backed securities bought by pension funds and other institutional investors. Those securities are constantly priced and repriced, meaning conforming rates bounce around with 10-year Treasury yields. (In another pandemic-era quirk, the gap between 30-year mortgage rates and 10-year Treasury yields, known as the spread, is unusually large.) Jumbo loans, on the other hand, are more likely to be held in the portfolios of big banks, so their rates don’t respond as quickly to jumps in the 10-year Treasury.
Another factor: Qualifying for a jumbo requires a hefty down payment, a stellar credit score and substantial cash reserves – those borrowers tend to be so well-qualified that lenders can afford to give them a better deal."
Should you get a jumbo mortgage?
A jumbo loan might be a good fit for you if you’re buying a large, highly expensive home — or a standard home in a pricey area — and would rather finance it than pay cash upfront. The main upside of a jumbo mortgage is that it expands your options — opening up more properties to you — while letting you keep your savings or investments.
That said, jumbo loans have significant downsides. The higher loan amount also means they’re a bigger credit risk for the lender. So they could have higher closing costs and higher down payment requirements. And of course, their monthly payments could be substantial.
Weigh these upsides and downsides.
Pros of jumbo loans
- Attractive interest rates: The jumbo rates on the market today are close to those of conforming loan rates. The cost of borrowing is not that much more expensive for a more expensive house.
- Potentially more flexible terms: Many lenders keep jumbo loans rather than selling them. That allows for more leeway in the details of the loan — you might need to put down only 10 percent, for instance.
- Benefits for returning customers: Banks are big players in the jumbo market, and they often offer private-banking perks to jumbo borrowers.
Cons of jumbo loans
- Strict underwriting standards: Lenders impose higher guidelines for jumbo loans around down payment, credit score, cash reserves and DTI ratio.
- Somewhat limited availability: Not all lenders offer jumbo loans.
- Higher limits could take jumbos out of the equation: In high-cost markets, the threshold for a conforming loan is over $1.1 million. Because of this, you might not even need a jumbo loan.
How to get a jumbo mortgage
To get a jumbo mortgage, you might have to jump through a few extra hoops. Here are the key steps to getting this type of loan:
- Make sure you qualify. You’ll need to clear three hurdles to qualify for a jumbo loan with the most favorable terms: a low DTI ratio, a stellar credit score and hefty reserves.
-
- Your application could get rejected if you have negative items on your credit report, such as missed or late payments, a foreclosure or bankruptcy. (You might be able to compensate for a lower credit score with a higher down payment, however.)
- You’ll need a higher income and a lower DTI. Lenders want to make sure that your debt burden won’t make it difficult for you to pay your mortgage, especially if you fall on hard times.
- There might be a reserve requirement: as much as 12 months’ of mortgage payments in the bank, in addition to sufficient funds to cover closing costs.
- Gather documentation. Lenders will need proof of your income, credit history and assets.
- Shop around. Finding the best deal on a jumbo loan might take a bit more effort. Broaden your search to include all sorts of lenders, as well as mortgage brokers. Bankrate lists the leading lenders in every state; be sure to read not just our take, but also the customer comments featured in most lender reviews.
- Expect a bit of extra scrutiny. Jumbo lenders are taking a big risk, so they might spend more time examining your income, verifying your cash reserves and generally vetting your finances. The underwriting process may well take longer.
Lender compare
Compare mortgage lenders side by side
Mortgage rates and fees can vary widely across lenders. To help you find the right one for your needs, use this tool to compare lenders based on a variety of factors. Bankrate has reviewed and partners with these lenders, and the two lenders shown first have the highest combined Bankrate Score and customer ratings. You can use the drop downs to explore beyond these lenders and find the best option for you.
Garden State Home Loans
NMLS: 473163
|
State License: MB-473163
3.6
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
5.0
Homefinity
NMLS: 2289
|
State License: 4965
4.5
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Recent Customer Reviews
4.9
Jumbo mortgage FAQ
Additional resources on jumbo mortgages
Meet our Bankrate experts
Written by: Andrew Dehan, Writer, Home Lending
I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.
Edited by: Suzanne De Vita, Senior Editor, Home Lending
I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.
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