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Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida…
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Today’s 30-year jumbo mortgage rates
The table below brings together a comprehensive national survey of mortgage lenders to help you know what are the most competitive 30-year mortgage rates. This interest rate table is updated daily to give you the most current rates when choosing a 30-year mortgage loan.
If you’re buying an expensive home, you might need a jumbo mortgage. These loans exceed the limits of mortgage giants Freddie Mac and Fannie Mae. For 2020, the cutoff is $510,400 in most parts of the United States. For high-cost areas such as Los Angeles, New York and San Francisco, the limit is up to $765,600. Check loan limits in your county. The federal government adjusts the limit a bit every year.
How does a 30-year jumbo mortgage work?
Rates are similar to standard loans — “conforming” loans, in mortgage lingo — and the payment schedule is the same. But qualifying can be a bit tricky. Jumbo lenders typically have stricter underwriting guidelines. Because jumbo mortgages aren’t backed by Fannie or Freddie, the lender takes on more risk. To land a jumbo loan, borrowers need to demonstrate plenty of income, strong credit scores and hefty reserves.
When should you consider a 30-year jumbo loan?
If you’re buying a luxury property and you have strong income and credit, there’s no real downside to a jumbo loan. The rates are nearly identical to conforming loans. However, the coronavirus recession has caused some jumbo lenders to pull back. If you can’t find a jumbo loan, it might make sense to take a conforming loan for the maximum amount and make up the difference with a larger down payment or with a home equity line of credit.
Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.
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