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Compare current jumbo mortgage rates

On Sunday, December 10, 2023, the national average 30-year fixed jumbo mortgage APR is 7.54%. The average 15-year fixed jumbo mortgage APR is 6.85%, ... according to Bankrate's latest survey of the nation's largest mortgage lenders.

Current jumbo mortgage rates

Jumbo mortgage rates fluctuate day to day just like the rates on conforming loans. Historically, jumbo rates were higher than their conforming loan counterparts. Current jumbo rates, however, are very close to the average conventional conforming mortgage rates.

Product Interest Rate APR
30-Year Fixed-Rate Jumbo 7.53% 7.54%
15-Year Fixed-Rate Jumbo 6.83% 6.85%
7/1 ARM Jumbo 6.90% 7.77%
5/1 ARM Jumbo 6.67% 7.74%

Rates as of Sunday, December 10, 2023 at 6:30 AM

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. Also, with better credit and finances, you’re more likely to get a lower rate.

How to get a jumbo mortgage

  1. 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.
  2. Gather documentation. Lenders will need proof of your income, credit history and assets.
  3. Shop around. Finding the best deal on a jumbo loan might take a bit more effort. Broaden your search to include banks and mortgage brokers.
  4. 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.

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.

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Garden State Home Loans

NMLS: 473163

State License: MB-473163

5.0

Rating: 5 stars out of 5
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Recent Customer Reviews

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Rating: 4.98 stars out of 5

5.0

562reviews

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Homefinity

NMLS: 2289

State License: 4965

5.0

Rating: 5 stars out of 5
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Recent Customer Reviews

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Rating: 4.94 stars out of 5

4.9

1030reviews

Why compare jumbo mortgage rates?

Because jumbo loans are bigger mortgages, getting the best rate can make a huge difference in your all-in cost.

When getting a jumbo loan (or any kind of loan), shop around. Bankrate’s wide network of lenders can help you compare offers and score the best rate.

Pros and cons of a jumbo mortgage

Pros of jumbo loans

  • Possibly lower interest rates. The jumbo rates on the market today have been unusually trending below conforming loan rates.
  • 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 perks such as private banking status 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.

Jumbo mortgage FAQ

 

Written by: Andrew Dehan, mortgage writer for Bankrate

Andrew Dehan write about real estate and personal finane. His work has been published by Rocket Mortgage, Forbes Advisor and Business Insider.

Read more from Andrew Dehan