Current jumbo mortgage rates

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On Friday, February 03, 2023, the national average 30-year fixed jumbo mortgage APR is 6.33%. The average 15-year fixed jumbo mortgage APR is 5.57%, according to Bankrate's latest survey of the nation's largest mortgage lenders.

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Weekly national mortgage rate trends
What are current jumbo mortgage rates?
How to get a jumbo mortgage
Why compare jumbo mortgage rates?
Pros and cons of a jumbo mortgage
Should you get a jumbo mortgage?
FAQs about jumbo loans

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Weekly national mortgage rate trends

Current mortgage rates

	30 year fixed	6.36%
	15 year fixed	5.66%
	10 year fixed	5.65%

Today's national jumbo mortgage rate trends

For today, Friday, February 03, 2023, the national average 30-year fixed jumbo mortgage APR is 6.33%, increased to compared to last week’s of 6.48%. The national average 30-year fixed jumbo refinance APR is 6.40%, up compared to last week’s of 6.53%.

Whether you're buying or refinancing, Bankrate often has offers well below the national average to help you finance your home for less. Compare rates here, then click "Next" to get started in finding your personalized quotes.

We’ve determined the national averages for mortgage and refinance rates from our most recent survey of the nation’s largest refinance lenders. Our own mortgage and refinance rates are calculated at the close of the business day, and include annual percentage rates and/or annual percentage yields. The rate averages tend to be volatile, and are intended to help consumers identify day-to-day movement.

What are current jumbo mortgage rates?

Lenders nationwide provide weekday mortgage rates to our comprehensive national survey to bring you the most current rates available. Here you can see the latest marketplace average rates for a wide variety of purchase loans. The interest rate table below is updated daily to give you the most current purchase rates when choosing a home loan. APRs and rates are based on no existing relationship or automatic payments. For these averages, the customer profile includes a 740 FICO score and a single-family residence. To learn more, see understanding Bankrate rate averages.

Bankrate displays two sets of rate averages that are produced from two surveys we conduct: one daily (“overnight averages”) and the other weekly (“Bankrate Monitor averages”).

For Bankrate’s overnight averages, APRs and rates are based on no existing relationship or automatic payments. To determine the Bankrate Monitor mortgage rate averages, Bankrate collects APRs and rates from the 10 largest banks and thrifts in 10 large U.S. markets based on no existing relationship or automatic payments.

Our advertisers are leaders in the marketplace, and they compensate us in exchange for placement of their products or services when you click on certain links posted on our site. This allows us to bring you, at no charge, quality content, competitive rates and useful tools.

Learn more about Bankrate’s rate averages, editorial guidelines and how we make money.

Product	Interest Rate	APR
30-Year Fixed-Rate Jumbo	6.32%	6.33%
15-Year Fixed-Rate Jumbo	5.56%	5.57%
7/1 ARM Jumbo	6.04%	6.24%
5/1 ARM Jumbo	5.50%	7.38%

Rates as of Friday, February 03, 2023 at 6:30 AM

Product	Interest Rate	APR
30-Year Fixed-Rate Jumbo	6.39%	6.40%
15-Year Fixed-Rate Jumbo	5.59%	5.60%
7/1 ARM Jumbo	6.00%	6.30%
5/1 ARM Jumbo	5.37%	6.90%

Rates as of Friday, February 03, 2023 at 6:30 AM

How to get a jumbo mortgage

Make sure you qualify. You must clear three hurdles to qualify for a jumbo loan: a high income requirement, a stellar credit score and hefty reserves. Falling short in one of those categories will make it harder to land the best rate.
- Regardless of your credit score, you’re at risk of having your application rejected if you have negative items on your credit report, such as missed or late payments, foreclosures and bankruptcies. You may be able to compensate for a lower credit score with a higher down payment.
- Not only will you need a high income, you’ll need a reasonable debt-to-income ratio to qualify for a jumbo loan. 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.
- The reserve requirements for a jumbo mortgage are significantly higher compared to conventional mortgages. Lenders will want to see 6-12 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. Because jumbo loans aren’t as readily available as conforming loans, finding the best deal might take a bit more effort. Broaden your search to include brick-and-mortar lenders and mortgage brokers.
Expect a bit of extra scrutiny. Jumbo lenders are taking a big risk, so they might spend a bit more time examining your income, verifying your cash reserves and generally vetting your finances.

Read more: How to get a jumbo mortgage

Why compare jumbo mortgage rates?

When getting a jumbo loan (or really any kind of loan), it’s a good idea to shop around. Bankrate’s wide network of lenders helps you compare offers and score the best rate. Because a non-conforming loan is usually for such a large amount, getting the best rate can make a big difference in the amount of interest that you pay.

Be sure to check with local financial institutions as well, since sometimes community banks or credit unions can have good rates. It’s also a good idea to work with a mortgage broker who specializes in jumbo loans.

As you solicit quotes from lenders and brokers, make sure you provide information that’s as accurate as possible. Because your credit score is going to be a big determinant of your rate, review your credit report before you start shopping around. If you see errors, have them fixed as soon as possible.

Be prepared to answer questions about your liquid and non-liquid assets, as well as how much you can afford for your down payment. You should also have an accurate idea of your income and your debt levels (debt-to-income ratio). The more accurate your information, the more accurate your preliminary mortgage rate quote will be.

Pros and cons of a jumbo mortgage

Pros

Lower interest rates. In a quirk of the pandemic-era, mortgage market jumbo rates have been trending below conforming loan rates.
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.
Deeper relationships. Banks are big players in the jumbo market, and they offer perks such as private banking status to jumbo borrowers.

Cons

Strict underwriting standards. Lenders impose higher guidelines around down payment, credit score, cash reserves and debt-to-income ratio for jumbo loans as opposed to conforming loans.
Limited availability. Not all lenders offer jumbo loans: They are a niche product.
Conforming loan limits have risen sharply. In high-cost markets, the threshold for a conforming loan is close to $1.1 million, so you might not even need a jumbo loan.

Should you get a jumbo mortgage?

The main upside of jumbo mortgages is that they expand your homeownership options. Large or unique homes, as well as typical homes in pricey areas, regularly have sticker prices well above conforming loan limits. So if you wanted to borrow $1 million against a $1.5 million home in Hawaii, you’d need a jumbo loan. You may even be able to get a competitive interest rate. A jumbo loan might be a good fit for you if you’d rather finance more of a home’s value as opposed to putting down more cash upfront.

That said, jumbo loans have significant downsides. Jumbo loans represent a meaningful credit risk, for one. The higher loan amount will also lead to higher closing costs. Down payment requirements are often higher as well, and due to the large loan amount, you’ll have to put a lot of money down upfront.

FAQs about jumbo loans

A jumbo loan covers a loan amount that exceeds the Fannie Mae/Freddie Mac- designated loan limits. You might need a jumbo loan if you’re buying a mansion, or even if you’re buying a regular home in an expensive region such as Silicon Valley. You can use a jumbo loan to buy a primary home, an investment property or a vacation home. Maximum loan size and qualifying guidelines will vary depending on location and lender.

In many cases, jumbo loan rates differ from conventional mortgage rates. Jumbo mortgages are more lucrative for lenders than conventional loans, but they’re also riskier, so requirements to qualify are more stringent. Besides these distinctions, jumbo loans are fairly similar to conventional loans.
Underwriting standards for jumbos vary by lender. But generally, you’ll need a credit score of 740 or higher, along with robust income and a down payment of 10 percent or more. Banks often require jumbo borrowers to establish a reserve account with $100,000 or more on deposit.
As with other types of mortgages, lenders will evaluate factors like your credit score, payment history, savings, and income to determine your level of riskiness as a borrower. Your interest rate will be lower if you are perceived as more likely to repay the loan, and your rate will be higher if you are perceived as more likely to default.

You can control your qualifying factors, but you can’t control the other factors that will determine your interest rate. Mortgage bond investors will raise rates during periods of inflation, since inflation reduces the value of a mortgage’s fixed payments over time. Amid the rampant inflation of 2022, it’s not a surprise that rates have now topped 6 percent, their highest level since 2008.

Since rates are on the rise, you may consider a rate lock if you find a competitive rate.
Interest rates for 15-year fixed jumbo mortgage loans are usually somewhat lower than those for 30 years. Of course, monthly payments on 15-year jumbos — already high because of the values of the property involved — are considerably higher compared to a 30-year loan, because the payment schedule is compressed into half the time. But you’ll finish paying sooner, and your total borrowing costs will be lower.
To get one of these large mortgages, you’ll probably have to jump through a few extra hoops. For instance, you’ll need to show you have a jumbo-sized salary and that you’ve saved enough to make the larger down payment, (as a percentage of the total amount financed) than is required for a conforming loan. Lenders often require a 20 percent down payment for jumbo loans, compared with as little as 5 percent — or sometimes less — for a conforming mortgage.

You’ll also probably need a better credit score. With a conforming loan, you might be able to get approved even with a credit score as low as 500. But for a jumbo loan, 700-plus is often required because lenders need assurance that you will be able to responsibly keep up with the high payments involved, especially because the lender assumes more risk with this kind of loan.

Additionally, you might need to go through a more rigorous vetting process for your income and assets with a jumbo mortgage. Depending on the lender requirements, it might take longer to close on a non-conforming loan than it would to close on a conforming loan.

Learn more about jumbo mortgages

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

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.

Current jumbo mortgage rates

Weekly national mortgage rate trends

Today's national jumbo mortgage rate trends

What are current jumbo mortgage rates?

Why trust Bankrate’s mortgage rates

How to get a jumbo mortgage

Why compare jumbo mortgage rates?

Pros and cons of a jumbo mortgage

Pros

Cons

Should you get a jumbo mortgage?

FAQs about jumbo loans

What is a jumbo mortgage?

What are the qualifications for a jumbo mortgage?

How are jumbo mortgage rates set?

What is the difference between a 15 and 30-year jumbo loan?

How is the mortgage process different with a jumbo loan?

Learn more about jumbo mortgages

Written by: Jeff Ostrowski, senior mortgage reporter for Bankrate

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