30-year jumbo mortgage rate rises (but it’s still pretty low)

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The average rate on a 30-year jumbo mortgage ticked up 5 basis points this week, coming in at 3.46 percent. That’s in line with expert predictions from last week, when most in Bankrate’s weekly poll said they expected rates to rise.

A jumbo mortgage, also known as a non-conforming loan, is one that exceeds the maximum value of financing that can be bundled for sale to Fannie Mae or Freddie Mac. In most areas of the country, you’ll need to get a jumbo mortgage if you’re planning to finance more than $548,250 of your home purchase. In more expensive areas, that threshold jumps to $822,375.

Whether or not you need a jumbo mortgage has everything to do with how much financing you’re requesting, not with the actual sale price in your real estate transaction. You could get a conforming loan on a multimillion dollar home if your down payment makes up the difference between the price and the jumbo mortgage threshold.

Experts this week are mixed on where mortgage rates will go in the near term — though the largest share of respondents to our poll again said they’re likely to rise. Even if the upward trajectory is slow, the spate of record-low mortgage rates is sure to come to an end eventually, so this rise in jumbo rates is almost certainly a sign of things to come.

“Rates will continue to creep higher near term as renewed inflation worries seem to be the concern on the horizon,” said Gordon Miller, owner of Miller Lending Group in Cary, North Carolina. “As with the past ten years I don’t agree this will actually be the case but waiting to take advantage of low rates may result in an unwanted surprise in the short term.”

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Written by
Zach Wichter
Mortgage reporter
Zach Wichter is a mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.
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