30-year jumbo mortgage rate holds at record low

poladamonte/Getty Images
Bankrate Logo

Why you can trust Bankrate

While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .

The average 30-year jumbo mortgage rate remained at a record low this week, averaging 3.48 percent.

jumbo mortgage, also known as a non-conforming loan, is one that exceeds the maximum value of a traditional mortgage. In most areas of the U.S., any mortgage valued at at $510,400 or more qualifies as “jumbo.” The low-end threshold for these loans jumps to $765,600 in more-expensive areas.

Whether or not you need a jumbo mortgage has everything to do with how much money you’re putting down, not the actual value of a property. You can buy a multimillion dollar home, and if you have to finance less than the jumbo threshold, you’ll still be able to get a conforming mortgage for the remainder.

Jumbo mortgages were holdouts this week, as interest rates rose on all the other kinds of home loans included in Bankrate’s survey. The uncertainty over the election has cleared, an effective vaccine for COVID is on the horizon and the economy is on a path to recovery.

“Jumbo rates aren’t as dependent on the secondary market so the rise in benchmark Treasury yields didn’t have much influence on the jumbo rates like it did on the conforming loans,” said Greg McBride, Bankrate’s chief financial analyst.

Mortgage interest rates are likely to continue rising in the near term for most products, but even as they climb upward, they’ll still be very low compared to historical rate trends.

Learn more:

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.
Urgent! Rates expected to jump on Fed Day
-- Days  :  
-- Hours  :
  -- Minutes  :
  -- Seconds
Close icon
Compare refinance rates