Compare jumbo refinance rates

How Bankrate mortgage rates are calculated

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.

Why trust Bankrate?

Bankrate has been the authority in personal finance since it was founded in 1976 as the “Bank Rate Monitor,” a print publication for the banking industry. Bankrate has been surveying and collecting mortgage rate information from the nation’s largest lenders for more than 30 years. Hundreds of top publications, such as The New York Times, Wall Street Journal, CNBC and others, depend on Bankrate as a trusted source of financial information, so you know you’re getting information you can trust.

How to use our mortgage rate table

This table will show you estimated mortgage rates from different lenders, tailored to you. Fill out the fields above as accurately as possible so we can get a sense of where you live, what you’re looking to do and your financial situation. Based on the information provided, you will get custom quotes and be on your way to getting a new mortgage. This is an estimate; your actual rate will depend on a number of factors.

What is the current state of jumbo refinance rates?

Current jumbo refinance rates are based on a number of factors, including prevailing rates in the market and other macroeconomic factors. The individual rate you can expect to receive also depends on your location, how much equity you have in the home and your personal credit.

When looking at average national jumbo mortgage refinance rates, however, there are some big-picture items to keep in mind. In general, national mortgage rates are expected to remain relatively low, according to our forecast for the first quarter of 2020, and although they have been rising, they’re still expected to be low by historical standards for a while to come. Jumbo refinance rates are likely to follow the same pattern, with homeowners looking to refinance potentially able to find good deals and lower their rates.

When should you refinance a jumbo loan?

As you consider whether it makes sense to refinance a jumbo loan, assess your current situation. Compare your current interest rate with the new rate you could receive on the jumbo loan. If the new rate is significantly lower, you might be able to save money each month by refinancing. Doing so can improve your cash flow and potentially result in paying less interest over the life of your loan.

You could also refinance your jumbo loan to take advantage of the equity you’ve built up in your home with a cash-out refinance. Perhaps you’d like to remodel your home or meet some other important financial goal. With a cash-out refinance of your jumbo loan, you could get the money you need at a reasonable rate compared with personal loans or credit cards.

Before you move forward, consider using the Bankrate Mortgage Refinancing Calculator to help you run the numbers. You can see how much you could potentially save, and determine whether it’s the right move for you.

What to consider before refinancing a jumbo loan

It’s important to realize that, just as with a jumbo purchase loan, your lender won’t be able to send your refinance to Fannie Mae or Freddie Mac, so that can make it a little more difficult in some cases to get approved. Because a jumbo loan is higher than the conforming loan limits set by Fannie and Freddie, you’ll have to look for lenders willing to extend this type of loan.

Additionally, pay attention to the fees charged by lenders. When refinancing, it’s not just about lower jumbo mortgage refinance rates. You also need to pay attention to fees and points you might have to pay at closing. In some cases, the cost of refinancing a jumbo loan can be as much as 3 to 5 percent of the loan amount.

Depending on how long you refinance your mortgage for — and whether you plan to move in the next few years — the costs involved might actually make refinancing a more expensive financial decision than keeping the status quo with your loan.

Don’t forget to find out if you need to bring extra money to the table. Sometimes, with a refinance, your closing costs can be rolled into in the final loan. However, that will increase your costs. If you have the cash to pay your closing costs upfront, you can save money and make the most of your refinance.

With the help of a mortgage refinance break-even calculator, you can determine if and when your savings will be large enough to offset the costs involved with a jumbo refinance. You can also discover how long it will take you to break even and then begin benefiting from the refinance. Take this into consideration before you make a final decision about refinancing.

How do I find the best jumbo refinance rate?

Looking for the best jumbo refinance rates starts with comparison shopping. Bankrate brings you the best jumbo mortgage refinance rates from lenders all across the country. This can provide you with a starting point for determining where you might get the best deal.

You can also check with local financial institutions to see what’s available. If you can show rate quotes from online lenders, you might be able to use them to get a good deal locally. Another route would be to find a mortgage broker who specializes in jumbo loans.

When comparison shopping for jumbo refinance rates, it’s important to be as accurate as possible when you share your information. You’ll need to provide basic information about your income and your credit score. Your final rate depends, in part, on your credit. So, if you don’t know where you stand, you might not receive an accurate rate quote.

Check your credit well before you apply and review your credit report. If there are mistakes, get them fixed before you start comparing rates. It’s also worth noting that, in many cases, multiple credit inquiries related to your jumbo mortgage refinance will be lumped together as one inquiry, as long as they are completed in a relatively short period of time.

Top 5 Bankrate jumbo refinance lenders

• Ally Bank – Best online lender
• CFBank – Best no-fee lender
• Better.com – Best non-bank lender
• CIT Bank – Best overall
• Amalgamated Bank – Best bank lender

Methodology

Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.

Ally Bank – Best online lender

Ally Bank is an online bank and lender offering several banking and loan products, including jumbo loans and 15-year fixed-rate loans. The bank currently doesn’t offer home loans in some states, so be sure to check availability in your area.

Strengths: Ally Bank offers preapprovals in as little as three minutes and an application process that takes 15 minutes or less, plus can close refinances up to 10 days faster than the industry average, according to its website. The bank also offers jumbo loans up to $4 million.

Weaknesses: You won’t be able to complete your refinance with a loan officer in person, as Ally is a 100-percent online bank. Additionally, for jumbo loans, the bank requires at least 12 months’ of cash reserves.

Read Bankrate's fullAlly Bank mortgage review

CFBank – Best no-fee lender

CFBank offers mortgages to borrowers nationwide, with options ranging from conventional and jumbo loans to construction loans.

Strengths: CFBank doesn’t charge an origination or underwriting fee for home loans, and overall offers a variety of banking and lending services, including home equity lines of credit (HELOCs) up to $400,000.

Weaknesses: You won’t be able to view current mortgage rates on CFBank’s website; instead, you’ll need to fill out a questionnaire and wait for the bank to contact you with rate quotes. In addition, while the bank does business nationwide, its branch locations are limited to Ohio.

Read Bankrate's fullCFBank mortgage review

Better.com – Best non-bank lender

Better.com is a 100-percent online lender named one of Bankrate’s best mortgage lenders overall and best online lenders this year.

Strengths: Better.com provides a loan estimate in seconds, doesn’t charge any commission or lender fees and offers on-demand rate-locks to help you secure the best rate.

Weaknesses: If you prefer an in-person experience, Better.com might not be the optimal choice for you, since it doesn’t have any brick-and-mortar locations.

Read Bankrate's fullBetter.com mortgage review

CIT Bank – Best overall

CIT Bank, also operating as OneWest Bank in California, offers fixed- and adjustable-rate mortgages as well as interest-only loans.

Strengths: For banking customers, CIT Bank provides $525 cash back to your CIT Bank or OneWest Bank account after you close your home loan. The bank also offers special relationship pricing in the form of a lower mortgage rate if you deposit a certain amount into an account.

Weaknesses: You’ll need to be a banking customer (or become one) to take advantage of incentive pricing.

Read Bankrate's CIT Bank mortgage user reviews

Amalgamated Bank – Best bank lender

Amalgamated Bank is a financial institution that offers mortgages in 30 states and Washington, D.C.

Strengths: Amalgamated Bank displays daily mortgage rates for 15-year fixed and 7/1 and 10/1 ARM jumbo loans online. According to the bank, you can apply for a jumbo mortgage refinance in as little as 20 minutes.

Weaknesses: You’ll have to contact a loan officer for additional rates on different loan products, and your rate quote isn’t guaranteed until you fully complete an application. The bank doesn’t lend in all states, either.

Read Bankrate's Amalgamated Bank mortgage user reviews

What are the 2021 jumbo loan limits?

Whether or not you need a jumbo mortgage is determined entirely by how much your loan will be valued. The thresholds for jumbo loans are set by the Federal Housing Administration and determined by geography. In most areas of the country, mortgages will tip into jumbo loan territory at $548,250 this year, but that threshold increases to $822,375 in higher-cost areas.

Are jumbo loan rates generally higher than conforming loans?

Yes. Because jumbo loans can’t be sold to Fannie Mae or Freddie Mac, they’re seen as riskier for lenders, who generally keep these high-value loans on their books for the duration of the mortgage. That means the lender is more likely to lose out if you wind up defaulting on your mortgage, so they wind up charging more in interest to protect their bottom line.

How to refinance a jumbo loan

Refinancing a jumbo mortgage is virtually the same as a standard home loan. Here are the key steps:

1. Make sure you qualify and check rates to see if you stand to save.
2. Shop around for quotes. It’s usually not a good idea to settle on the first lender who makes you an offer, and it’s never good to get too hung up on the interest rate. Yes, the rate is important, but you want to look at all the loan terms, including closing costs and other fees, too.
3. Make sure your refinancing will save you enough money to offset your closing costs in a reasonable amount of time. Most experts say one to three years is ideal for breaking even, otherwise it’s not usually worth the hassle.
4. Compile all your financial documents. Every lender will ask for slightly different documentation, but be prepared to send a mountain of financial paperwork including bank statements, tax returns, pay stubs and more.
5. Close on your new loan and enjoy the savings.

The bottom line

In many ways, a jumbo mortgage refinance is similar to a conventional refinance. However, because a jumbo loan isn’t the same thing as a conventional mortgage, there are a few things you do need to keep in mind. You might need to look for a lender that specializes in jumbo mortgage loans, and you might need to accept that some jumbo refinance rates are slightly higher than what you’d see with conventional loans.

Prepare ahead of time by shopping around so that you can find the best jumbo mortgage refinance rates and make sure that you meet the requirements for a refinance. If you’re ready for the next step, and if you take the time to compare rates, you’re more likely to save money and improve your cash flow when you decide to refinance.

Learn more about specific loan type rates

Loan Type	Purchase Rates	Refinance Rates
The table above links out to loan-specific content to help you learn more about rates by loan type.
30-Year Loan	30-Year Mortgage Rates	30-Year Refinance Rates
20-Year Loan	20-Year Mortgage Rates	20-Year Refinance Rates
15-Year Loan	15-Year Mortgage Rates	15-Year Refinance Rates
10-Year Loan	10-Year Mortgage Rates	10-Year Refinance Rates
FHA Loan	FHA Mortgage Rates	FHA Refinance Rates
30-Year FHA Loan	30-Year FHA Loan Rates	30-Year FHA Refinance Rates
VA Loan	VA Mortgage Rates	VA Refinance Rates
ARM Loan	ARM Mortgage Rates	ARM Refinance Rates
5/1 ARM	5/1 ARM Rates	5/1 Refinance Rates
7/1 ARM	7/1 ARM Rates	7/1 Refinance Rates
10/1 ARM	10/1 ARM Rates	10/1 Refinance Rates
Jumbo Loan	Jumbo Mortgage Rates	Jumbo Refinance Rates
30-Year Jumbo Loan	30-Year Jumbo Loan Rates	30-Year Jumbo Refinance Rates