Current jumbo mortgage rates

Written by Jeff Ostrowski

On , the national average 30-year fixed jumbo mortgage APR is 5.350%. The average 15-year fixed jumbo mortgage APR is 4.700%, according to Bankrate’s latest survey of the nation’s largest mortgage lenders.

At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money.

Higher rates are on the way

Get ahead of anticipated rate hikes in 2022 and lock in a new refinance rate now.

Countdown to Fed day

-- Days
-- Hours
-- Minutes
-- Seconds
ON THIS PAGE Jump to Open page navigation

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.

Product Interest Rate APR
30-Year Fixed-Rate Jumbo 5.340% 5.350%
15-Year Fixed-Rate Jumbo 4.680% 4.700%
7/1 ARM Jumbo 4.860% 5.290%
5/1 ARM Jumbo 4.440% 5.880%

What is a jumbo mortgage?

A jumbo loan covers a loan amount that exceeds the Fannie Mae and Freddie Mac 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.

How to get a jumbo mortgage

  1. 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.
  2. Gather documentation. Lenders will need proof of your income, credit history, and assets.
  3. 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.
  4. 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.

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.

Jumbo mortgage FAQs

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.

Read more from Jeff Ostrowski

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