Jumbo mortgage rates today
Current jumbo mortgage rates in the United States
The biggest difference between a jumbo mortgage and the other mortgages on the market is their size, just as their name suggests. Jumbo mortgages are home loans which exceed the loan limits set by the government on Fannie Mae and Freddie Mac mortgages. In most parts of the country, a loan higher than $417,000, or over $625,500 in the nation’s high-cost markets, is considered a jumbo loan.
Jumbo mortgages are harder to get than their conforming counterparts because applicants need higher credit scores, more equity, a lower debt-to-income ratio and more assets to get approval. Additionally, interest rates on jumbo loans are higher than conforming loans, typically by a half percent.
Every mortgage borrower wants to lock in the lowest mortgage rate available, and shopping around for the best rates is even more important for homeowners with jumbo mortgages. When your home loan is so large, even a small difference in the interest rate can have a big impact on your wallet.
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