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Jumbo Mortgage Rates

Current Jumbo Mortgage Rates and Lenders

Review current jumbo mortgage rates for October 19, 2018. Use the table below to compare jumbo mortgage rates and closing costs for lenders near you. A jumbo mortgage has a loan amount that is greater than the conforming loan limit in your county. Jumbo mortgage rates depend on a number of factors including the loan amount, mortgage program, property type, loan-to-value ratio, borrower credit score and perhaps most important, the lender.
Many lenders apply different borrower qualification guidelines and mortgage rate pricing for jumbo loans than they do for conventional loans. There also tends to be a wider range in interest rates across jumbo lenders so borrowers can benefit more by shopping multiple lenders. Input your specific criteria, including property value and loan amount, to compare interest rates, fees, APRs and monthly payments for multiple jumbo mortgage lenders. As shown in the table below, a small difference in interest rate can reduce your monthly payment hundreds of dollars so it is important to contact at least five lenders to find the the best jumbo mortgage terms.

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Data provided by Informa Research Services. Payments do not include amounts for taxes and insurance premiums. The actual payment obligation will be greater if taxes and insurance are included. Click here for more information on rates and product details.
 

What You Should Know About Jumbo Mortgages

1

The Interest Rate May Be Higher.

Although not always the case, jumbo mortgage rates can be .125% to .500% higher than the interest rate for a conforming loan. This is because in the past lenders have assigned a higher risk to jumbo loans.  Currently, jumbo mortgage rates tend to be the same as conforming loan rates but market fluctuations may cause differences.  Interest rates for jumbo mortgages vary based on loan amount, loan-to-value (LTV) ratio, credit score and other factors.

2

Shop Around.

Lenders have more discretion in determining jumbo mortgage rates and closing costs so borrowers see more variation in pricing for jumbo loans. Because interest rates and fees for jumbo mortgages can vary significantly, borrowers should shop lenders to find the mortgage with the most attractive terms. Additionally, because jumbo mortgages have larger loan amounts, even a small difference in interest rate can save you thousands of dollars in interest expense. FREEandCLEAR recommends that you always compare four-to-five mortgage quotes before selecting a lender, regardless of loan size, but shopping your mortgage business is especially important for jumbo mortgages.

3

Borrower Qualification Guidelines Can Vary.

Lenders also have more flexibility in setting borrower qualification guidelines for jumbo mortgages. For example, different lenders may have different credit score, debt-to-income ratio and down payment requirements. In addition to shopping for the jumbo mortgage with the lowest rates and fees be sure to understand the lender’s borrower qualification guidelines and underwriting policies.

4

There are Different Types of Jumbo Loans.

Technically, any mortgage amount above the conforming loan limit set by the government ($453,100 for a single unit residence in the contiguous U.S. or $679,650 for a single unit residence in Alaska or Hawaii) is considered a jumbo mortgage but the government sets higher loan limits in higher cost areas. For example, the loan limit for a single unit residence in a high cost area in the contiguous U.S. can be up to $679,650 and up to $1,019,475 in Alaska or Hawaii. Loan amounts that fall in between $453,100 (or $679,650 in Alaska or Hawaii) and the conforming loan limits for higher cost areas are called conforming jumbo, super conforming or agency jumbo mortgages and may have slightly higher interest rates than conforming loans. Loan amounts above the conforming loan limit for a county are called non-conforming jumbo mortgages or jumbo mortgages for short.  The important point to note is the the interest rate and borrower qualification guidelines are typically different for jumbo mortgages.

5

Not All Lenders Offer Jumbo Mortgages (But Many Do).

Because of the unique eligibility requirements and higher loan amounts associated with jumbo loans, not all lenders offer them. Larger national and regional lenders as well as mortgage brokers are good options for jumbo loans while some local banks and credit unions may not offer them. Although reaching out to different types of lenders takes extra time, shopping for a jumbo mortgage and finding the most attractive loan terms can save you a significant amount of money in the long term.

6

Check for Jumbo Loan Program Eligibility.

Many mortgage programs, including most no or low down payment programs including the FHA, VA and HomeReady programs, apply loan limits that cap your mortgage amount. To be eligible for these programs your loan amount usually cannot exceed the conforming, FHA, VA or other loan limit for your county. The loan limits apply to all applicants even if you can qualify for a higher mortgage amount based on your monthly income. This means that most of these programs do not allow jumbo mortgages which limits how much home you can purchase. This can create a significant challenge if you live in a more expensive area and need a jumbo loan to afford to buy a home. Prospective borrowers should always check with their lenders to understand if the loan program they are interested in applies limits and if the program permits jumbo loans.

Mortgage Rates by Loan Product

Loan
Current Rate
Last Week
Trend
4.750%
4.625%
4.250%
4.125%
4.250%
4.125%
4.250%
4.250%
4.250%
4.250%
4.750%
4.625%
5.000%
4.875%

Mortgage Rate Report

Friday, October 19, 2018

Mortgage rates moved higher this week as stock market volatility pushed bond yields higher.  When the stock market drops, bond yields typically increase which applies upward pressure on mortgage rates, which we saw this week.  Ironically, investor concerns over rising interests rates is one of the main factors that led to the equity market sell-off.  Rates continue to increase following the Federal Reserve's decision to increase the Federal Funds rate 0.250% to a target range of 2.000% to 2.250% at its September meeting.

The rate hike was the Fed's third of the year as it implements a more aggressive monetary policy in response to a strong economy and labor market.  The Fed also reinforced its plan to raise interest rates at least one more time before the end of 2018 and removed language that described its policy as "accommodative" from the meeting statement.  The Fed's September meeting statement highlighted strong economic growth including a robust jobs market, household spending, business investment and inflation that is approaching targeted levels.  These factors outweigh economic concerns previously identified by the Fed including the impact of a trade tariffs, sluggish wage growth and a slowdown in the housing market. 

In implementing its interest rate strategy, it is clear that the Fed is more focused on a robust labor market and accelerating inflation than stalling home sales and prices.  Supporting the Fed's outlook, the unemployment rate recently fell to its lowest level an almost five decades despite lower than expected job creation.

Although the housing market continues to be battered by a lack of affordable inventory, higher mortgage rates and a pullback in home construction -- all of which the Fed has acknowledged in recent comments -- the overall direction of the economy is offering no reason for the Fed to change its course on rates.   The Fed's actions and consistently bullish signaling pushed mortgage rates to an eight-year high this week.

The interest rate for a 30 year fixed rate mortgage increased 0.125% to 4.750% and the rate for a 15 year fixed rate mortgage moved 0.125% higher to 4.250%.  The interest rate on a 5/1 adjustable rate mortgage (ARM) also jumped 0.125% to 4.250%.  Jumbo mortgage rates inched up 0.125% to 4.750%, inline with conforming loans.  After climbing over much of the past month non-owner occupied mortgage rates reached the key 5.000% level.  Providing some relief for borrowers, FHA mortgage rates and VA mortgage rates both remained steady at 4.250%, with both programs appealing to borrowers focused on low or no down payment programs, especially first-time home buyers.    

The Fed had clearly communicated its plan to raise rates at its September meeting so few were surprised by the decision as well as the subsequent uptick in mortgage rates. Most signs -- including perhaps most important, the Fed's actions and words -- point to higher rates in the future, although borrowers should expect fluctuations in the near term.  While interest rates are impossible to predict, prospective borrowers looking to buy a home or refinance should take advantage of any market pullbacks and may be able to lock in a lower rate by acting sooner rather than later.  As lenders react differently to dynamic market conditions, we have also seen much wider variation in mortgage rate pricing, which means borrowers benefit more by shopping multiple lenders.

Because rates change constantly, we continue to actively monitor the mortgage market for new developments.  Borrowers should check the FREEandCLEAR rate tables regularly to review personalized, updated mortgage rates for lenders in their area.  Our rate tables are free to use and require no personal information.

Why Borrowers Compare Jumbo Mortgage Rates on FREEandCLEAR

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