Compare current jumbo mortgage rates

Current jumbo mortgage rates

Jumbo mortgage rates fluctuate day to day just like the rates on conforming loans. Here are the current jumbo mortgage rates:

How do jumbo loans compare to other mortgage types?

Jumbo loans are mortgages in larger loan amounts, specifically an amount exceeding the conforming loan limit in the area you’re purchasing a home or refinancing your loan. Jumbo loans generally carry higher qualifying requirements in terms of minimum credit score and cash reserves.

Jumbo loan qualifications and requirements

The amount of a jumbo mortgage exceeds the Federal Housing Finance Agency’s conforming loan limits. For borrowers in much of the U.S. in 2024, this limit is $766,550, or up to $1,149,825 in high-cost areas, such as Alaska, Hawaii, San Francisco and New York City.

Those limits apply to one-unit, or single-family, properties. For properties with more than one unit, the limits break down to:

• Two units (duplex): $981,500
• Three units (triplex): $1,186,350
• Four units: $1,474,400

As with a one-unit property, there are higher limits in high-cost areas for multifamily properties, as well. These range from $,1472,250 for a two-unit property to $2,211,600 for a four-unit property.

Generally, to qualify for a jumbo loan, borrowers need:

• Credit score: 680 or higher
• Debt-to-income (DTI) ratio: 45% or lower
• Down payment: 10%-15% or more
• Cash reserves: Six to 12 months’ worth of mortgage payments in savings

Some lenders might have stricter requirements. No matter the type of lender or loan, you’re more likely to get a lower rate the better your credit and finances are.

Jumbo mortgage rates compared to other loan types

Historically, jumbo loans had slightly higher rates than conforming mortgages. However, that relationship changed in 2022 and 2023, a period when jumbos were actually cheaper than conforming loans. Fast-forward to today, and the dynamic between jumbo loans and conforming mortgage rates has largely returned to the norm, with jumbo rates a bit higher. 

National mortgage rates by loan type

Should you get a jumbo mortgage? 

A jumbo loan might be a good fit for you if you’re buying a large, highly expensive home — or a standard home in a pricey area — and would rather finance it than pay cash upfront. The main upside of a jumbo mortgage is that it expands your options — opening up more properties to you — while letting you keep your savings or investments. 

That said, jumbo loans have significant downsides. The higher loan amount also means they’re a bigger credit risk for the lender. So they could have higher closing costs and higher down payment requirements. And of course, their monthly payments could be substantial.

Weigh these upsides and downsides.

How to get a jumbo mortgage

To get a jumbo mortgage, you might have to jump through a few extra hoops. Here are the key steps to getting this type of loan:

• Make sure you qualify. You’ll need to clear three hurdles to qualify for a jumbo loan with the most favorable terms: a low DTI ratio, a stellar credit score and hefty reserves.
• • Your application could get rejected if you have negative items on your credit report, such as missed or late payments, a foreclosure or bankruptcy. (You might be able to compensate for a lower credit score with a higher down payment, however.)
  • You’ll need a higher income and a lower DTI. 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.
  • There might be a reserve requirement: as much as 12 months’ of mortgage payments in the bank, in addition to sufficient funds to cover closing costs.
• Gather documentation. Lenders will need proof of your income, credit history and assets.
• Shop around. Finding the best deal on a jumbo loan might take a bit more effort. Broaden your search to include all sorts of lenders, as well as mortgage brokers. Bankrate lists the leading lenders in every state; be sure to read not just our take, but also the customer comments featured in most lender reviews.
• Expect a bit of extra scrutiny. Jumbo lenders are taking a big risk, so they might spend more time examining your income, verifying your cash reserves and generally vetting your finances. The underwriting process may well take longer.

Additional resources on jumbo mortgages

• Jumbo loan resources
• 2024 jumbo loan limits by state
• Jumbo vs. conventional loans
• Best jumbo mortgage lenders in 2024

Meet our Bankrate experts

Written by: Andrew Dehan, Writer, Home Lending

I’ve covered mortgages, real estate and personal finance since 2020. At Bankrate, I’m focused on all of the factors that affect mortgage rates and home equity. I enjoy distilling data and expert advice into takeaways borrowers can use. Prior to Bankrate, I wrote and edited for Rocket Mortgage/Quicken Loans. My work has been published by Business Insider, Forbes Advisor, SmartAsset, Crain’s Business and more.

Read more from Andrew Dehan

Edited by: Suzanne De Vita, Senior Editor, Home Lending

I’ve covered the housing market, mortgages and real estate for the past 12 years. At Bankrate, my areas of focus include first-time homebuyers and mortgage rate trends, and I’m especially interested in the housing needs of baby boomers. In the past, I’ve reported on market indicators like home sales and supply, as well as the real estate brokerage business. My work has been recognized by the National Association of Real Estate Editors.

Read more from Suzanne De Vita