Compare jumbo refinance rates

Today's jumbo refinance rates

Jumbo loan refinance rates are slightly higher than conforming loan refinance rates as of this writing, according to Bankrate data. For 2025, the conforming loan limit in most areas is $806,500. In parts of the country with a higher cost of living, the limit is $1,209,750. If you want to purchase an expensive home or refinance your mortgage on a high-value property, you’ll need to get a jumbo loan.

How to refinance a jumbo loan

Refinancing a jumbo mortgage involves virtually the same process as refinancing a conforming loan. Here are the key steps:

1. Determine if it’s the right time to refinance. Most borrowers refinance to get a lower interest rate. If you can’t get a lower rate now due to the rate environment, your credit score or both, it might make more sense to hold off.
2. Shop around for quotes. If you’ve decided now’s a good time to refi your jumbo loan, compare refinance offers from at least three mortgage lenders. The lender of your current mortgage might provide special pricing on a refinance, but you don’t have to work with that lender if you’ve found a better deal.
3. Check the requirements. Although you already have a mortgage, you’ll still need to qualify to refinance it. This includes meeting the lender’s minimum credit score and equity requirements, as well as ensuring you can afford the closing costs. 

Factors considered in jumbo refinance rates

As with the interest rate on any type of mortgage, jumbo refinance rates are based on a number of factors. These include:

• Your credit score and finances: Borrowers with excellent credit scores and a low debt-to-income (DTI) ratio often qualify for the best refinance rates.
• How much home equity you have: If you have a significant amount of equity in your home, you can usually get a better jumbo loan refinance rate.
• Prevailing market rates: Jumbo loan refinance rates are influenced by market interest rates. When market rates are high, jumbo mortgage refinance rates tend to follow suit.
• Your location: Rates can vary nationwide depending on the strength of local economies. Lenders might raise rates slightly to account for higher loan default risk in weaker economies.

Mortgage rates overall have trended upward, so you’ll likely pay more now to refinance a new jumbo loan. Jumbo loan refinancing rates are currently slightly higher than conforming loan refinance rates, according to Bankrate’s data.

Should you refinance your 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 mean you pay 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 refi, you could get the money you need at a more reasonable rate compared with a personal loan or credit card.

Before you move forward, use our mortgage refinancing calculator to help you run the numbers. You can see how much you could potentially save and determine whether refinancing is the right move for you.

More resources on refinancing a jumbo loan

• What is a jumbo mortgage?
• When should you refinance your mortgage?
• Jumbo vs. conventional loans: What’s the difference

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: Laurie Richards, 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 Laurie Richards