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MintRates.com Marketplace: Personal, Business, and Home Loans Comparison
MintRates.com Marketplace: Personal, Business, and Home Loans Comparison

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The Average Jumbo 30-Year Fixed Mortgage Rates in the US Today: Sat, Apr 27, 2024

The Current Average Jumbo 30-Year Fixed Mortgage Rates in the US - Updated: Sat, Apr 27, 2024

Rate type Average Rate 1W Change 1M Change 1Y Change
Jumbo 30-Year Fixed-Rate7.33%0.06%-0.03%0.22%Calculate paymentPersonalize rate

According to data from Freddie Mac's Primary Mortgage Market Survey and Optimal Blue Mortgage Market Indices, As of the latest data, mortgage rates continue to exhibit downward trends across various loan programs. Here's a snapshot of the recent changes:

  • Jumbo 30-Year Fixed-Rate: The average rate for Jumbo 30-Year Fixed-Rate is now at 7.33%. Over the past week, we've seen a slight increase of 0.06%, while the rates have decreased by -0.03% over the past month. Looking back a year, the rate has risen by 0.22%.
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Commonly asked questions about Jumbo Loans

A Jumbo Loan is a mortgage that exceeds the conforming loan limits set by government-sponsored entities like Fannie Mae and Freddie Mac.

Borrowers purchasing high-value properties that exceed conforming loan limits may use Jumbo Loans to finance their homes.

Loan limits for Jumbo Loans vary by location and are typically higher than the limits for conforming loans.

Down payment requirements can vary but are generally higher than those for conforming loans due to the larger loan amounts.

Credit score requirements can vary, but a higher credit score is generally preferred to qualify for a Jumbo Loan.

Yes, Jumbo Loans can be used for investment properties, but requirements may be stricter than for primary residences.

No, Jumbo Loans are not government-backed and are typically offered by private lenders.

Interest rates for Jumbo Loans may be higher due to the increased risk for lenders.

Yes, refinancing into a Jumbo Loan is an option if you meet the eligibility criteria and the property value exceeds the conforming loan limits.

Jumbo Loans allow you to finance higher-priced properties and can provide flexibility for homebuyers in high-cost areas.

Expect to provide financial documentation such as income verification, credit history, and property details during the application process.

Yes, many Jumbo Loans allow extra payments, which can help you pay down your loan balance and reduce overall interest costs.

Collect loan estimates and consider interest rates, fees, and overall terms to determine the best option for your financial situation.

Higher interest rates, larger down payment requirements, and stricter qualification criteria are potential drawbacks of Jumbo Loans.

Selling your home before the loan term ends would involve paying off the remaining mortgage balance from the sale proceeds.