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The average rate on a 30-year fixed-rate mortgage rose two basis points, the rate for the 15-year went up four basis points and the 5/1 ARM advanced three basis points, according to a NerdWallet survey of daily mortgage rates published Tuesday by national lenders. The average rate on the 30-year fixed is five basis points higher than one week ago. A basis point is one one-hundredth of one percent.
NerdWallet’s mortgage rate tool can help you find competitive Jumbo mortgage rates tailored to meet your needs. Just enter some information about the type of loan you’re looking for and you’ll get a customized rate quote in minutes, without providing any personal information. From there, you can start the process of getting your home loan and be on your way to making offers. It’s that easy.
A Jumbo mortgage is a home loan that’s too big for your lender to sell it to government-sponsored entities Fannie Mae and Freddie Mac. That contributes to making Jumbo loans riskier for your lender, and as a result they typically carry higher mortgage interest rates, require higher down payments and have stricter qualifying criteria.
A Jumbo mortgage is any loan amount above the national conforming loan limit, which is $424,100 in 2017 for most areas, but can be more in some high-cost markets. For example, conforming loans can top out at $636,150 in Alaska, Washington, D.C., and metro areas in other high-demand housing markets. Limits are even higher in some cities in California and Hawaii.
You should consider a Jumbo mortgage if you’re purchasing a high-priced home and are in a position to qualify for the more stringent requirements they carry, including a high credit score, strong credit history and usually a 20% down payment.
Jumbo mortgage rates are higher, so if you can decrease your mortgage loan size to qualify for a conforming loan, you should consider doing that.