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About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
6.497%
30-year fixed-rate“
On Saturday, December 7, 2024, the average APR on a 30-year fixed-rate mortgage fell 3 basis points to 6.497%. The average APR on a 15-year fixed-rate mortgage fell 1 basis point to 5.701% and the average APR for a 5-year adjustable-rate mortgage (ARM) rose 1 basis point to 7.247%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 16 basis points lower than one week ago and 40 basis points lower than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Product | Interest Rate | APR |
---|---|---|
30-year fixed-rate | 6.421% | 6.497% |
20-year fixed-rate | 6.286% | 6.377% |
15-year fixed-rate | 5.577% | 5.701% |
10-year fixed-rate | 5.585% | 5.759% |
7-year ARM | 6.722% | 7.217% |
5-year ARM | 6.577% | 7.247% |
3-year ARM | 8.125% | 8.355% |
30-year fixed-rate FHA | 5.500% | 6.284% |
30-year fixed-rate VA | 5.629% | 6.001% |
Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use
A jumbo mortgage is a home loan above the conforming loan limit, which is $766,550 in most counties in 2024. The conforming limit is greater in some counties with high housing costs, up to $1,149,825 in 2024. Mortgages for more than the conforming limit are jumbo loans.
NerdWallet’s conforming loan limit tool can help you identify whether you’ll need a jumbo loan.
In order to qualify for a jumbo loan with the widest range of lenders, you should meet the following minimum requirements:
Credit score of at least 700, though individual lenders may require this to be higher.
Debt-to-income ratio (DTI) no higher than 45%, meaning that your debts (including housing costs) make up no more than 45% of your income. Some lenders prefer this ratio below 36%.
Down payment of 10% or more. This is set by individual lenders, and some may require as much as 20%.
Cash reserves to cover several months of mortgage payments, up to one full year.
NerdWallet’s mortgage rate tool can help you find today’s competitive jumbo mortgage rates. In the comparison section above, enter the purchase price and down payment. (The loan amount, not the purchase price, should be above the conforming loan limit for a jumbo loan.) After clicking “Update results,” you can see jumbo mortgage interest rate quotes without providing personal information.
Jumbo mortgages don't have to abide by some of the restrictions that are imposed on conforming loans. Each lender has leeway to offer its unique combination of interest rate and fees. For that reason, it is vital to shop and compare offers.
After you apply, each lender will provide you with a Loan Estimate, which is a three-page document that details the interest rate, origination fees and closing costs. Comparing Loan Estimates from more than one lender will give you confidence that you’re getting the right loan for your situation.
You should consider a jumbo mortgage if you’re buying a home that exceeds the conforming loan limit in your area and are in a position to qualify for the more stringent requirements a jumbo loan will carry.
Shopping around with at least three lenders will give you the best chances of finding the lowest rate. NerdWallet’s list of the best jumbo loan lenders can be a great place to start your search.
A 10% down payment is often a minimum requirement for getting a jumbo loan. However, this varies by lender, and some will want a higher amount (as much as 20% in some cases). This can be affected by your borrower profile, including your credit score, debt-to-income ratio and cash reserves.