6.647% APR 

Compare Today's Jumbo Refinance Rates

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Showing: Refinance, Good (720-739), 30-year fixed, Single family home, Primary residence, cash-out
Showing: Refinance, Good (720-739), 30-year fixed, Single family home, Primary residence, cash-out
License information
5 results:
30-year fixed
Farmers Bank of Kansas City
EXPLORE QUOTE
Farmers Bank of Kansas City: NMLS#613839
Lowest APR
Lowest monthly payment
Great for Rate transparency
Conventional 30-year fixed
Farmers Bank of Kansas City
4.5
NerdWallet rating
APR
6.386% 
Interest rate
6.375% 
Mo. payment
$3,744 
Insurance $0
Total fees
$683 
About this lender
Pros
  • Displays customized rates, with fee estimates, without requiring contact information.
  • Offers home equity loans and lines of credit.
  • Mortgage origination fees are on the low side compared to other lenders, according to the latest federal data.
Cons
  • Doesn’t offer government-backed FHA or USDA loans, or adjustable-rate mortgages.
  • Home renovation loans are not available.
  • Mortgage rates are on the high side compared to other lenders, according to the latest federal data.
Northpointe: NMLS#447490Conventional 30-year fixed
Northpointe
APR
6.76% 
Interest rate
6.75% 
Mo. payment
$3,892 
Insurance $0
Total fees
$615 
About this lender
Visit lender's website | Call (866) 356-0885
Pros
  • A full slate of loan offerings.
  • Offers a no-down-payment loan with a shorter repayment term that helps accelerate home equity accumulation.
  • Digital conveniences include a mobile app.
Cons
  • You’ll need to provide contact information or speak to a loan officer for customized mortgage rates.
  • Origination fees are on the high side, according to the latest data.
Central Bank: NMLS#407985Conventional 30-year fixed
Central Bank
4.0
NerdWallet rating
APR
7.49% 
Interest rate
7.49% 
Mo. payment
$4,192 
Insurance $0
Total fees
$0 
About this lender
Pros
  • Among the best when it comes to online convenience.
  • Offers a full selection of mortgage types and products, including jumbo, home equity, and government loans.
  • Claims to offer preapproval within 24 hours of loan application.
Cons
  • You'll have to complete a loan application to see mortgage interest rates.
  • Bank branch locations limited to the Midwest.
  • Does not offer home equity lines of credit.
Mutual of Omaha: NMLS#1025894
Great for Loan variety
Conventional 30-year fixed
Mutual of Omaha
3.5
NerdWallet rating
APR
7.49% 
Interest rate
7.49% 
Mo. payment
$4,192 
Insurance $0
Total fees
$0 
About this lender
Pros
  • Offers a variety of mortgage options, including jumbo loans and FHA, VA and USDA loans.
  • Offers $3,000 grant to buyers in some areas.
  • Loans are available for construction, renovations and manufactured homes.
Cons
  • You’ll have to contact the lender for mortgage rates.
  • Doesn’t offer mortgages in all 50 states.
  • Home equity loans and lines of credit are not available.
NBKC: NMLS#409631
Great for first-time home buyers | digital convenience | customer service
Conventional 30-year fixed
NBKC
APR
7.516% 
Interest rate
7.49% 
Mo. payment
$4,192 
Insurance $0
Total fees
$1,551 
Pros
  • Displays customized rates, with fee estimates, without requiring contact information.
  • Efficient customer service over the phone or through online chat.
Cons
  • Physical branches are limited to the Kansas City metro area.

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.


Mortgage rate trends (APR)

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NerdWallet’s mortgage rate insight

6.647%

30-year fixed-rate

On Thursday, July 18, 2024, the average APR on a 30-year fixed-rate mortgage fell 5 basis points to 6.647%. The average APR on a 15-year fixed-rate mortgage remained at 5.831% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 4 basis points to 7.643%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is 8 basis points lower than one week ago and 21 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.

Current mortgage and refinance rates

ProductInterest RateAPR
30-year fixed-rate6.569%6.647%
20-year fixed-rate6.294%6.379%
15-year fixed-rate5.699%5.831%
10-year fixed-rate5.717%5.914%
7-year ARM6.702%7.489%
5-year ARM6.622%7.643%
3-year ARM8.125%8.355%
30-year fixed-rate FHA5.990%6.843%
30-year fixed-rate VA5.774%6.150%

Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use

A Beginner’s Guide to Jumbo Refinancing
Last updated on July 7, 2024
Written by 
Senior Writer/Spokesperson
Michelle Blackford
Reviewed by 
Johanna Arnone
Edited by 
Fact Checked
Assistant Assigning Editor
Fact Checked
Holden Lewis
Written by 
Senior Writer/Spokesperson
Michelle Blackford
Reviewed by 
Johanna Arnone
Edited by 
Fact Checked
Assistant Assigning Editor
Fact Checked

How can you find the best jumbo refinance rates?

NerdWallet’s mortgage rate tool can help you find competitive jumbo loan rates. At the top of this page, enter a few details about the loan you’re looking for, and you’ll get custom rate quotes in seconds without providing any personal information. From there, you can start the process to get preapproved for your jumbo refinance.

» MORE: How to refinance a jumbo loan

What loan amount qualifies as a jumbo mortgage?

A jumbo mortgage is any mortgage for an amount above the conforming loan limit, which is updated annually and varies by location.

Depending on the amount you're refinancing, you may be able to use a conventional refinance, even if you started out with a jumbo loan. If you've paid down a large chunk of your mortgage and aren't looking to take out cash, you might find yourself below the conforming loan limit for your area.

What are the requirements for refinancing a jumbo mortgage?

Like all nonconforming loans, jumbo loans aren't subject to regulation by a government agency. That means lenders can set their own rules for minimum credit scores, debt-to-income ratios and other loan requirements. Because there may be considerable variation across lenders, it makes even more sense to shop around than it does for a conforming loan. One lender might offer a great interest rate but request an outsized amount of cash reserves. Another lender could have slightly higher rates but be more forgiving on qualifications. You'll need to decide what matters most to you.

Here are some of the general requirements you can expect when trying to get a jumbo refinance:

Healthy credit score. A credit score of 680 is about as low as you could go with a jumbo loan. Depending on the loan's characteristics, the minimum required score could go as high as 740.

Low debt-to-income ratio. For a jumbo refinance, your DTI usually can't be more than 45%. That means all your monthly debts, including your mortgage payment, divided by your gross monthly income should come out to a ratio of less than 45%.

Substantial cash reserves. With a jumbo loan, lenders don't have another agency to fall back on if you default. To protect themselves, lenders will often ask for proof that you have substantial cash reserves that could pay the mortgage in a worst-case scenario. You might need to show you could make up to a year's worth of payments with the cash you have on hand.

No bankruptcies or foreclosures. With some home loans, lenders will allow you to refinance after a bankruptcy or foreclosure with a minimal waiting period. With a jumbo loan, you may not be able to refinance until those are completely gone from your credit reports, which could take up to 10 years.

Jumbo refinances also tend to undergo more scrutiny in underwriting because of their size and the risk to the lender. Expect to provide documentation of all of your income, going well beyond the standard W2 if you're self-employed.

When should you refinance a jumbo mortgage?

The decision to refinance a jumbo mortgage is similar to refinancing a conforming loan, and you've got comparable options with your larger loan.

If interest rates have fallen significantly since you got your mortgage, you could use a rate-and-term refinance to lower your monthly payment.

You may want to put some of your home equity to work for a renovation or to pay tuition. A cash-out refinance, where you borrow a larger amount than what's still owed on your mortgage and receive the difference in cash, can help you tap equity.

Refinancing lets you change other aspects of your loan, too, since you're getting a new start. If you initially took out an adjustable-rate jumbo loan, you might want to refinance to change your loan type and get a fixed-rate loan.

You can also potentially change your loan's term. You could start over with a new 30-year jumbo loan — possibly lowering your monthly payments but adding more interest over the life of the loan. Shortening the loan's term would raise your monthly payments but could net you a lower interest rate.

Remember that you'll have to pay refinance closing costs, which with a larger loan will be a bigger chunk of money. Refi closing costs usually range between 2% and 6% of the amount borrowed.

In the final analysis, it’s a matter of thinking about your priorities and running the numbers. A mortgage refinance calculator lets you see how your monthly costs might change after a refi, allowing you to decide what will work best for you.

Learn more about jumbo loans:


About the author: Holden is NerdWallet's authority on mortgages and real estate. He has reported on mortgages since 2001, winning multiple awards.

NerdWallet writers are subject matter authorities who use primary, trustworthy sources to inform their work, including peer-reviewed studies, government websites, academic research and interviews with industry experts. All content is fact-checked for accuracy, timeliness and relevance. You can learn more about NerdWallet's high standards for journalism by reading our editorial guidelines.

Consumer Financial Protection Bureau. What is a debt-to-income ratio? . Accessed Jul 7, 2024.

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