4.25% 30 Year Fixed Rate
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Program Rate APR
30-Yr fixed 4.750 % 0.7 to 1
15-Yr fixed 3.750 % 0.7 to 1
5/1 ARM 3.125 % 0.7 to 1
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Jumbo Mortgage – Weekly Update

Those who are seeking jumbo mortgage rates may find that these rates are higher than conforming mortgages. Generally, conforming mortgages are those mortgages that fall below $417,000; any loan amount that is higher than this sum will have to be considered to be a jumbo mortgage.

Some states typically have housing prices that are much higher than in other states. One example is California which means that the amount qualifying to be a jumbo mortgage will also be higher. In Los Angeles, for example, a loan will not be a jumbo mortgage until it has reached $729,750.

Because the prices of homes that qualify as jumbo mortgages are so high, the lenders will be assuming a much greater risk when they agree to grant them. That is why people seeking these mortgages may find that the interest rates will be higher than for conforming mortgages. At the moment, jumbo mortgage rates can be found for 5.125 percent for a 30-year loan. The 15-year loan has an interest rate of 3.750 percent. The best jumbo mortgage rates can be found for the adjustable rate mortgage (ARM); the 5/1 ARM may be had for 2.875 percent.

As has been predicted, conforming mortgages do have lower rates than the lending institutions are offering for mortgage rates jumbo. For example, the conforming 30-year interest rate is equal to 4.250 percent. The conforming ARM is also lower at 2.750 percent; the only one that is higher is the 15-year conforming interest rate which is equal to 4.250 percent.

If the mortgage rates jumbo listed here are acceptable to future home buyers, they will need to qualify to receive the loan. Meeting the requirements for a jumbo mortgage will mean that applicants will have to demonstrate to the lenders that they are receiving a steady income that is sufficient enough to allow them to easily make their payments every month. They will also have to have 20 percent of the house’s purchase price for a down payment.

It appears that mortgages are on their way up. All of the mortgages listed above have been rising this month and they have been accompanied by rising housing prices. This trend is likely to continue into the future. This is good news for those who have been watching the value on their homes decrease, but it may not be such good news in a couple of years when people want to purchase a house. This makes the current moment the time to buy.