Recently much of the news regarding jumbo mortgages has been about the limited availability of true jumbo loans as well as the strict underwriting of conforming jumbo mortgage products. Conforming jumbo mortgages are backed by Fannie and Freddie and have a loan limit of to to 729k with higher jumbo loan limits coming in some high cost areas. Conforming jumbo loan limits vary 
from county to county based on median home values.
Jumbo Mortgage Rates are Excellent
True jumbo mortgages, above the conforming jumbo loan limit, are offered by few lenders but are indeed available and at very good rates. Ditech mortgage for instance is offering jumbo mortgage rates as low as 4.375 percent on a 5/1 ARM. Wells Fargo offers jumbo mortgage rates of 5.75 percent 30-years fixed and 5 percent on a 5/1 ARM. These available jumbo mortgage rates show jumbo mortgage rates are better than ever. The trend recently has been for large lenders to aggressively advertise for jumbo mortgages so obviously it must be profitable for them to do so. With home values stabilizing the jumbo loan market should get less risky for banks by the month.
Jumbo Mortgage Rates are Good but what about an Approval?
Jumbo mortgage loans are tough to qualify for nowadays, that's no secret. Typically lenders want at least 20 percent equity in the home, full income documentation, assets showing reserves, excellent credit and more. If you do qualify it may save you a lot of money through a mortgage refinance. If you're looking to buy a home with a jumbo mortgage you'll most likely need a very large downpayment. If you've got the cash to do so a 5/1 ARM could give you a historically low affordable payment per the loan amount.