Current, Accurate, Jumbo Mortgage Rates – Jumbo Loan Rates are Getting Better

True jumbo mortgages, above jumbo conforming mortgage limits of up to $729,750, are being offered at as low as a 5.75 percent interest rate, with average points and fees. Our research of various Lender’s jumbo mortgage rates, including Chase, Wells Fargo, AimLoan.com, GMAC, Ditech and others shows a great variance lender to lender so borrower savvy is key when shopping for the best jumbo mortgage rates.

5/1 ARM Jumbo Mortgage Rates are Very Good

The best option in today’s jumbo mortgage market may be the 5/1 ARM. Believe it or not we found multiple lender’s including DiTech and GMAC offering the jumbo 5/1 ARM just under 4 percent. The index the jumbo 5/1 ARM’s adjustable rate follows after the 5 year fixed interest rate period is the LIBOR index. We advise anyone considering a jumbo 5/1 ARM to take a good look at the LIBOR index, it’s history and analysis of it’s future. Especially if there’s a strong possibility you’ll still be in the loan after the 5 year fixed rate period. That being said we do not recommend, especially on larger loan amounts, a 5 year adjustable rate mortgage for anybody who is going to be in a home for more than 5 years.

Current Jumbo Conforming Mortgage Rates

Current jumbo conforming mortgage rates are averaging about a 1/4 percent higher than normal conforming mortgages. Due to the extremely strict underwriting on the higher loan amounts, insured by Fannie and Freddie, we recommend getting a custom rate quote. There’s lots of modifications to points, fees, and rates based on the risk factors involved with each mortgage. Most of the time lenders are requiring FICO scores in the 700’s and at 30 percent equity.

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