We want this to be a “win-win” situation and only want to get paid if we bring you value in the form of finding a personal finance option that works for you, not by selling your data to multiple lenders. Generally, our lenders pay us at the time of receiving your loan application and incorporate the cost of our services as part of the final interest rate on your loan, or in your loan amount. Although we are paid at the time of your application transmission, you only pay this cost if your loan closes. This fee is non-refundable to lenders after they receive your application. This is common practice in mortgage transactions where lenders pay brokers for performing certain services in connection with your loan. If you would prefer to minimize your rate, you may opt to buy "points" to decrease your rate. If you choose to buy points, you would pay this amount to your lender and your final interest rate on your loan or your loan amount would reflect the combined fees of points you purchased and the fee your lender paid us upon receipt of your application.
Jumbo Refinance Rates
Your mortgage rate depends on your credit score and other details. So once you check today’s rates, get a personalized quote just for you.
Checking rates won’t affect your credit score
Today’s featured rates
Last updated on Oct 03, 2023. These rates are based on the assumptions shown here. Actual rates may vary.
How CREDIBLE WORKS
Find the right mortgage for you
Checking rates won’t affect your credit score
Fill out a quick form
Tell us a little bit about you and your dream home to get accurate prequalified rates without impacting your credit score.
Compare rates from multiple lenders
No bias, no bait-and-switch. We show you transparent, prequalified rates so you can make an informed decision.
Finish up with your chosen lender
Once you choose an offer, finish verifying your information with your lender to close your loan.

What is a jumbo loan?
A jumbo loan is a high-value mortgage that is larger than the conforming limits set by the Federal Housing Finance Administration (FHFA).
The FHFA determines the largest loan that can be sold to Fannie Mae or Freddie Mac. If a loan exceeds those limits, it’s considered a jumbo loan and cannot be purchased by Fannie Mae or Freddie Mac. As a result, it can sometimes be a little more challenging to qualify for a jumbo loan.
When to refinance a jumbo loan
The best time to refinance depends on your situation. Refinancing your jumbo mortgage can get you a lower rate, which can save you money on interest in the long run.
In some cases, it might also make sense to refinance to a longer term. Doing this can lead to a smaller monthly payment, which could result in better monthly cash flow. However, you’ll likely pay more in interest with a longer term. So it’s a good idea to always run the numbers to see if refinancing makes sense for you.
Learn More: How to Refinance a Jumbo Loan
Shopping for Jumbo Refinance Rates
Once you’ve decided refinancing is in your best interest, and you’ve done what you can to improve your credit score and debt-to-income ratio, you’ll want to shop around for rates.
Start by comparing lenders and seeing what jumbo mortgage refinance rates they offer. Credible makes this easy. You can get actual prequalified rates from all of our partner lenders in just a few minutes — and most importantly, it won’t affect your credit.
When comparing jumbo refinance rates, be sure to also factor in closing costs. In some cases, you might end up paying between 2% to 3% of your loan value when you refinance.
Keep Reading: What Is a Mortgage Rate and How Do They Work?
Checking rates won’t affect your credit score
Compare
Today’s refinance rates
Home refinance rates rise and fall on a daily basis with changing economic conditions, central bank policy decisions, and investor sentiment. The table below shows recent trends in home refinance rates.
Product | Interest rate | APR |
---|---|---|
Last updated on Oct 03, 2023. These rates are based on the assumptions shown here. Actual rates may vary. |
CALCULATORS & TOOLS
Refinance Calculator
Total finance charges may be higher over the life of the loan • We arrange loans with third party providers.
Financial education
What to know when refinancing a home
How a cash-out mortgage refinance works
Cash-out refinancing allows you to take money out of your home equity by refinancing your current mortgage for an amount that is greater than your existing loan and the refinancing loan’s closing costs. Find out more about how a cash-out refinance works.
Learn more
How to refinance your mortgage
Refinancing your mortgage can be much simpler than the process you went through when you bought your home. Here’s how to refinance your mortgage — and everything you need to know before you do.
Learn more
When to refinance your mortgage
If you own a home, it’s a good idea to reassess your mortgage periodically to see if you can find a better deal elsewhere. Check out some of the reasons refinancing your mortgage could be a good idea.
Learn more
How to get the best mortgage refinance rates
You really have to do your research if you want to get the best mortgage refinance rate. We’ll take some of the burden off you by doing most of the legwork so you can find the best rate for your situation.
Learn more
Mortgage FAQ’s
Still have questions?
We’re here to help!

Mon - Thurs
Fri
Sat
Sun
9am - 9pm ET
9am - 7pm ET
10am - 6pm ET
Closed
As a Credible authority on mortgages, Chris Jennings covers topics including home loans and mortgage refinancing. His work has appeared in Fox Business and GOBankingRates.
Full bio
The average jumbo refinance rate has hovered around 3% since the beginning of the COVID-19 pandemic, according to historical data from the Federal Reserve Bank of St. Louis.
Recent jumbo refinance rates are higher than the historic lows set in December 2020, when the 30-year fixed rate for jumbo mortgages sat at approximately 2.812%.
The rates can be lower if you’re comfortable with adjustable-rate mortgages, your rate can potentially be less. However, your future rates can adjust higher and offset your initial interest savings.
The following table shows how recent 30-year jumbo mortgage rates compare to previous years. The rate listed is the rate that was recorded on the final day of November in the respective year:
Year | Interest rate |
---|---|
2021 | 3.200% |
2020 | 2.914% |
2019 | 3.894% |
2018 | 5.008% |
2017 | 4.187% |
While mortgage rates are trending upward, they still remain near historic lows. As a result, now might be a great time to refinance a jumbo loan.
The lowest 30-year fixed jumbo mortgage rate was recorded on Dec. 21, 2020 at 2.812%, according to the Federal Reserve Bank of St. Louis.
The best refinance rate — regardless of whether it’s a jumbo loan or not — is one where you can lower your interest rate by at least one percentage point. This allows you to break even on your closing costs in a reasonable period of time and provides enough monthly savings to make the whole process worth it.
Recent rates are at least a full percentage point lower than the highs of just over 5% in October 2018. So, if you took out a jumbo loan around then, now would be a good time to refinance.
As jumbo refinance rates trend higher, it’s vital to compare rates from multiple lenders to ensure you’re getting the best possible rate. You can quickly compare personalized rates, monthly payments, and fees on jumbo refinance loans with Credible in just a few minutes. Checking your refinance rates and terms with us is free and won’t affect your credit score.
Several economic and personal factors influence your mortgage rates. The 10-year Treasury bond yield is one of the most significant variables as rising yields tend to indicate higher refinance rates.
Typically, rates are lower when the economy is weakening, unemployment is rising, and mortgage demand is declining. However, rates can rise due to strengthening economic conditions or an uptick in inflation.
You can take several steps to qualify for a lower jumbo refinance rate:
Credit score: Lenders usually require you to have an excellent credit score — 740 or higher in most cases — to be eligible for the best rates. You can still qualify for a competitive rate if your score is in the upper 600s to lower 700s. Find out ways to improve your credit score before applying.
Cash reserves: With jumbo loans in particular, lenders want to see you have good cash reserves. You should disclose your available savings and non-liquid assets so that your lender can determine if you have enough money to refinance.
Debt-to-income ratio (DTI): Your lender may only allow a maximum DTI ratio of 43% for a jumbo refinance. As you’re borrowing more money than a conforming loan, your income will also need to be higher.
Repayment term: Loans with shorter repayment terms generally have a lower interest rate but your monthly payment will be larger.
Closing costs: Paying your origination fees and closing costs upfront instead of rolling them into your loan can lower your lifetime interest costs. Your loan estimate will list all of your closing costs so that you can decide if it’s worth buying points or rolling some of the costs into the loan.
Home equity: Your lender may require a loan-to-value ratio (LTV) of 80% or less before you qualify for refinance. It’s possible to get a cash-out refinance and remain below the 80% LTV ratio, but your loan APR might be higher.
Jumbo loan rates are typically higher than mortgage refinance rates that meet the FHFA conforming loan limits. The following table shows what the APR might look like on a jumbo loan vs. a conforming loan.
Repayment term | APR |
---|---|
30-year fixed-rate jumbo | 3.403% |
15-year fixed-rate jumbo | 3.046% |
30-year fixed | 3.118% |
20-year fixed | 2.841% |
15-year fixed | 2.497% |
10-year fixed | 2.395% |
In addition to looking for the lowest interest rate, you should also compare your monthly payments. You may want to choose the highest payment that you can comfortably afford to minimize your lifetime interest costs.
However, it’s also important to weigh your other financial priorities. Refinancing to get a lower rate and monthly payment but keeping the same repayment term can be sufficient if you simply want to free up more cash for other expenses.
Here are some of the advantages of refinancing a jumbo loan:
Reduced interest rates: You can potentially qualify for a lower interest rate that can immediately reduce your monthly payment.
Fixed monthly payment: By refinancing an adjustable-rate loan to a fixed interest rate, you can secure the same interest rate and monthly payment for the entire repayment period.
New repayment term: You can either shorten or extend your repayment period to fit your financial situation. A shorter term minimizes your lifetime interest costs.
High borrowing amounts: Jumbo mortgages allow you to finance a more expensive property if you live in a high-cost area.
There are also several disadvantages to be aware of, including:
Higher interest rates: Refinance rates on jumbo loans tend to be higher than rates on conforming loans due to the additional risk posed to the lender.
Closing fees: You’ll pay a variety of origination fees and appraisal costs, just like you did on your first mortgage. These fees are usually between 2% and 5% of the loan amount.
Stricter requirements: It’s harder to qualify for jumbo loans than conforming loans as lenders often have more restrictions. You may need a higher income, deeper cash reserves, and a lower DTI ratio, for instance.
Cash-out restrictions: Your lender might impose limits on the amount of money you can take out with a jumbo cash-out refinance. The interest rates on these types of refinance loans might also be higher.
Jumbo refinance rates, like traditional refinance rates, will be different for each repayment term. In general, the shorter your term, the lower your rate.
Besides a different refinance rate, your repayment period will also determine your new monthly payment amount and total interest costs. While longer terms generate more interest, your monthly payment is smaller. Thirty-year mortgages are the most popular home loan option primarily because they offer these budget-friendly payments.
Here are the costs for two hypothetical jumbo loans — both valued at $700,000. You can see how much you’ll save in interest by opting for the shorter term.
Repayment term | 15-year jumbo fixed-rate | 30-year jumbo fixed-rate |
---|---|---|
APR | 2.973% | 3.169% |
Monthly payment | $4,824.99 | $3,015.41 |
Total interest costs | $168,497.58 | $385,548.22 |
Potential interest savings | $217,050.64 | N/A |
Get your personalized mortgage quote today
Checking rates won’t affect your credit score