That is the lowest rate since the week of the Nov. 8 presidential election. The average interest rate for jumbo loans, greater than $421,100, however, fell 5 basis points to 3.99 percent for the week..
You can use your VA home loan benefit to buy a "jumbo" property but it takes a little calculation first.
These are among the biggest government-sponsored players in the industry, and they’re behind most conventional mortgages. Jumbo mortgage maximums vary by state and county. Plus, the FHFA updates these.
Jumbo vs. Conforming Loan. A jumbo loan is a loan that is larger in size compared to a conforming loan, and inherently, is riskier to mortgage.
Because these larger “jumbo” loans cannot be sold to these enterprises, they have to be held by the lender, whether it be a bank or private.
The difference between current mortgage rates on conventional mortgage loans and jumbo loans has narrowed lately, making jumbo loans more appealing. interest rates for a 30-year fixed-rate mortgage loan that conforms to the government limits were 3.75 percent in April, while rates for jumbo loans were only 3.85 percent.