Compare Today's Jumbo Refinance Rates
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- About this lenderPros
- Offers a program allowing qualifying buyers to make cash offers.
- Makes it easy to see customized mortgage rates.
- Average interest rates are on the low end compared to other lenders, according to the latest federal data.
Cons- Doesn’t offer USDA loans.
- VA loans are not available in every state.
- Doesn't offer home equity loans.
- About this lenderPros
- Displays customized rates, with fee estimates, without requiring contact information.
- Offers home equity loans and lines of credit.
- Mortgage origination fees are on the low side compared to other lenders, according to the latest federal data.
Cons- Doesn’t offer government-backed FHA or USDA loans, or adjustable-rate mortgages.
- Home renovation loans are not available.
- Mortgage rates are on the high side compared to other lenders, according to the latest federal data.
- About this lenderPros
- Loan origination process can be completed online.
- Offers government-backed FHA and VA loans.
- Offers module that compares mortgage rates among other lenders.
Cons- Offers loans in many states and Washington, D.C., but not nationwide.
- Does not offer home equity loans or lines of credit.
- About this lenderPros
- Offers unique loan types, including construction loans, first-time home buyer programs with down payment assistance and loans for self-employed borrowers.
- Real-time rate quotes available while working with a broker.
- Responsive customer service; loan disclosures available within an hour after completing your application.
- Competitive pricing often available, especially for non-traditional borrowers.
Cons- Does not publish interest rates online.
- No mortgage mobile app.
- Loans are not available in every state.
- About this lenderPros
- Among the best when it comes to online convenience.
- Offers a full selection of mortgage types and products, including jumbo, home equity, and government loans.
- Claims to offer preapproval within 24 hours of loan application.
Cons- You'll have to complete a loan application to see mortgage interest rates.
- Bank branch locations limited to the Midwest.
- Does not offer home equity lines of credit.
- About this lenderPros
- Offers a variety of mortgage options, including jumbo loans and FHA, VA and USDA loans.
- Offers $3,000 grant to buyers in some areas.
- Loans are available for construction, renovations and manufactured homes.
Cons- You’ll have to contact the lender for mortgage rates.
- Doesn’t offer mortgages in all 50 states.
- Home equity loans and lines of credit are not available.
- About this lenderPros
- Displays customized rates, with fee estimates, without requiring contact information.
- Efficient customer service over the phone or through online chat.
Cons- Physical branches are limited to the Kansas City metro area.
- About this lenderPros
- Offers a wide variety of purchase and refinance mortgages with an emphasis on helping underserved communities.
- Its home equity line of credit can be used for an owner-occupied or second home.
- Offers a program to enable buyers to make cash offers.
Cons- Mortgage origination fees tend to be on the high end, according to the latest federal data.
About These Rates: The lenders whose rates appear on this table are NerdWallet’s advertising partners. NerdWallet strives to keep its information accurate and up to date. This information may be different than what you see when you visit a lender’s site. The terms advertised here are not offers and do not bind any lender. The rates shown here are retrieved via the Mortech rate engine and are subject to change. These rates do not include taxes, fees, and insurance. Your actual rate and loan terms will be determined by the partner’s assessment of your creditworthiness and other factors. Any potential savings figures are estimates based on the information provided by you and our advertising partners.
Mortgage rate trends (APR)
- 30-year fixed
- 15-year fixed
- 5-year ARM
NerdWallet’s mortgage rate insight
6.973%
30-year fixed-rate“
On Saturday, May 10, 2025, the average APR on a 30-year fixed-rate mortgage fell 1 basis point to 6.973%. The average APR on a 15-year fixed-rate mortgage fell 2 basis points to 6.012% and the average APR for a 5-year adjustable-rate mortgage (ARM) fell 5 basis points to 7.261%, according to rates provided to NerdWallet by Zillow. The 30-year fixed-rate mortgage is same as one week ago and 13 basis points lower than one year ago.
A basis point is one one-hundredth of one percent. Rates are expressed as annual percentage rate, or APR.
Current mortgage and refinance rates
| Product | Interest Rate | APR |
|---|---|---|
| 30-year fixed-rate | 6.968% | 6.973% |
| 20-year fixed-rate | 6.731% | 6.735% |
| 15-year fixed-rate | 6.004% | 6.012% |
| 10-year fixed-rate | 5.750% | 5.757% |
| 7-year ARM | 7.520% | 7.343% |
| 5-year ARM | 7.167% | 7.261% |
| 3-year ARM | 6.500% | 7.182% |
| 30-year fixed-rate FHA | 6.624% | 7.370% |
| 30-year fixed-rate VA | 6.280% | 6.602% |
Data source: ©Zillow, Inc. 2006 - 2021. Use is subject to the Terms of Use
👉 Did you buy a home in 2023? Refinancing might save you money — mortgage rates are down a percentage point compared to last year’s peak. See mortgage rates this week and try our refinance calculator to see how much you could save.
How to refinance a jumbo loan
NerdWallet’s mortgage rate tool can help you find competitive jumbo loan rates. At the top of this page, enter a few details about the loan you’re looking for, and you’ll get custom rate quotes in seconds without providing any personal information. From there, you can start the process of getting preapproved for your jumbo refinance.
» MORE: How to refinance a jumbo loan
Confirm that you need a jumbo loan
A jumbo mortgage is any mortgage for an amount above the conforming loan limit, which is updated annually and varies by location.
Depending on the amount you're refinancing, you may be able to use a conventional refinance, even if you started out with a jumbo loan. If you've paid down a large chunk of your mortgage and aren't looking to take out cash, you might find yourself below the conforming loan limit for your area.
Verify that you meet the requirements for refinancing a jumbo loan
Like all nonconforming loans, jumbo loans aren't subject to regulation by a government agency. That means lenders can set their own rules for minimum credit scores, debt-to-income ratios and other loan requirements.
Here are some of the general requirements you can expect when trying to get a jumbo refinance:
Healthy credit score. A credit score of 640 is about as low as you could go with a jumbo loan. Depending on the loan's characteristics, the minimum required score could go as high as 720.
Low debt-to-income ratio. For a jumbo refinance, your DTI usually can't be more than 43%, and is preferably closer to 36%. That means all your monthly debts, including your mortgage payment, divided by your gross monthly income should come out to a ratio of less than 43%.
Substantial cash reserves. With a jumbo loan, lenders don't have another agency to fall back on if you default. To protect themselves, lenders will often ask for proof that you have substantial cash reserves that could pay the mortgage in a worst-case scenario. You might need to show you could make up to a year's worth of payments with the cash you have on hand.
Home appraisal. You may be required to get a home appraisal, depending on the lender and type of refinance.
Jumbo refinances also tend to undergo more scrutiny in underwriting because of their size and the risk to the lender. Expect to provide documentation of all of your income, going well beyond the standard W2 if you're self-employed.
Pros and cons of refinancing a jumbo loan
The decision to refinance a jumbo mortgage is similar to refinancing a conforming loan, and you've got comparable options with your larger loan.
Pros
Lower payments. If interest rates have fallen significantly since you got your mortgage, you could use a rate-and-term refinance to lower your monthly payment.
Access your home equity. A cash-out refinance allows you to pay off your original mortgage with a new, larger loan and pocket the difference, converting some of your home equity into liquid cash.
New repayment terms. Your new loan will come with a new set of repayment terms, which may come with tradeoffs. For example, you could start over with a new 30-year jumbo loan — possibly lowering your monthly payments but adding more interest over the life of the loan. Shortening the loan's term would raise your monthly payments but could net you a lower interest rate.
Cons
You’ll have to pay closing costs. Jumbo loan refinance closing costs usually range between 3% and 6% of the amount borrowed.
A cash-out refinance could put your home at risk. Because you’re using your home as collateral, you risk foreclosure if you can’t keep up with payments — so be cautious about how you spend the cash.
In the final analysis, it’s a matter of thinking about your priorities and running the numbers. A mortgage refinance calculator lets you see how your monthly costs might change after a refi, allowing you to decide what will work best for you.
Learn more about jumbo loans and refinancing:
Frequently asked questions
The cost of refinancing depends on your mortgage balance. In general, you can expect to pay around 3-6% of your loan balance in closing costs. This range is affected by variables such as whether you require a new appraisal and the costs of your title search and insurance.
As of 2024, loans exceeding $766,550 are considered jumbo loans in most states. However, this figure can go as high as $1,149,825 in certain high-cost areas.
NerdWallet’s list of the best jumbo loan lenders can be a great place to start your search as you explore refinancing options.