Jumbo Mortgage Rates for May 2022

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Your home can be jumbo size, but that doesn’t mean your interest rate has to be jumbo, too. 

Here’s what you need to know about jumbo loans.

What Is a Jumbo Loan?

A jumbo loan is a mortgage that allows you to buy a home with a value that exceeds the maximum conforming loan limits set by the Federal Housing Finance Agency (FHFA). Jumbo loans require larger down payments and typically have higher interest rates. Lenders will look at income, credit score, and credit history. But the qualifications for jumbo loans are stricter than traditional loan requirements. 

The Latest Mortgage News

What’s Causing Mortgage Rates to Go Up?

The surge in mortgage rates so far this year is due to a variety of economic factors. Persistently high inflation is a big one, Jacob Channel, senior economic analyst at LendingTree told us. The latest report from the Bureau of Labor Statistics, has inflation at 8.3% in Aprilthe highest it’s been in 40 years. Interest rates tend to rise when inflation is high, says Channel. In May, mortgage rates rose again after the Federal Reserve’s recent announcement that it will raise its benchmark short-term interest rate by a half of a percentage point (0.50%) with the intention to help combat inflation. 

Financial markets are still responding to other global factors that can affect the economy, namely China’s COVID lockdown and Russia’s invasion of Ukraine. “​​We have a lot of factors like that that are putting upward pressure on mortgage rates,” Channel says. “The volatility has been through the roof,” Shashank Shekhar, founder and CEO of InstaMortgage, told us. “The market has been adjusting to a new news cycle practically every single day.”

Rising Mortgage Rates and Homebuying

A higher mortgage rate leads to a higher monthly payment, which can eat into your total buying power. But, experts also point out that these 4.5%-5.5% rates we are seeing right now are still considered favorable from a historical perspective. It was only a few short years ago when a “good rate” was around 5%. 

Rising mortgage rates also mean the rate you might be quoted one day could be significantly different than one you get the next day. Experts caution against trying to time the market to get the best rate. “If you think you’re going to like the rate, lock it,” Jennifer Beeston, senior vice president of mortgage lending at Guaranteed Rate, told us. “Because it’s probably going to change in 20 minutes.”

Be sure to get quotes from different lenders to ensure you’re getting the best deal, experts say. “The rate highly impacts your monthly affordability for as long as you will hold this home,” Skylar Olsen, principal economist at Tomo, a digital real estate and mortgage company, told us. “It is actually a critical piece of this decision, and that takes shopping around.”

Home Prices Are Also Rising: What Can I Do?  

When thinking about your mortgage rate, it’s also important to consider what’s happening to housing prices. Data from Realtor.com found the median U.S. home listing price was $405,000 in March, the first time it’s ever been over $400,000. Experts say the big uptick in prices is due to a mismatch between supply and demand: There are a lot of people trying to buy houses, and there aren’t enough houses to go around. That means you probably shouldn’t wait around and hope for the market to crash. “I don’t think buyers should be betting on any really significant price declines,” Robert Dietz, chief economist at the National Association of Home Builders, told us

What you can do is think beyond just the mortgage rate. Be sure you’re in a good position to buy a house. “The most important thing that any would-be homebuyer should do is take stock of where they are personally,” said Channel. “Do I have enough cash to make my mortgage payments, to put money down on a down payment? Is my credit score good?” Then, be patient and be creative with your home search. Don’t rush for the first houses you see, he says. Look in unexpected places. One possibility is the U.S. Department of Housing and Urban Development’s page of foreclosed homes. “The more you plan and the more diligent you are before you really even start going out house hunting actively, the easier it is to navigate a housing market that is as hot and fast as this one,” Channel says.

It’s more important than ever to shop around for a mortgage when you’re in the market for a house, said Channel. When rates aren’t going up as dramatically as they are now, quotes from different lenders can regularly vary by half a percentage point. With the market moving so quickly, that could be even higher. 

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What Are Today’s Jumbo Mortgage Rates?

On Saturday, May 28, 2022 according to Bankrate’s latest survey of the nation’s largest mortgage lenders, the average 30-year jumbo mortgage rate is 5.200% with an APR of 5.210%. The average 15-year jumbo mortgage rate is 4.560% with an APR of 4.580%.

Current Jumbo Mortgage Rates

ProductInterest RateAPR
30-Year Fixed Rate5.220%5.230%
30-Year FHA Rate4.390%5.220%
30-Year VA Rate4.440%4.620%
30-Year Fixed Jumbo Rate5.190%5.200%
20-Year Fixed Rate5.240%5.250%
15-Year Fixed Rate4.520%4.540%
15-Year Fixed Jumbo Rate4.510%4.520%
5/1 ARM Rate3.790%4.720%
5/1 ARM Jumbo Rate3.720%4.530%
7/1 ARM Rate4.720%4.340%
7/1 ARM Jumbo Rate4.760%4.300%
10/1 ARM Rate4.780%4.480%
ProductInterest RateAPR
30-Year Fixed Rate5.240%5.250%
30-Year FHA Rate4.410%5.210%
30-Year VA Rate4.430%4.530%
30-Year Fixed Jumbo Rate5.200%5.210%
20-Year Fixed Rate5.280%5.300%
15-Year Fixed Rate4.550%4.580%
15-Year Fixed Jumbo Rate4.560%4.580%
5/1 ARM Rate3.900%4.830%
5/1 ARM Jumbo Rate3.820%4.830%
7/1 ARM Rate4.630%4.350%
7/1 ARM Jumbo Rate4.680%4.270%
10/1 ARM Rate4.700%4.460%

Rates as of Saturday, May 28, 2022


These rate averages are based on weekday mortgage rate information provided by national lenders to Bankrate.com, which like NextAdvisor is owned by Red Ventures. These averages provide borrowers a broad view of average rates that can inform borrowers when comparing lender offers. We feature both the interest rate and the annual percentage rate (APR), which includes additional lender fees, so you can get a better idea of the overall cost of the loan. The actual interest rate you can qualify for may be different from the average rates quoted in our rate table. But these rates are useful for giving you a benchmark to use when comparing loan offers by giving you a sense of how the type of mortgage and the length of the repayment term impacts your interest rate and APR.

Jumbo Loans: Frequently Asked Questions (FAQ)

What is the 2022 jumbo loan limit?

The baseline FHFA conforming loan limit for 2022 is $647,200 for single-unit homes. In certain high-cost areas, that limit increases to a maximum of $970,800. The loan limit varies by county and you can see the limit for your area using the FHFA’s conforming loan limits map.

The conforming loan limits for multi-unit properties are higher and top out at $1,867,275 for 4-unit properties located in high-cost areas. Any property with more than four units is considered a commercial property and requires a commercial mortgage.

What are qualifications for a jumbo loan?

Qualifying for a jumbo loan is more difficult than getting a conventional mortgage. The specific jumbo loan lending guidelines vary by lender, but you’ll need a bigger down payment, and much higher credit score.

With a typical conventional mortgage you may be able to qualify with a credit score of 650 or higher. That’s not the case with jumbo loans, where a minimum credit score of 700+ typically is required. Some conventional loans allow you to purchase a home with only 3% down. But a standard down payment for a jumbo loan starts at 10% and can be as much as 40% of the purchase price.


When should I consider a jumbo mortgage?

Jumbo loans are popular choices for investment properties and vacation homes as they tend to be more expensive. They are difficult to get because not every lender offers them. The bigger the loan, the riskier it is for the lender. Be aware of the stricter requirements when searching for a jumbo loan. 

What are the benefits of a jumbo loan?

The main benefit to a jumbo loan is you can borrow more money and buy into a more expensive home. Jumbo loans allow the borrower to buy a property that they may not have been able to get with a conventional loan. 

What’s the difference between a 15-year and a 30-year jumbo loan?

Shorter term, 15-year mortgages typically have lower interest rates, and because you’re paying off the loan sooner, you’ll pay much less interest overall. For 30-year repayment terms, you’ll have much lower and more affordable monthly payments

By definition, jumbo loans are for much larger amounts, and that means that the differences between a 15-year and 30-year loan are much more pronounced. As you can see, a 15-year loan could cost you nearly $1,600 a month more but save you almost $300,000 over the life of the loan:

Loan TermLoan AmountInterest RateMonthly Principal & Interest PaymentTotal Interest
30 Years$700,0003.75%$3,241$467,297
15 Years$700,003%$4,834$170,136

How is the mortgage process different with a jumbo loan?

The steps you’ll take to qualify for a jumbo mortgage are similar to what you’d go through for other types of mortgages. You’ll need to go through a credit check, verify your income, and have the property appraised. But because the bank is issuing a much larger loan, the lending guidelines will be more strict.

Along with needing more income to cover the larger monthly payment, you may need cash reserves to cover 12 to 18 months of payments. When you add in the down payment and closing costs, it wouldn’t be unreasonable for a jumbo loan to require the borrower to have well over $100,000 in cash to qualify for the loan.

How do I find the best jumbo mortgage rate?

Finding the best jumbo mortgage rates is a matter of shopping for the best lender. However, not all lenders offer jumbo loans, and it could involve more research to compare rates and find the best deal.

Finding the lowest possible rate for a jumbo mortgage can save you more compared to conventional loans because these loans are so large. On a $700,000 30-year loan, just a 0.12% interest rate reduction would save you roughly $45 a month and $16,000 over the life of the loan.

When you compare rates, also pay attention to discount points the lender may have built into the rate. A discount point is an upfront fee charged in exchange for a lower rate. For jumbo loans these fees can end up being quite expensive. Although the savings can outweigh the extra expense over the long haul, you’ll want to know what fees you’re paying, so you can see if it makes sense for your situation.

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