The average rate on a fixed 30-year jumbo mortgage is at 6.18 percent this week, down from last week’s average mortgage rate of 6.21 percent. Also down from the 6.65 percent recent high set on June 15, 2009. The average rate on a fixed 15-year jumbo mortgage loan is at 5.81 percent this week, down from the prior week’s average rate of 5.83 percent.

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Jumbo mortgage is one of the popular mortgage loans in United States. This type of mortgage offers a loan amount above the industry-standard definition of conventional conforming loan limits. If you’re looking for a luxury residence, Jumbo mortgage may be the best option to make the dream of a luxury residence true.

You can have Jumbo loan as you can avail any other type of mortgage, but few differences are there. One major difference is the down payment option. They simply require a slightly higher down payment, usually of an additional 5% for similar program types. Jumbo mortgage loans can be offered by seller services of the wholesale institutions like Fannie Mae and Freddie Mac as well as Wall Street conduits who provide warehouse financing for mortgage lenders.

The Jumbo mortgage loan amounts reflect average loan sizes nationwide.  A Jumbo mortgage loan in excess of $650,000 is referred to as a super jumbo mortgage. The average interest rates on jumbo mortgages are typically greater than normal mortgages. Jumbo mortgage rates vary depending on property types and mortgage amount.

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