Summary: Find out the jumbo loan threshold in Seattle, along with current jumbo mortgage rates for Seattle, Washington. You can also compare the costs with or without points.
Are you in the market for a jumbo home loan in Seattle, Washington? If so, our Seattle jumbo mortgage rates table is a great place to begin your research. It shows you the current average interest rates across a variety of loan types, and with different levels of points paid.
Go there now: Seattle jumbo mortgage rates
Advantages to Using Our Website
You can find current Seattle jumbo mortgage rates in several places online. But our rate table offers some key advantages, from a borrower’s perspective.
- For one thing, it shows what the average rates are right now for several different categories of jumbo loans (30-year fixed, 15-year fixed, 5-year ARM, etc.).
- Our Seattle jumbo mortgage rates table also shows the different pricing levels, based on whether or not you pay discount points at closing. You can see what your rate might be with no points paid, with half a point, more than a point, etc.
- Our tables also show the annual percentage rate, or APR. This is the full cost of the loan including fees.
- You can also compare rates for other mortgage products as well, including conforming (non-Jumbo) loans for lower amounts.
In short, when you view the current Seattle jumbo mortgage rates on our website, you’ll get more information than you might glean from other sources. We can also give you a personalized rate quote tailored to your particular situation. Please contact our staff to get started.
What Is a Seattle Jumbo Loan Exactly?
A “jumbo” mortgage loan is one that exceeds the conforming loan limits established by the Federal Housing Finance Agency (FHFA). These limits represent the maximum mortgage amounts for home loans that can be purchased by Freddie Mac and Fannie Mae, the two government-sponsored enterprises that operate in the secondary market.
- A conforming home loan is one that meets these size restrictions and other criteria.
- A non-conforming or jumbo mortgage loan is one that exceeds the size limits for the county in which the home is located.
Conforming loan limits vary by county because they are based on median home prices. In Seattle, and for all of King County, the 2020 loan limit for a single-family home is $741,750. Anything above this amount would be considered a jumbo mortgage loan in Seattle. (Here are the limits for all counties in Washington.)
As with other types of home loans, jumbo products are available with different terms and rate structures. Our website shows you the current Seattle jumbo mortgage rates for a variety of options, including the popular 30-year fixed home loan, the 15-year fixed, the 5-year adjustable (ARM) loan, and more.
Factors That Can Influence Your Mortgage Rate
The rates and APRs shown on our Seattle jumbo loan page offer detailed insight into current mortgage pricing. But the rate you receive might vary, based on a variety of factors.
Here are some of the things that can influence the interest rate assigned to a jumbo mortgage loan in Seattle:
- Credit scores. Generally speaking, borrowers with higher credit scores tend to qualify for better rates on their loans. This is true for car loans, personal loans and mortgages. A higher score indicates a lower risk to the lender, which in turn can lead to a better mortgage rate.
- Discount points. Some borrowers choose to pay “points” at closing in exchange for a lower mortgage rate. This is basically a form of prepaid interest, where one point equals 1% of the base loan amount. (You’ll find a more detailed explanation of discount points here.) On our Seattle jumbo mortgage rates page, you can see the level of interest applied with or without points.
- Loan amount and LTV. The size of your loan and the amount of money you put down can also affect the rate you receive for a jumbo loan — or any other mortgage product, for that matter.
As you can see, there are several variables that can influence your borrowing costs. So the best way to move forward is to get a rate quote tailored to your specific situation.
Need a loan? Will you need mortgage financing to buy a home in Seattle? We can help. Sammamish Mortgage has been serving buyers across the Pacific Northwest for more than 25 years. We offer a wide variety of mortgage products and programs with flexible qualification criteria. Please contact us today with any financing-related questions you have.