If you’re looking for a home and need a larger-than-conforming ,ortgage, you’re a jumbo borrower, defined as one needing a loan for more than $417,000 in most places or $625,500 in some high-price markets.

Over the past 5 years, there have been big questions about jumbo loans’ availability and affordability. Now we observe that things are changing.

Rates for Jumbo and Conforming Loans Are Closest in Years

“Our jumbo and conforming rates are neck and neck both on the fixed and the ARM,” said Cyndee Kendall, a Bank of the West senior vice president in the San Francisco Bay area. “There’s next to no difference between the two.”

Here in New Jersey, we’ve seen our clients get relatively easier access to Jumbo loans over the past two years. And while interest rates have indeed increased, it’s nice to see the rate gap between conventional and jumbo loans decrease.