30 year jumbo mortgage rates Meaning and Definition

Pronunciation

(/ˈθɪrti ˈdʒʌmbə ˈmɔrɡɪdʒ rɪts/) 🔊

Part of Speech

Noun phrase

Definition

A type of mortgage loan that has a loan amount above the conforming loan limit set by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac), typically with a fixed interest rate and a repayment period of 30 years.

Etymology

The term “jumbo mortgage” originated in the 1980s to describe mortgage loans that exceeded the conforming loan limits set by Fannie Mae and Freddie Mac. The term “30 year” refers to the loan’s repayment period.

Usage Notes

30 year jumbo mortgage rates are typically used for high-value properties, such as luxury homes or commercial buildings. They are often used by borrowers who need a loan amount exceeding the conforming loan limit or those who prefer a longer repayment period.

Cultural References

30 year jumbo mortgage rates are a common topic of discussion in real estate and financial news outlets, such as The New York Times, Forbes, and CNN.

Idiomatic Expressions or Phrases

“Interest rate”; “credit score”; “credit report”; “mortgage broker”; “mortgage insurance”

Related Words or Phrases

• Conforming loan
• federal housing administration (FHA) loan
• US Department of Veterans Affairs (VA) loan

Collocations

• 30 year jumbo mortgage rates are used for real estate investment
• The interest rate on 30 year jumbo mortgage rates is higher than conforming loans

Frequency of Use

30 year jumbo mortgage rates are commonly used in financial discussions, but they may not be as widely used in everyday conversation.

Common Misspellings

thirty year jumbo mortgage rates, 30 year jumbo mortgag rates, 30 year jumbo mortgages rates