Definition: Mortgage jumbo rates are high interest rates that are applied to mortgages, which typically involve a large amount of equity in the home's value. These higher rates can make it more expensive for borrowers to purchase or refinance a house. The term 'mortgage jumbo rates' is used to describe an increased interest rate for home loans, specifically for those who have high equity or are trying to refinance their mortgage with a larger loan amount than the original loan was.
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