A jumbo loan is one way to refinance a high-priced or luxury home. The limit on conforming loans is $832,750 in most areas of the country, but jumbo mortgages can exceed these limits. While jumbo mortgages used to carry higher interest rates than conventional mortgages, the gap has been closing in recent years. Today, the average annual percentage rate (APR) for a jumbo mortgage is often par with conventional mortgages – and in some cases, actually lower.