Navy Federal Credit Union is offering lowered jumbo mortgage rates in response to rising home prices and mortgage rates, the credit union announced.

"Rising home prices, especially in our core markets, are making it more difficult for creditworthy homebuyers," said Katie Miller, vice president of mortgage products at Navy Federal. "We are responding to our members' needs by keeping our jumbos in line with our conforming mortgage rates."

Navy Federal’s new rates on a jumbo, 30-year fixed-rate mortgage are as low as 4.125%, which compares to its previous interest rate of 4.375%. This change will save members looking to purchase a $700,000 home $1,236 on an annual basis.