30-Year and 15-Year Mortgage Rates: Current Home Loans and Refinance Rates at Chase for May 11

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30-Year and 15-Year Mortgage Rates: Current Home Loans and Refinance Rates at Chase for May 11American home loan provider, Chase (NYSE:JPM) updated its mortgage information for May 11, 2015, which is discussed below. This financial institution offers attractive interest rates under both its home purchase and refinance loan programs, so those who are looking to invest either in a new / used home or to refinance an existing loan, may find some ideal loans at this bank.

Chase Home Purchase Rates

30-Year Fixed-Rate Mortgage: 4.000%, 1.000 discount points, 4.083% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.000 discount points, 3.395% APR
7/1 Adjustable Rate Mortgage (ARM): 3.375%, 1.000 discount points, 3.253% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 1.125 discount points, 3.088% APR

Chase Refinance Rates

30-Year Fixed-Rate Mortgage: 3.750%, 1.250 discount points, 3.853% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.870 discount points, 3.251% APR
7/1 Adjustable Rate Mortgage (ARM): 3.125%, 1.000 discount points, 3.136% APR
5/1 Adjustable Rate Mortgage (ARM): 2.875%, 0.875 discount points, 3.025% APR

It should be noted, that the current mortgage interest rates may vary without prior notice from the lender and are subject to change based on location, geography and other terms and conditions. The annual percentage rates (APR) were made based on discount points, origination fees, average loan fees and closing costs.

► Compare Today’s Mortgage Rates and Find The Best Loans

In other mortgage-related news, the Mortgage Bankers Association (MBA) disclosed the results of its latest weekly survey during the past week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, edged down 4.6% on a seasonally adjusted basis in the week ended May 1. Loan applications for mortgage refinancing slipped 8%, according to the organization’s data. The Purchase Index soared 2% in the said period. The refinance share of total mortgage applications fell to 53% from the previous 55%, according to the MBA’s survey.

On the other hand, the share of ARMs surged to 6.1%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 14.0% from the former 13.7% that it carried before. Now, the share of VA loan applications surged to 11.9%, according to the weekly survey. The share of USDA mortgage applications hasn’t changed in the said period, these type of loans account for 0.8% of all mortgage applications.

The average contract interest rate on the 30-year fixed mortgage headed higher by 8 basis points to 3.93%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is hovering at 3.19%, an uptick of 5 basis points, according to the MBA’s data.

Freddie Mac, which is based in McLean, VA, said last Thursday, that the average rate on the 30-year fixed mortgage surged to 3.80% from the former 3.68%. In addition, the interest rate on the shorter-term 15-year fixed loan drifted higher to 3.02% during the past week. A week earlier this type of mortgage loan averaged a rate of 2.94%, according to the firm.

A different company, Bankrate also disclosed its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage headed higher to 3.99% last week. The interest rate on the shorter-term, 15-year mortgage rose at 3.17%, according to the the latest data. The interest rate on the 5/1 ARM moved higher in Bankrate’s latest survey, this type of mortgage is now hovering at 3.19%.

For more details on the latest home purchase and refinance mortgage interest rates at Chase, as well as information on borrowing terms and conditions and loan assumptions, please see the financial institution’s website.