Mortgage rates have been holding firm at U.S. financial institution, Chase (NYSE:JPM) in the first half of the week, the lender’s updated mortgage information showed. On Wednesday, the 30-year fixed conventional home loan is quoted at a rate of 4.125% at this lender. A shorter-term alternative, the 15-year fixed home loan can be secured at a rate of 3.375%. Individuals, who consider more flexible loan options, may want to take a look at Chase’s 7/1 adjustable rate mortgage (ARM), as it carries a competitive rate in the form of 3.250%. Under its home loan program, the lender advertises the 5-year ARM for as low as 3.125% on Wednesday.
Moving on to today’s refinance rates at this bank, the standard 30-year home refinance loan demands 4.250% in interest, according to the latest data. As far as the 15-year FRM is concerned, the interest rate has remained frozen at 3.500% this mid-week. Switching to flexible home refinancing options, the 7/1 adjustable rate loan can be locked in at a rate of 3.375% at Chase. With regards to the 5/1 ARM, it’s coming out at a rate of 3.250%. For further details on Chase’s current mortgage interest rates, please check the data below.
Chase offers excellent mortgage rates under both its home purchase and refinance programs, so those who are looking to invest either in a new / used home or to refinance an existing mortgage, may find some suitable loan products at this financial institution.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.125%, 1.125 discount points, 4.219% APR
15-Year Fixed-Rate Mortgage: 3.375%, 1.000 discount points, 3.520% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 1.125 discount points, 3.069% APR
5/1 Adjustable Rate Mortgage (ARM): 3.125%, 1.125 discount points, 2.968% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 4.250%, 0.875 discount points, 4.324% APR
15-Year Fixed-Rate Mortgage: 3.500%, 0.750 discount points, 3.609% APR
7/1 Adjustable Rate Mortgage (ARM): 3.375%, 1.125 discount points, 3.127% APR
5/1 Adjustable Rate Mortgage (ARM): 3.250%, 1.000 discount points, 3.002% 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.
As far as U.S. mortgage applications are concerned, the Mortgage Bankers Association (MBA) published the results of its latest weekly mortgage survey on Wednesday. According to the MBA’s data, mortgage application activity in the U.S. dived 2.7% in the week ended August 8. Less Americans decided to file applications for mortgage refinancing, as the Refinance Index plummeted 4% in the said period. With regards to home purchase applications, the Purchase Index edged down 1%. The refinance share of total mortgage applications decreased to 54%, the MBA reported.
In other news, Virgina-based mortgage finance company, Freddie Mac disclosed its weekly national mortgage survey, which showed, that the 30-year fixed loan averaged a rate of 4.14% last week, a 2 basis points uptick compared to the prior week’s data. On the other hand, the 15-year FRM averaged 3.27% last week, a 4 basis points increase compared to the previous week’s rate level, Freddie Mac said.
More details on Chase’s current mortgage interest rates, as well as information on loan assumptions and borrowing terms and conditions can be found on the bank’s website.