American financial institution, Chase (NYSE:JPM) updated its mortgage information for Sunday, April 12, which is discussed below. This lender advertises 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 mortgage, may find some ideal loans at this financial institution.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.125 discount points, 3.591% APR
15-Year Fixed-Rate Mortgage: 2.750%, 1.375 discount points, 2.947% APR
7/1 Adjustable Rate Mortgage (ARM): 2.875%, 1.250 discount points, 3.040% APR
5/1 Adjustable Rate Mortgage (ARM): 2.625%, 1.000 discount points, 2.948% 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%, 1.000 discount points, 3.269% APR
7/1 Adjustable Rate Mortgage (ARM): 3.125%, 1.125 discount points, 3.146% APR
5/1 Adjustable Rate Mortgage (ARM): 2.750%, 1.125 discount points, 3.001% 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.
On a different note, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey this week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, increased 0.4% on a seasonally adjusted basis in the week ended April 3. Loan applications for mortgage refinancing dipped 3%, according to the organization’s data. The Purchase Index improved 7%. The refinance share of total mortgage applications slipped to 57% from the previous 60%, according to the latest data.
On the other hand, the share of ARMs decreased to 5.5%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 13.2% from the former 12.8% that it carried before. Now, the share of VA loan applications soared to 10.7%, 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 lower by 3 basis point to 3.86%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.15%, a downtick of 6 basis points, according to the MBA’s survey.
Freddie Mac, which is based in McLean, VA, reported this week, that the interest rate on the 30-year fixed loan improved to 3.66% from the former 3.70%. On the other hand, the average rate on the shorter-term 15-year fixed mortgage declined to 2.93% this week. A week earlier this type of mortgage loan averaged a rate of 2.98%, according to Freddie Mac.
Bankrate also published its weekly mortgage survey, which showed that the interest rate on the 30-year mortgage is holding firm at 3.82% this week. The interest rate on the shorter-term, 15-year mortgage decreased by 2 basis points to 3.04%, according to the survey. The current rate on the 5/1 ARM improved in the company’s survey, this type of loan is now hovering at 3.06%.
For additional 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 take a look at the bank’s website.