Mortgage interest rates increased notably on Monday and reached such levels they haven’t seen in two months. According to our observations, several U.S. lenders raised interest rates on their popular mortgage loans today. At major loan provider, Chase (NYSE:JPM), the standard 30-year home loan is now advertised at a higher interest rate in the form of 4.500%. This is a 0.125% increase over the former 4.375% that it carried. The shorter-term, 15-year fixed home purchase loan looks stable on Monday, as it can be secured at a rate of 3.625%. Switching to additional home loans, which come with more interest rate flexibility, the 7/1 ARM hasn’t seen any alterations today, the mortgage rate hovers at 3.500%. On the other hand, the 5-year adjustable rate mortgage is listed at 3.375%, an uptick of a couple of basis points, according to the updated data from the lender.
Borrowers, who visit a local branch of Chase, will see the 30-year fixed refinance mortgage coming out at a rate of 4.625%. The current mortgage interest rate is slightly higher compared to Friday’s rate quote (4.500%). Others, who prefer refinancing over 15 years, can spot Chase’s 15-year FRM being offered at a rate of 3.625%. Interest rate flexibility could be a major factor for some borrowers when selecting a loan. Currently, the 7-year adjustable rate loan, which is a more flexible type of loan than standard conventional mortgages, is published at a rate of 3.625%. Looking at the 5-year ARM, it has a daily low rate at 3.375%. For additional information on today’s 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 loan, may find some suitable loan offerings at this bank.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.500%, 0.625 discount points, 4.553% APR
15-Year Fixed-Rate Mortgage: 3.625%, 1.000 discount points, 3.771% APR
7/1 Adjustable Rate Mortgage (ARM): 3.500%, 1.125 discount points, 3.255% APR
5/1 Adjustable Rate Mortgage (ARM): 3.375%, 0.875 discount points, 3.118% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 4.625%, 0.625 discount points, 4.679% APR
15-Year Fixed-Rate Mortgage: 3.625%, 1.125 discount points, 3.789% APR
7/1 Adjustable Rate Mortgage (ARM): 3.625%, 1.000 discount points, 3.304% APR
5/1 Adjustable Rate Mortgage (ARM): 3.375%, 1.125 discount points, 3.138% 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 last week. According to the MBA’s data, mortgage application activity in the U.S. fell 3.5% in the week ended March 21. Less Americans decided to file applications for mortgage refinancing, as the Refinance Index dipped 7.7% in the said period. With regards to home purchase applications, the Purchase Index improved 2.8%. The refinance share of total mortgage applications declined to 53%, the MBA said.
In other news, national average mortgage rates advanced last week, according to Virgina-based mortgage finance company, Freddie Mac. The 30-year fixed mortgage averaged a rate of 4.40% last week, an uptick of 8 basis points compared to the previous 4.32% that it held in the prior week. The 15-year FRM averaged 3.42% last week, moving up by 10 basis points since the previous data, Freddie Mac reported on Thursday.
Additional details on Chase’s latest mortgage interest rates, as well as information on loan assumptions and borrowing terms and conditions can be found on the financial institution’s website.