Top U.S. financial institution, Chase (NYSE:JPM) disclosed the updated mortgage information for its conventional loans on February 17, 2015. Details on 30-year and 15-year fixed rate loans, discount points and annual percentage rates (APRs) are listed below. Chase 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 loan options at this financial institution.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.875 discount points, 3.821% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.125 discount points, 3.413% APR
7/1 Adjustable Rate Mortgage (ARM): 3.500%, 1.000 discount points, 3.244% APR
5/1 Adjustable Rate Mortgage (ARM): 3.250%, 1.125 discount points, 3.094% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 4.125%, 1.250 discount points, 4.230% APR
15-Year Fixed-Rate Mortgage: 3.750%, 1.000 discount points, 3.897% APR
7/1 Adjustable Rate Mortgage (ARM): 4.375%, 1.000 discount points, 3.665% APR
5/1 Adjustable Rate Mortgage (ARM): 4.000%, 1.125 discount points, 3.362% 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.
Switching to mortgage application activity, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey last week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, dropped 9% on a seasonally adjusted basis in the week ended February 6. Loan applications for mortgage refinancing tumbled 10%, according to the organization’s data. The Purchase Index sank 7%. The refinance share of total mortgage applications dipped to 69% from 71%, according to the latest data.
On the other hand, the share of ARMs soared to 5.7%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications increased to 14.1% from the former 13.1% that it carried before. Now, the share of VA loan applications slipped to 8.3%, according to the weekly survey. The share of USDA mortgage applications rose, these type of loans account for 0.7% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage moved up by 5 basis points to 3.84%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.15%, an increase of 1 basis point, according to the MBA’s survey.
Freddie Mac, which is based in McLean, VA, announced last week, that the interest rate on the 30-year fixed loan escalated to 3.69% from the previous 3.59%. In addition, the interest rate on the shorter-term 15-year fixed mortgage edged up to 2.99% last week. Previously this type of mortgage loan was hovering at a rate of 2.92%, according to the firm.
Consumer financial services company, Bankrate also disclosed its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan advanced at 3.90% last week. The interest rate on the shorter-term, 15-year mortgage escalated by 5 basis point to 3.17%, according to the the latest data. The interest rate on the 5/1 adjustable rate mortgage jumped in the company’s survey, this type of mortgage is now coming out at 3.32%.
For further 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 visit to the bank’s website.