Mortgage interest rates are on the rise for the second straight day at U.S. financial institution, Chase (NYSE:JPM), according to the latest data. One of the home loan packages which experienced uptick in interest rate today is the 15-year conventional mortgage. Currently, this type of loan carries a rate of 3.500%, an increase of 0.125% compared to yesterday’s rate quote (3.375%). The standard 30-year fixed home purchase loan remained stable at 4.250%. Turning attention to Chase’s flexible ARMs, the 7/1 adjustable rate home loan is currently offered at a rate of 3.375%. In case of the 5/1 ARM, the current mortgage interest rate hovers at 3.250% on Tuesday.
Besides home loans, Chase also provides mortgages home refinancing purposes. The long-term, 30-year refinance loan, which has a fixed interest rate, is available today at a rate of 4.500%. The bank hasn’t made any adjustments to the 15-year fixed rate loan on Tuesday, as it’s coming out at 3.500%. Looking at flexible home refinancing options, the 7-year ARM is published at a rate of 3.500%, a slightly higher interest rate than the former 3.375% that it held on Monday. On the other hand, Chase’s 5-year adjustable rate loan, which can be used for mortgage refinancing, has a daily low rate at 3.250%. For more details on the lender’s current home purchase and refinance mortgage 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 ideal loans at this lender.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.250%, 1.125 discount points, 4.345% APR
15-Year Fixed-Rate Mortgage: 3.500%, 0.875 discount points, 3.627% APR
7/1 Adjustable Rate Mortgage (ARM): 3.375%, 1.000 discount points, 3.118% APR
5/1 Adjustable Rate Mortgage (ARM): 3.250%, 0.875 discount points, 2.992% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 4.500%, 0.875 discount points, 4.575% APR
15-Year Fixed-Rate Mortgage: 3.500%, 1.250 discount points, 3.682% APR
7/1 Adjustable Rate Mortgage (ARM): 3.500%, 0.875 discount points, 3.166% APR
5/1 Adjustable Rate Mortgage (ARM): 3.250%, 1.125 discount points, 3.012% 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. declined 1.6% in the week ended April 4. Less Americans decided to file applications for mortgage refinancing, as the Refinance Index edged down 5% in the said period. With regards to home purchase applications, the Purchase Index increased 3%. The refinance share of total mortgage applications decreased to 51%, the MBA said.
In other news, national average mortgage rates fell last week, according to Virgina-based mortgage finance company, Freddie Mac. The 30-year fixed mortgage averaged a rate of 4.34% last week, an downtick of 7 basis point compared to the previous 4.41% that it held in the prior week. The 15-year FRM averaged 3.38% last week, improving by 9 basis points since the previous data, Freddie Mac reported last Thursday.
Further 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 lender’s website.