American lender, Chase (NYSE:JPM) updated its mortgage information for Wednesday, March 25, which is discussed below. This bank advertises excellent 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 suitable loan solutions at this lender.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 0.875 discount points, 3.571% APR
15-Year Fixed-Rate Mortgage: 2.750%, 1.000 discount points, 2.893% APR
7/1 Adjustable Rate Mortgage (ARM): 3.000%, 1.000 discount points, 3.078% APR
5/1 Adjustable Rate Mortgage (ARM): 2.875%, 0.875 discount points, 3.025% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 3.750%, 1.250 discount points, 3.853% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.875 discount points, 3.376% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 1.125 discount points, 3.205% APR
5/1 Adjustable Rate Mortgage (ARM): 3.125%, 0.875 discount points, 3.112% 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.
Looking at national mortgage news, the Mortgage Bankers Association (MBA) published the results of its latest weekly survey on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, rose 9.5% on a seasonally adjusted basis in the week ended March 20. Loan applications for mortgage refinancing climbed 12%, according to the organization’s data. The Purchase Index improved 5%. The refinance share of total mortgage applications moved up to 61% from the previous 59%, according to the MBA’s survey.
On the other hand, the share of ARMs increased to 5.8%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications declined to 13.3% from the previous 14.3% that it carried before. Now, the share of VA loan applications decreased to 10.1%, according to the weekly survey. The share of USDA mortgage applications edged down 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 ticked down by 9 basis points to 3.90%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.22%, a decrease of 6 basis points, according to the MBA’s survey.
Freddie Mac, which is based in McLean, VA, announced last Thursday, that the interest rate on the 30-year fixed mortgage improved to 3.78% from the former 3.86%. In addition, the average rate on the shorter-term 15-year fixed mortgage decreased to 3.06% last week. Previously this type of mortgage loan was hovering at a rate of 3.10%, 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 dropped to 3.91% last week. The interest rate on the shorter-term, 15-year mortgage improved by 3 basis points to 3.15%, according to the survey. The current rate on the 5/1 adjustable rate mortgage dropped in the company’s survey, this type of loan is now coming out at 3.20%.
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 see the financial institution’s website.