Mortgage interest rates on conventional home purchase and refinance loans were updated by top U.S. lender, Chase (NYSE:JPM), for Wednesday, May 27. For information on the financial institution’s latest mortgage interest rates, discount points and annual percentage rates (APRs), please check the data below. This bank offers 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 loan, may find some suitable mortgage products at this financial institution.
Chase Home Purchase 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): 3.000%, 0.875 discount points, 3.068% APR
5/1 Adjustable Rate Mortgage (ARM): 2.750%, 1.125 discount points, 3.001% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 4.000%, 1.125 discount points, 4.093% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.125 discount points, 3.413% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 0.875 discount points, 3.185% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 1.000 discount points, 3.078% 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) 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, declined 1.6% on a seasonally adjusted basis in the week ended May 22. Loan applications for mortgage refinancing dipped 4%, according to the organization’s data. The Purchase Index increased 1% in the said period. The refinance share of total mortgage applications inched down to 51% from the previous 52%, according to the MBA’s survey. On the other hand, the share of ARMs remained intact at 6.4%.
The average contract interest rate on the 30-year fixed mortgage advanced by 3 basis points to 4.07%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.29%, an increase of 3 basis points, according to the MBA’s survey.
Freddie Mac, which is based in McLean, VA, announced last Thursday, that the average rate on the 30-year fixed loan sank to 3.84% from the former 3.85%. Meanwhile, the interest rate on the shorter-term 15-year fixed loan drifted lower to 3.05% last week. A week earlier this type of mortgage loan averaged a rate of 3.07%, according to the housing giant.
Bankrate also published its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan edged up to 4.03% last week. The interest rate on the shorter-term, 15-year mortgage rose at 3.23%, according to the the latest data. The interest rate on the 5/1 ARM soared in Bankrate’s latest survey, this type of loan is now hovering at 3.19%.
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 see the bank’s website.