Top U.S. lender, Chase (NYSE:JPM) disclosed the updated mortgage information for its conventional loans on Thursday, October 16. Details on 30-year and 15-year home mortgage loans, discount points and annual percentage rates (APRs) are discussed below.
This financial institution provides attractive mortgage 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 ideal loan packages at this bank.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.875%, 0.750 discount points, 3.937% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.250 discount points, 3.180% APR
7/1 Adjustable Rate Mortgage (ARM): 3.000%, 0.875 discount points, 2.933% APR
5/1 Adjustable Rate Mortgage (ARM): 2.875%, 1.000 discount points, 2.871% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 4.000%, 1.125 discount points, 4.093% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.125 discount points, 3.287% APR
7/1 Adjustable Rate Mortgage (ARM): 3.125%, 0.875 discount points, 2.991% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 0.875 discount points, 2.904% 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) released the results of its latest weekly mortgage survey on Wednesday. According to the MBA’s data, mortgage application activity in the U.S. increased 5.6% in the week ended October 10. More Americans decided to file applications for mortgage refinancing, as the Refinance Index edged up 11% in the said period. With regards to home purchase applications, the Purchase Index declined 1%. The refinance share of total mortgage applications surged to 59%, the MBA said.
In other news, Virgina-based company, Freddie Mac published its weekly national mortgage survey this week, which showed, that the 30-year fixed loan averaged a rate of 3.97%, a lower rate by 15 basis points compared to the prior week’s data. On the other hand, the average interest rate on the 15-year FRM eased to 3.18% this week, according to the housing-finance company’s data.
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.