Chase (NYSE:JPM), which is an established loan provider in the U.S., updated its mortgage information for January 14, 2015. For details on the lender’s current mortgage interest rates and annual percentage rates (APRs), please check the data 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 packages at this financial institution.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.125 discount points, 3.591% APR
15-Year Fixed-Rate Mortgage: 3.000%, 0.750 discount points, 3.107% APR
7/1 Adjustable Rate Mortgage (ARM): 2.875%, 0.875 discount points, 2.943% APR
5/1 Adjustable Rate Mortgage (ARM): 2.750%, 0.875 discount points, 2.900% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 3.625%, 1.125 discount points, 3.717% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.000 discount points, 3.144% APR
7/1 Adjustable Rate Mortgage (ARM): 3.000%, 0.875 discount points, 3.001% APR
5/1 Adjustable Rate Mortgage (ARM): 2.750%, 1.125 discount points, 2.919% 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 total mortgage application activity is concerned, the Mortgage Bankers Association (MBA) disclosed the results of its latest weekly survey this Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, edged up 49.1% on a seasonally adjusted basis in the week ended January 9. Loan applications for mortgage refinancing improved 66%, according to the organization’s data. Similarly, the Purchase Index grew 24%. The refinance share of total mortgage applications climbed to 71%, according to the MBA’s survey.
On the other hand, the share of ARMs ticked up to 5.9%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications tumbled to 7.5% from the former 9.3% that it carried before. Now, the share of VA loan applications plummeted to 9.7%, according to the weekly survey. The share of USDA mortgage applications fell, these type of loans account for 0.8% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage dropped by 12 basis points to 3.89%, according to the MBA. As far as the 15-year FRM is concerned, the average rate came in at 3.16%, an improvement of 8 basis points, according to the MBA’s data.
Virginia-based housing finance company, Freddie Mac announced on Thursday, that the interest rate on the 30-year fixed mortgage ticked down to 3.73% from the previous 3.87%. In addition, the interest rate on the shorter-term 15-year fixed mortgage plummeted to 3.05% last week. A week earlier this type of mortgage loan was hovering at a rate of 3.15%, according to the firm.
Bankrate also released its weekly mortgage survey, which showed that the interest rate on the 30-year mortgage slipped to 3.85% last week. Currently, the interest rate on the 30-year loan is 14 basis points lower compared to data from a week earlier. The rate on the shorter-term, 15-year mortgage decreased by 11 basis points to 3.16%, according to the survey. The current rate on the 5/1 ARM also inched down in the firm’s survey, this type of loan is now standing at 3.20%.
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 look at the financial institution’s website.