Mortgage Interest Rates Today: Bank of America and Chase Mortgage Rates for October 24

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Current Mortgage Rates at Chase and Bank of America for October 24Mortgage rates on conventional home purchase and refinance loans were updated by major U.S. lenders, Chase (NYSE:JPM) and Bank of America (NYSE:BAC)), for Friday, October 24. For information on the banks’ most up-to-date mortgage interest rates, discount points and annual percentage rates (APRs), please check the data below.

These mortgage originators provide attractive interest rates under their 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 mortgagee packages at these lenders.

Bank of America Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.875%, 0.686 discount points, 4.022% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.704 discount points, 3.380% APR

Bank of America Refinance Rates

30-Year Fixed-Rate Mortgage: 4.000%, 1.118 discount points, 4.184% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.959 discount points, 3.543% APR

Chase Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.875%, 1.250 discount points, 3.978% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.250 discount points, 3.305% APR
7/1 Adjustable Rate Mortgage (ARM): 3.125%, 1.000 discount points, 3.001% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 1.000 discount points, 2.914% APR

Chase Refinance Rates

30-Year Fixed-Rate Mortgage: 4.125%, 0.625 discount points, 4.177% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.125 discount points, 3.413% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 1.000 discount points, 3.059% APR
5/1 Adjustable Rate Mortgage (ARM): 3.125%, 0.875 discount points, 2.948% APR

Please, bear in mind, that the present 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.

► Compare Today’s Mortgage Rates and Find The Best Loans

Shifting to national mortgage application volume, the Mortgage Bankers Association (MBA) released the results of its weekly survey on Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, surged 11.6% on a seasonally adjusted basis in the week ended October 17. Loan applications for mortgage refinancing soared 23% and reached its highest level since November 2013, according to the MBA’s survey. The Purchase Index, on the other hand, dropped 5%. The refinance share of total mortgage applications increased to 65%, the highest level since December 2013,from the previous 59% that it held, the MBA reported. On the other hand, the share of ARMs moved up to 9.4% from the previous 8% that it held in the prior week. This marks the highest share of ARMs since June 2008.

The average contract interest rate on the 30-year fixed mortgage declined by 10 basis points to 4.10%, according to the MBA. As far as the 15-year FRM is concerned, the average rate decreased to 3.28% from 3.41%, the MBA’s survey showed.

Government-sponsored housing finance company, Freddie Mac published the results of it weekly mortgage survey on Thursday, which revealed that the average rate on the 30-year fixed mortgage headed lower to 3.92%. A week earlier the aforementioned mortgage loan averaged 3.97%. The current mortgage rate is the lowest since June 6, 2013. On the other hand, the average rate on the shorter-term 15-year fixed mortgage ticked down to 3.08% this week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate improved to 2.91%. The average rate on the 1-year ARM looks slightly less attractive this week, as it rose to 2.41%, according to Freddie Mac’s national weekly survey.

For further details on the latest home purchase and refinance mortgage interest rates at Bank of America and Chase, as well as information on borrowing terms and conditions and loan assumptions, please visit the banks’ websites.