Mortgage interest rates on conventional home purchase and refinance loans were updated by major U.S. lender, Chase (NYSE:JPM), for January 20, 2015. For information on the financial institution’s most up-to-date mortgage interest rates, discount points and APRs, please check the data below. Chase offers excellent 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 mortgage solutions at this bank.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.625%, 0.875 discount points, 3.696% 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, 3.059% APR
5/1 Adjustable Rate Mortgage (ARM): 2.875%, 1.000 discount points, 2.953% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 3.750%, 1.125 discount points, 3.842% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.000 discount points, 3.394% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 0.875 discount points, 3.117% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 0.875 discount points, 2.986% 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.
In other mortgage-related news, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey last Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, soared 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 climbed 24%. The refinance share of total mortgage applications climbed to 71%, according to the latest data.
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 dipped to 9.7%, according to the weekly survey. The share of USDA mortgage applications decreased, these type of loans account for 0.8% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage improved by 12 basis points to 3.89%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is hovering at 3.16%, an improvement of 8 basis points, according to the MBA’s survey.
Freddie Mac, which is based in McLean, VA, said last Thursday, that the average rate on the 30-year fixed mortgage edged down to 3.66% from the former 3.73%. On the other hand, the interest rate on the shorter-term 15-year fixed mortgage dropped to 2.98% last week. A week earlier this type of mortgage loan averaged a rate of 3.05%, according to the organization.
Consumer financial services company, Bankrate also released its weekly mortgage survey, which revealed that the interest rate on the 30-year mortgage tumbled to 3.80% last week. The current rate on the 30-year loan is 5 basis points lower compared to data from a week earlier. The rate on the shorter-term, 15-year mortgage declined by 5 basis points to 3.11%, according to the the latest data. The current rate on the 5/1 ARM also inched down in the firm’s survey, this type of mortgage is now coming out at 3.09%.
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.