Mortgage rates dipped today in the U.S., as tensions in Ukraine intensified further. This has affected the stock market, which slumped throughout the day, whilst bonds have rallied. Demand for mortgage-backed securities (MBA) increased and consequently MBS price rose and interest rates fell.
The updated mortgage rate sheet at major lender, Chase (NYSE:JPM) shows some lower interest rates across its loan packages on Thursday. Under its home loan program, the 30-year fixed mortgage is quoted at a rate of 4.250%, down by 0.125% compared to Wednesday’s rate quote. The 15-year fixed rate conventional loan is published at 3.375%, sinking from the previous rate of 3.500% that it held before. However, not only fixed conventional loans improved today, as Chase’s adjustable rate mortgages (ARMs) are advertised at lower levels as well. For instance, the 7/1 ARM home loan now starts at 3.250%, tumbling from 3.375% that it carried a day earlier. The 5-year ARM, for home purchase, is available at a rate of 3.000%, according to Chase’s data.
Heading over to the refinance loan arena, the long-term, 30-year fixed mortgage can be locked in and taken out at a rate of 4.375%, a slight downtick in basis points. The 15-year FRM, which is a popular refinance loan, hasn’t seen any changes today, it’s currently advertised at a rate of 3.500%. As far as flexible home refinancing options are concerned, the 7/1 ARM ticked down, with the interest rate now hovering at 3.375%. The 5/1 bears a lower mortgage interest rate as well, as it can be obtained at a rate of 3.125% on Thursday. For more information on today’s home loans and refinance mortgages, please check the details below.
Chase offers excellent mortgage rates under both its home purchase and refinance programs, so those who are looking to invest either in a new / used home or to refinance an existing loan, may find some suitable mortgages at this bank.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 4.250%, 1.000 discount points, 4.334% APR
15-Year Fixed-Rate Mortgage: 3.375%, 1.375 discount points, 3.575% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 1.250 discount points, 3.079% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 1.125 discount points, 2.924% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 4.375%, 1.375 discount points, 4.492% APR
15-Year Fixed-Rate Mortgage: 3.500%, 0.750 discount points, 3.609% APR
7/1 Adjustable Rate Mortgage (ARM): 3.375%, 1.125 discount points, 3.127% APR
5/1 Adjustable Rate Mortgage (ARM): 3.125%, 1.000 discount points, 2.958% 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) announced the results of its latest weekly mortgage survey earlier on Wednesday. According to the MBA’s data, mortgage application activity in the U.S. tumbled 2.1% in the week ended March 7. Less Americans decided to file applications for mortgage refinancing, as the Refinance Index fell 3% in the said period. With regards to home purchase applications, the Purchase Index ticked down 1%. The refinance share of total mortgage applications sank to 57%, the MBA reported.
In other news, national average mortgage rates increased this week, according to Virgina-based mortgage finance company, Freddie Mac. The 30-year fixed mortgage averaged a rate of 4.37% this week, climbing 9 basis points compared to the previous 4.28% that it held in the prior week. The 15-year FRM averaged 3.38% this week, an increase of 6 basis points since last week’s data, Freddie Mac reported on Thursday.
Additional details on Chase’s current mortgage interest rates, as well as information on loan assumptions and borrowing terms and conditions can be found on the lender’s website.