According to Chase’s (NYSE:JPM) latest published mortgage rate information, interest rates edged higher on a number of home purchase and refinance mortgage deals. Other top mortgage lender like Bank of America (NYSE:BAC), Branch Banking and Trust (NYSE:BBT) and Citi Mortgage (NYSE:C) are also offering higher mortgage rates today. Looking at Chase’s current fixed rate home loan packages, the 30-year fixed conventional loan now bears 3.750% in interest, up from yesterday’s 3.625%. The 15-year fixed home purchase loan follows the same path, as the starting rate on this package now has a higher rate in the form of 2.875%. Turning attention to the more flexible adjustable rate loans, Chase’s 7/1 ARM is now offered at a rate of 2.625%, while the 5/1 ARM is up for grabs at a rate of 2.375%. Mortgage loans for home refinancing are also carrying slightly higher rates today, as it can be seen 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 ideal mortgage loan offerings at this lender.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.750%, 0.750 discount points, 3.811% APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.000 discount points, 3.018% APR
5/1 Adjustable Rate Mortgage (ARM): 2.375%, 0.875 discount points, 2.850% APR
7/1 Adjustable Rate Mortgage (ARM): 2.625%, 1.000 discount points, 2.904% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 1.125 discount points, 3.968% APR
15-Year Fixed-Rate Mortgage: 2.875%, 1.000 discount points, 3.018% APR
5/1 Adjustable Rate Mortgage (ARM): 2.625%, 0.875 discount points, 2.935% APR
7/1 Adjustable Rate Mortgage (ARM): 2.875%, 0.875 discount points, 3.008% 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 national average rates are concerned, Freddie Mac said this Thursday, that the rate on the 30-year fixed loan inched up to 3.52%. A week earlier this loan carried a rate of 3.51%. The average rate on the 15-year FRM was unchanged at 2.76% this week, Freddie Mac reported.
With regards to US mortgage application activity, an industry group reported on Wednesday, that the Market Composite Index, which measures home purchase and refinance applications, increased 14.8% in the week ended March 1. The seasonally adjusted Refinance Index was up 14.8%, while the purchase activity dipped 15%, according to the latest figures from the Mortgage Bankers Association (MBA). The share of refinance applications out of total mortgage activity remained firm at 77%.
For the latest information on current mortgage rates at Chase, as well as details on loan assumptions and borrowing terms and conditions, please take a visit to the lender’s website.
