Mortgage Rates Today: 30-Year Mortgage Interest Rates at Bank of America and Chase for October 21

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Current Mortgage Rates Today

Current Mortgage Rates at Bank of America and Chase for October 21Top U.S. lenders, Chase (NYSE:JPM) and Bank of America (NYSE:BAC)) disclosed the updated mortgage information for their conventional loans on Tuesday, October 21. Detailed information on 30-year and 15-year home purchase and refinance loans, discount points and annual percentage rates (APRs) are listed below.

These mortgage originators offer attractive mortgage 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 mortgage, may find some suitable mortgages at these banks.

Bank of America Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.750%, 1.011 discount points, 3.923% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.024 discount points, 3.301% APR

Bank of America Refinance Rates

30-Year Fixed-Rate Mortgage: 4.000%, 0.852 discount points, 4.161% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.054 discount points, 3.430% APR

Chase Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.875%, 0.875 discount points, 3.947% APR
15-Year Fixed-Rate Mortgage: 3.000%, 1.250 discount points, 3.180% APR
7/1 Adjustable Rate Mortgage (ARM): 3.125%, 0.875 discount points, 2.991% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 1.000 discount points, 2.914% APR

Chase Refinance Rates

30-Year Fixed-Rate Mortgage: 4.000%, 1.250 discount points, 4.104% APR
15-Year Fixed-Rate Mortgage: 3.125%, 1.125 discount points, 3.287% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 0.875 discount points, 3.049% 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

Switching to national mortgage activity, the Mortgage Bankers Association (MBA) released the results of its weekly survey last week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, shot up 5.6% on a seasonally adjusted basis in the week ended October 10. Loan applications for mortgage refinancing increased 11%, according to the MBA’s survey. The Purchase Index, on the other hand, fell 1%. The refinance share of total mortgage applications jumped to 59%, the MBA reported. This marks the highest share of refinance applications since February 2014. On the other hand, the share of ARMs edged up to 8% from the previous 7.8% that it held in the prior week.

The average contract interest rate on the 30-year fixed mortgage ticked down by 10 basis points to 4.20%, according to the MBA. As far as the 15-year FRM is concerned, the average rate tumbled to 3.41%, the MBA’s survey revealed.

Last week, government-sponsored housing finance company, Freddie Mac disclosed the results of it weekly mortgage survey, which revealed that the average rate on the 30-year fixed mortgage dipped to 3.97%. A week earlier the aforementioned mortgage loan averaged 4.12%. The current mortgage rate is the lowest since June 20, 2013. On the other hand, the average rate on the shorter-term 15-year fixed mortgage improved to 3.18% last week. With regards to the 5-year Treasury-indexed hybrid adjustable rate loan, the mortgage rate headed lower to 2.92%. The average rate on the 1-year ARM also looks more attractive, as it drifted lower to 2.38%, according to Freddie Mac’s national weekly survey.

For additional 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 take a visit to the banks’ websites.