American financial institution, Chase (NYSE:JPM) updated its mortgage information for Monday, January 26, which is discussed below. Chase provides 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 suitable mortgages at this lender.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.625%, 1.250 discount points, 3.727% APR
15-Year Fixed-Rate Mortgage: 3.250%, 1.125 discount points, 3.413% APR
7/1 Adjustable Rate Mortgage (ARM): 3.125%, 1.125 discount points, 3.079% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 0.875 discount points, 2.986% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 3.875%, 0.875 discount points, 3.947% APR
15-Year Fixed-Rate Mortgage: 3.375%, 1.000 discount points, 3.520% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 1.125 discount points, 3.137% APR
5/1 Adjustable Rate Mortgage (ARM): 3.000%, 1.125 discount points, 3.006% 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.
Switching to mortgage application activity, the Mortgage Bankers Association (MBA) released the results of its latest weekly survey last week. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, surged 14.2% on a seasonally adjusted basis in the week ended January 16. Loan applications for mortgage refinancing escalated 22%, according to the organization’s data. The Purchase Index declined 3%. The refinance share of total mortgage applications rose to 74%, according to the latest data.
On the other hand, the share of ARMs ticked up to 6.4%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications grew to 8.0% from the former 7.5% that it carried before. Now, the share of VA loan applications plummeted to 9.4%, according to the weekly survey. The share of USDA mortgage applications decreased, these type of loans account for 0.6% of all mortgage applications.
The average contract interest rate on the 30-year fixed mortgage declined by 9 basis points to 3.80%, according to the MBA. As far as the 15-year FRM is concerned, the average rate came in at 3.10%, an improvement of 6 basis points, according to the MBA’s survey.
Mortgage-finance company, Freddie Mac said last week, that the average rate on the 30-year fixed loan ticked down to 3.63% from the previous 3.66%. Meanwhile, the interest rate on the shorter-term 15-year fixed loan dipped to 2.93% last week. Previously this type of mortgage loan averaged a rate of 2.98%, according to Freddie Mac.
Consumer financial services company, Bankrate also disclosed its weekly mortgage survey, which revealed that the interest rate on the 30-year conventional loan inched up to 3.81% last week. Currently, the interest rate on the 30-year mortgage is 1 basis point higher compared to data from a week earlier. The rate on the shorter-term, 15-year mortgage increased by 7 basis points to 3.18%, according to the the latest data. The current rate on the 5/1 adjustable rate mortgage also escalated in the company’s survey, this type of loan is now coming out at 3.19%.
For additional 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 check the lender’s website.