U.S. top mortgage lender, Chase (NYSE:JPM) has lowered the interest rate on the 30-year fixed mortgage for home refinancing to 3.625% this Monday. Those, who head over to this lender, will also see other attractive mortgage loan packages being offered, like the 15-year fixed refinance deal, which carries 2.750% in interest. As for more flexible options, the 7/1 ARM is coming out at 2.625%, while the 5/1 adjustable rate mortgage can be had at 2.375%. We haven’t noticed significant changes in home purchase rates. The current mortgage rates look competitive compared to rates from other big lenders like Bank of America (NYSE:BAC), Branch Banking and Trust (NYSE:BBT) and Citi Mortgage (NYSE:C). 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 mortgage, may find some suitable mortgage loan options at this bank.
Chase Home Purchase Rates
30-Year Fixed-Rate Mortgage: 3.500%, 1.125 discount points, 3.591% APR
15-Year Fixed-Rate Mortgage: 2.750%, 0.875 discount points, 2.875% APR
5/1 Adjustable Rate Mortgage (ARM): 2.125%, 1.125 discount points, 2.789% APR
7/1 Adjustable Rate Mortgage (ARM): 2.375%, 1.125 discount points, 2.805% APR
Chase Refinance Rates
30-Year Fixed-Rate Mortgage: 3.625%, 1.250 discount points, 3.727% APR
15-Year Fixed-Rate Mortgage: 2.750%, 0.875 discount points, 2.875% APR
5/1 Adjustable Rate Mortgage (ARM): 2.375%, 1.000 discount points, 2.865% APR
7/1 Adjustable Rate Mortgage (ARM): 2.625%, 0.875 discount points, 2.899% 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 last week, that the rate on the 30-year fixed loan inched lower to 3.51%. A week earlier this loan carried a rate of 3.56%. The average rate on the 15-year FRM slipped to 2.76% rate last week, Freddie Mac reported.
With regards to US mortgage application activity, an industry group reported last Wednesday, that the Market Composite Index, which measures home purchase and refinance applications, decreased 3.8% in the week ended February 22. The seasonally adjusted Refinance Index was down 3.3%, while purchase activity dipped 5.2%, 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 see the lender’s website.
