Today’s Refinance Rates: Current 30-Year and 15-Year Mortgage Rates at Chase for May 18

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Today's Refinance Rates: Current 30-Year and 15-Year Mortgage Rates at Chase for May 18Chase (NYSE:JPM), which is an established loan provider in the U.S., updated its mortgage information for Monday, May 18. For the latest details on the bank’s mortgage rates and APRs, please check the data below. This bank advertises 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 mortgage, may find some ideal loan packages at this financial institution.

Chase Home Purchase Rates

30-Year Fixed-Rate Mortgage: 3.750%, 1.000 discount points, 3.832% APR
15-Year Fixed-Rate Mortgage: 3.125%, 0.750 discount points, 3.233% APR
7/1 Adjustable Rate Mortgage (ARM): 3.000%, 1.125 discount points, 3.088% APR
5/1 Adjustable Rate Mortgage (ARM): 2.750%, 1.000 discount points, 2.991% APR

Chase Refinance Rates

30-Year Fixed-Rate Mortgage: 4.000%, 1.000 discount points, 4.083% APR
15-Year Fixed-Rate Mortgage: 3.250%, 0.875 discount points, 3.376% APR
7/1 Adjustable Rate Mortgage (ARM): 3.250%, 1.125 discount points, 3.205% APR
5/1 Adjustable Rate Mortgage (ARM): 2.875%, 1.125 discount points, 3.045% 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.

► Compare Today’s Mortgage Rates and Find The Best Loans

Switching to mortgage application activity, the Mortgage Bankers Association (MBA) published the results of its latest weekly survey last Wednesday. According to the MBA’s data, the Market Composite Index, which measures overall mortgage application activity, declined 3.5% on a seasonally adjusted basis in the week ended May 8. Loan applications for mortgage refinancing dipped 6%, according to the organization’s data. The Purchase Index headed lower 0.2% in the said period. The refinance share of total mortgage applications declined to 51% from the previous 53%, according to the latest data.

On the other hand, the share of ARMs rose to 6.3%. The MBA’s weekly survey also showed, that the FHA share of total mortgage applications ticked down to 13.8% from the former 14% that it carried before. Now, the share of VA loan applications remained steady at 11.9%, according to the weekly survey. The share of USDA mortgage applications climbed in the said period, these type of loans account for 0.9% of all mortgage applications.

The average contract interest rate on the 30-year fixed mortgage advanced by 7 basis points to 4%, according to the MBA. As far as the 15-year FRM is concerned, the average rate is standing at 3.23%, an increase of 4 basis points, according to the MBA’s data.

Freddie Mac, which is based in McLean, VA, announced last Thursday, that the average rate on the 30-year fixed loan jumped to 3.85% from the previous 3.80%. Meanwhile, the interest rate on the shorter-term 15-year fixed mortgage increased to 3.07% last week. A week earlier this type of mortgage loan was hovering at a rate of 3.02%, according to the housing giant.

Bankrate also disclosed its weekly mortgage survey, which showed that the interest rate on the 30-year conventional loan headed higher to 4.01% last week. The interest rate on the shorter-term, 15-year mortgage ticked up at 3.22%, according to the survey. The current rate on the 5/1 adjustable rate mortgage drifted lower in Bankrate’s latest survey, this type of mortgage is now hovering at 3.17%.

For further 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 visit the lender’s website.