Chase Bank (NYSE: JPM) is an established U.S. mortgage lender, which advertises numerous home purchase and refinance loans for interested borrowers. Please, note that the annual percentage rate (APR) calculations were made using closing costs and discount points, assuming that the borrower will pay 1.00% of the total loan amount in origination fees. The lender’s latest mortgage interest rates for January 1, 2014 are discussed below.
By browsing through Chase’s several mortgage loan options, borrowers can find the long-term 30-year fixed rate conventional mortgage package, which is available at 4.625% as of Wednesday. The loan is coupled with an annual percentage rate of 4.668%. Others, who believe the 15-year fixed home purchase loan is a more suitable option and able to meet the lender’s credit standards, can expect to pay 3.750% in interest for this type of loan. The corresponding APR variable stands at 3.878%.
Potential customers, who are looking for mortgage refinancing options, will find a number of favorable loan offers at this lender, including the 30-year fixed refinance package which is on the books at 4.625% and bears an APR variable of 4.744%. Borrowers looking to refinance with the help of Chase’s 15-year fixed rate loan, will see this mortgage being advertised at 3.750% and it carries an APR variable of 3.897%.
Adjustable rate mortgage (ARM) loans can also be useful for borrowers who need more flexibility with interest rates. These loans come with a fixed interest rate period, after which the mortgage rate is adjusted depending on prevailing market interest rates at the time of the reset.
Chase’s 7/1 ARM home purchase mortgage bears 3.750% in interest and an APR of 3.353% while the 5/1 version of this type of loan can be locked in at a rate of 3.250% and an effective APR variable of 3.094%.
Turning attention to flexible home refinancing options, Chase’s 7/1 ARM is available at a rate of 3.875%. This mortgage loan bears an APR sum of 3.423%. As for the 5/1 ARM home refinance loan, interested mortgage shoppers can expect to pay a rate of 3.500%, while the APR stands at 3.172%.
The mortgage rate quotes given are liable to change without notice and can vary when the loan is approved or the funds are disbursed. Contact the loan officer in charge or check the lender’s website for more information on the latest mortgage rates.