Chase Bank, a subsidiary of JPMorgan Chase & Co. (NYSE: JPM), provides home purchase and refinance loan options for borrowers who have strong credit scores. To be eligible for a loan, a borrower must be willing to pay 1.00% of the total loan amount in origination fees and conform to loan terms such as lock-in periods. The updated mortgage interest rates for April 18, 2013 are as follows.
For home purchase loans, the 30-year fixed rate mortgage is still given a rate of 3.375% today but the APR (annual percentage rate) has been increased from 3.465% to 3.485% because of an adjustment in discount points. The shorter-term 15-year fixed rate home purchase loan is still offered at 2.625% interest but the corresponding APR is higher at 2.749%, up from yesterday’s 2.731% APR.
For home refinancing, the 30-year fixed rate loan is quoted at a mortgage rate of 3.625%, higher than the recent 3.5% interest rate quote, for an overall APR of 3.676%. The more affordable 15-year fixed rate home refinance loan can be secured under Chase at an interest rate of 2.625% and an APR of 2.749%, up from the recent 2.731% APR.
ARM (adjustable rate mortgage) alternatives are also available under this bank. These mortgages features a fixed interest rate period for a specified number of years. After that, the interest rate is adjusted to reflect current interest rates during the reset schedule.
The 7/1 ARM home purchase loan is available at a mortgage rate of 2.375% today, higher than the previous day’s 2.25% rate quote, for an equivalent APR of 2.766%. The 5/1 ARM home purchase mortgage can be secured at 2.125% interest and an APR of 2.757%.
Chase’s 7/1 ARM home refinance loan bears an interest rate of 2.625% and the 5/1 ARM home refinance mortgage carries a rate of 2.375%.
The 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 visit the lender’s website for more details.