The home purchase and refinance mortgage rates from Chase Bank, a subsidiary of JP Morgan Chase & Co. (NYSE: JPM), have been updated for September 19, 2013. One must have strong credit standing in order to secure a loan at rock-bottom rate under this bank. There were some adjustments in interest rates and in corresponding annual percentage rate (APR) calculations because of changes in discount rates.
Currently, Chase’s 30-year fixed rate home purchase loan can be locked in at 4.250% with an annual percentage rate set to 4.356%. The 15-year fixed rate loan can be picked up at 3.500% with an APR standing at 3.627%.
Borrowers who are more interested in mortgage refinancing options, will find plenty of loan offers at this financial institution, including the 30-year fixed deal which is listed at 4.500% and has an APR of 4.607%. The 15-year version of this fixed refinance package could be more suitable for certain borrowers, as it starts at 3.500% and bears an APR variable of 3.627% as of Thursday.
In addition, Chase provides adjustable rate mortgage (ARM) loans for borrowers who need more flexibility with interest rates. These loans have a fixed interest rate period, after which the mortgage rate is adjusted to reflect current market rates until the loan’s maturity.
Currently, the flexible 7/1 ARM for home purchase s listed at 3.750% and comes with an APR of 3.363%. As for the 5/1 ARM, it has an interest rate of 3.000% and the deal comes with an APR variable of 2.996%.
As far as mortgage refinancing is concerned, Chase advertises the 7/1 adjustable rate loan at a rate of 3.750% and an APR figure of 3.373%. In case of the 5/1 ARM flexible refinance loan, mortgage shoppers can expect to pay 3.250% in interest and the loan package features an APR of 3.084%.
The interest rate quotes given are liable to change without notice and can vary when the loan is approved or the funds are disbursed. For full details on Chase’s current home purchase and refinance mortgage rates, please take check the lender’s website or contact a loan officer in charge.