Chase Bank Mortgage Rates Today
Chase Bank is currently quoting mortgage rates of a similar leve to the nation’s other biggest lenders, offering 30 year fixed-rate loans at 4.125% yielding an APR of 4.230%. The popular 15 year fixed-rate loan options for new purchases are 3.375% with a 3.502% APR today.
7/1 LIBOR ARM adjustable loans for new homes are measuring in at 2.625% with a 2.948% APR, while 5/1 LIBOR ARM examples are set at 2.250% with an APR of 2.847%.
Refinance mortgage interest rates at Chase are about the same as those for home purchases. The 30 year fixed-rate refi’s at 4.625% carrying an APR of 4.722%. 15 year fixed refinance mortgage rates are 3.875% with a 4.041% APR.
The 7/1 ARM for refinancing loans is at 2.750% with an APR of 3.006%, while the 5/1 ARM for refinancing loans is at 2.375% with an APR of 2.900.
While recent mortgage rates have been tracking with financial markets in general, banks have there own criteria for deciding whether to follow the general mortgage security market. One such factor has been the deluge of refinance mortgage applications. Some banks have been so overwhelmed with borrowers seeking to take advantage of the low rates that they have intentionally kept rates high until they can catch up with the current applications.
Unfortunately mortgage application volume is not a problem with home purchases which are down again this month to the lowest levels in quite some time. Low rates and low home prices have not been enough to counteract high unemployment.
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