Mortgage Rates: Chase Bank Neck and Neck with Wells Fargo, Bank of America
Chase bank (NYSE:JPM) is offering rock bottom mortgage rates today, most of which are actually down on yesterday’s rates which were already hugely attractive.
30 year fixed-rate loans are being offered at 4.250% with an APR of 4.324%. This is the same 30 year rate offered by Wells Fargo and Bank of America today. The highly popular 15 year fixed-rate term for new purchase is down to 3.250%, yielding a 3.431% APR today.
7/1 LIBOR ARM loans can be taken out with an interest rate of 2.625% amounting to an APR of 2.952%, while the 5/1 LIBOR ARM option today sits at 2.250%, with an APR of 2.870%.
With regard to refinance options, 30 year fixed rate loans are today being offered at a lower rate of 4.375%, with an APR of 4.481%, while 15 year refinance loans on the other hand are being provided at the same 3.625% with an APR of 3.753%.
The 7/1 ARM option for refinancing today sits at 2.625% with an APR of 2.942%, while the 5/l ARM option is unchanged at 2.250% with an APR of 2.861%.
A number of gradual but noticeable rises in mortgage rates have been predicted for the coming weeks, though seem to have been somewhat counteracted by other factors. While reports suggest the economy may not be quite in the horrific state initially predicted for the end of August, dwindling home sales and lack of consumer confidence have once again kept interest rates at record lows.
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