JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) conducts its banking operations through its subsidiary Chase Bank. The lender provides mortgage loans for home purchase and refinancing for borrowers with strong credit standing. The bank’s mortgage interest rates for August 28, 2013 are discussed below. Bear in mind, that the annual percentage (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.
Chase’s 30-year fixed rate conforming home loan can be locked in at 4.500% with an annual percentage rate set to 4.618%. The 15-year fixed rate loan package can be picked up at 3.625% with an APR standing at 3.734%.
Additionally, Chase provides adjustable rate mortgage (ARM) loans 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.
Currently, the 7/1 ARM for home purchase can be taken out at 4.375% and the deal features an APR figure of 3.704%. Others, who decide to go with the 5/1 ARM, will encounter a rate of 3.500% and an APR figure of 3.206%.
Borrowers who are more interested in mortgage refinancing options, will find plenty of loan offers at this lender, including the 30-year fixed refinance deal which is listed at 4.750% and has an APR of 4.815%. The 15-year version of this fixed refinance package could be more suitable for certain borrowers, as it starts at 3.625% and bears an APR variable of 3.734% as of Wednesday.
Mortgage shoppers, who lean towards more flexibility when refinancing an existing loan, should take a look at the lender’s 7/1 ARM which is coming out at 4.500% and has 3.755% by way of annual percentage rate. The 5/1 ARM is on the books at 3.875% and it comes with an APR of 3.340%.
For full details on current mortgage interest rates, loan assumptions and terms and conditions, please check the lender’s website. Potential borrowers can also contact the loan officer in charge for more information on the latest mortgage rates.