Chase Bank (NYSE:JPM) like the majority of lenders across the country have made mortgage rate adjustments in response to the tumbling stock market and apparently weakening economy in Europe and elsewhere.
30 year fixed rate refinance interest rates fell to 4.125% today. The loans carry 1.25 in points and a 4.436% APR. This rate is consistent with Bank of America (NYSE:BAC) where the 30 year refi quote is also 4.125%.
20 year fixed rate refi loans are quoted at 3.875% at the bank today with 4.206% APRs.
15 year refinance quotes, one of the most popular options, next to the 30 year loan, are also quoted at 3.875%. This is not an overly competitive rate considering Wells Fargo (NYSE:WFC) is today quoting 3.25% for its 15 year refi.
5 year adjustable rate mortgages at Chase are 2.50% and 7 year ARMs are 2.75%.
Refi and home purchase rates have fallen not only for economic and financial market reasons but because the Fed this week announced a program to buy up $400 billion in long term treasuries. This action is intended, in part, to put downward pressure on mortgage rates which are tied to the prices of long term treasury bonds.