Chase (NYSE:JPM) one of the nation’s top four mortgage lenders continues to attract an unusually high numbers of refinance applications brought on by a long run of record low mortgage rates.
30 year fixed rate refinance mortgage rates are 4.375% today with a 4.471% APR. This is consistent with other lenders like Bank of America (NYSE:BAC) who is also quoting 4.375% for the 30 year loan today.
Chase’s 15 year fixed refinance quote is a bit higher than the competition at 3.875% and an APR of 3.985%. Wells Fargo (NYSE:WFC) comes in at 3.25% and Bank of America at 3.625%. This kind of disparity in the rates probably reflects internal decisions to control the rate of applications for certain loan application types.
7 year ARMs start at 2.875% and 5 year ARMs for refinance are 2.50%.
In the home purchase arena Chase’s rates are significantly different. The 30 year fixed loan is at a much lower level that competitors at 3.875% with an APR of just 3.989%. Wells Fargo and CitiMortgage are at 4.25% for the 30 year loan and PNC is at 4.125% with a 4.308% APR today.
The 15 year loan is also competitive at 3.25% and a 3.34% APR. 7 year ARMs are 2.625% and 5 year ARMs are 2.125%. Compare to the Wells Fargo 5 year ARM at 2.375%.
Visit www.Chase.com for online mortgage quotes and additional information about lending terms and conditions.