Chase bank (NYSE: JPM) is offering just 3.75% for its 30 year fixed-rate mortgage. The loan carries an APR of 3.873%.
Mortgage rates dropped across the nation yesterday as the Fed finalized its plan to invest $400 billion in long-term treasuries and divest itself of the same amount in short-term treasuries.
Chase’s 3.75% is the best 30 year fixed mortgage interest rate among the nation’s biggest lenders. Bank of America (NYSE: BAC) dropped its rates of 4.00%, at Wells Fargo (NYSE: WFC) is quoting 4.125% and CitiMortgage (NYSE:C)is at 4.125% as well.
15 year fixed rates at Chase start at 3.25% and have an APR of 3.286%. Bank of America and Wells Fargo are quoting the same rate for the 15 year loan today.
Seven-year ARMs are 2.5% to start and five-year ARMs are 2.125%.
Refinance rates are noticeably higher than the home purchase rates quoted above for 30 year fixed rate refinance loans at 4.375, yielding an APR of 4.439% today. 15 year fixed-rate refi‘s are 3.75% with an APR of 3.897%. In the refinance area Wells Fargo beats Chase with the 30 year loan at 4.25% and the 15 year loan at 3.25%.
Seven-year refi arms are 2.75% and five-year refi arms are 2.375%.
Visit www.chase.com for detailed lending information, online mortgage quotes and information about FHA and VA lending programs.