Chase Bank Kept its Mortgage Interest Rates Steady on December 19, 2013

Chase Bank Kept its Mortgage Interest Rates Steady on December 19 2013The benchmark 30 year fixed mortgage interest rates are still enjoying a steady ride at JP Morgan Chase (NYSE: JPM) on December 19, 2013. Following the trail of other major mortgage lenders, the US based lender chose not to make any changes to its new purchase and refinancing home loan rates today, thereby maintaining their popularity in the market.

First, looking at the long term financing category of the loan portfolio, the standard 30 year fixed rate mortgage loans can be seen advertised at the same interest rate of 4.625% and carrying an annual percentage rate of 4.700%. The mortgagors, who are looking forward to procure the short term, 15 year fixed rate mortgage home loans, will have to loosen up their pockets by 3.750% for interest, which is accompanied by an annual return of 3.897% on the initial amount of loan.

For the home buyers, who prefer more flexibility, the bank offers its popular 5 year adjustable rate mortgage schemes at an interest rate of 3.375% and an APR yield of 3.138%. However, the more flexible, 7 year adjustable rate mortgage loans can be had at a lending cost of 3.750% and an APR yield of 3.373%.

When it comes to the refinancing loan options, the overall picture remains the same. The standard 30 year refinancing fixed rate mortgage loans retained their levels and continue coming out at an interest rate of 4.625% and an APR yield of 4.700%. The popular, 15 year refinancing fixed rate mortgage loans also continue being traded at the same lending cost of 3.625% and carry an annual percentage yield of 3.734% today.

Heading towards the adjustable rate mortgage packages, the 5 year refinancing deals can be secured by agreeing to pay an interest cost of 3.250% and enjoying an APR yield of 3.094% in return. The 7 year refinancing adjustable rate mortgage loans can be had at a lending charge of 3.625% and an APR yield of 3.313%.

The home purchase and refinancing mortgage rates often fluctuate on the basis of the mortgage backed financial securities traded by the banks, which also follow the movements of stock market on any normal trading day. Since the stock markets declined by -0.73% by the end of the trading day and the DJIA index was left hanging at 15337.70, Chase Bank also followed the same path and quoted its rates accordingly. However, the JPM shares performed quite well and the stock prices were increased by +0.37 to touch a new mark of 53.66 by the end of the trading day.

Disclaimer: The advertised rates were submitted by each individual lender/broker on the date indicated. Rate/APR terms offered by advertisers may differ from those listed above based on the creditworthiness of the borrower and other differences between an individual loan and the loan criteria used for the quotes.

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About the author

Rob is a analyst and reporter covering stocks and business news.