After shocking the potential loan seekers by its unpredictable ups and downs during the previous week, JP Morgan Chase Bank (NYSE: JPM) decided to please the borrowers by quoting the lower home purchase and refinancing interest rates on January 28, 2014. The benchmark 30 year fixed mortgage interest rates are now looking good in the new mortgage rate chart released by the bank this Tuesday.
In the standard long term home loan division, the interested borrowers can find the 30 year fixed rate home loan packages coming out at an interest rate of 4.375% and carrying an annual percentage rate of 4.481% today. On the other hand, the short term, 15 year counterparts of the standard 30 year fixed rate mortgage deals can be had at an interest rate of 3.625% and are backed by an APR yield of 3.808% today.
For the borrowers looking forward to enjoy more flexibility in terms of interest rates, the bank publishes its best 5 year adjustable rate mortgage home loans deals in its loan books at a starting interest price of 3.375% and an APR yield of 3.138% on the initial amount of loan taken from the bank. However, the seekers of more flexibility can go for the 7 year adjustable rate mortgage plans, which are now advertised at an interest rate of 3.625% and an APR yield of 3.304%.
In the refinancing home loan department, the prospective home loan shoppers can lock in the popular 30 year fixed rate mortgage home loan deals, which are now traded at a lending rate of 4.500% and are accompanied by an annual return rate of 4.564% today. In the short term lending section, the customers can spot the 15 year refinancing fixed rate mortgage deals sitting next to an interest rate of 3.625% and carrying an APR yield of 3.734%.
As far as the adjustable rate mortgage home loan offerings are considered, the interested borrowers can acquire the 5 year refinancing deals at a starting rate of 3.375% and an APR yield of 3.128% today. On the other hand, the more flexible, 7 year refinancing adjustable rate mortgage home loans can be locked in at a lending cost of 3.500% and an APR yield of 3.265% to begin with.
Interest rates quoted by banks normally change on the basis of changes in the price of MBS’s, which move along with the stock markets. As the Wall Street plummeted by the end of the trading day and rowed the DJIA index down by -113.35, the bank followed it in the same direction and quoted its mortgage rates. Irrespective of the home loan rates, the stock price of JPM shares moved up by +0.37 and reached a new level of 53.66.
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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