Chase Bank Quotes Higher Mortgage Home Loan Rates on February 14, 2014

Where home loan rates at every other mortgage lender are experiencing a roller coaster ride, how could the major, US based mortgage provider, JP Morgan Chase Bank (NYSE: JPM) could remain unaffected. Towards the end of the week, Chase Bank presented an unpleasant surprise to the interest borrowers by quoting higher benchmark 30 year fixed mortgage interest rates on February 14, 2014.

Under the standard, long term financial offerings of the bank, the interest rate of the 30 year fixed rate mortgage deals increased to 4.375% today, and is accompanied by an impressive annual percentage rate of 4.503%. The shorter, 15 year fixed rate mortgage home loan offers, on the other hand, can be secured at an interest cost of 3.625% and an annual return of 3.753% today.

Moving towards the flexing lending department, the interested mortgage shoppers can consider the ideal 5 year adjustable rate mortgage home loans, which are now trading at an interest price of 3.375% and are carrying an APR yield of 3.046% to begin with. However, the 7 year adjustable rate mortgage home loan offerings can be obtained at a starting interest rate of 3.500% and an annual return rate of 3.197% during the initial years of the home loan.

Those who are looking forward to reinvest in their existing plans, can go for the popular 30 year refinancing fixed rate mortgage home loans, which are now being traded at an interest price of 4.375% and are backed by an APR yield of 4.503% today. On the other hand, the short term, 15 year refinancing fixed rate mortgage home loans can be locked in at an interest rate of 3.500% and an APR yield of 3.627% today.

As far as the adjustable rate home loan options are considered, the bank is currently offering its best 5 year variable rate packages at a starting interest rate of 3.125% and an APR yield of 2.968% to start with. The more flexible, 7 year refinancing adjustable rate mortgage home loan plans can now be acquired at an interest price of 3.375% and an APR yield of 3.138% on the initial amount of loan taken from the bank.

The mortgage interest rates published by banks are normally affected by the changes in the prices of mortgage backed bonds and securities, which are known to trail the stock market movements. However, as the stock market lost its ground by the end of the trading day and left the DJIA index at 15337.70, the bank did not follow the lead and quoted its mortgage interest rates separately. Irrespective of the lending rates, the stock price of JPM shares touched new levels after a rise of +0.69%. 

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.