Chase Bank Quotes Higher Mortgage Interest Rates on January 30, 2014

Parting its ways from the other American mortgage lenders, JP Morgan Chase Bank (NYSE: JPM) quoted higher home purchase and refinancing home loan interest rates on January 30, 2014. This Thursday, the ideal home loan and refinancing options are looking quite expensive, as compared to yesterday, due to a sudden rise in the benchmark 30 year fixed mortgage interest rates today.

Firstly, considering the standard, long term home loan offerings of the bank, the potential home buyers can spot the 30 year fixed rate mortgage home loans coming out at an interest rate of 4.375% and an annual percentage rate of 4.492% today. On the other hand, the short term, 15 year fixed rate mortgage home loan packages can be acquired at an interest rate of 3.625% and an annual percentage rate of 3.808% today.

In the adjustable rate mortgage division, the customers can find the 5 year flexible home loan plans being traded at a starting rate of 3.500% and carrying an annual return equivalent to 3.162%. The borrowers, who are interested in procuring more flexible home loans, can go for the 7 year adjustable rate mortgage home loan plans, which are now available for an interest cost of 3.625% and an annual percentage rate of 3.293%.

When it comes to the refinance home loan offerings, the bank publishes its popular 30 year fixed rate mortgage home loan plans at an interest rate of 4.500% and an annual percentage yield of 4.564%, in its loan books today. On the other hand, the relatively shorter, 15 year counterparts of the 30 year refinancing fixed rate mortgage deals are coming out at an interest rate of 3.625% and are backed by an APR yield of 3.734% today.

For the seekers of flexible home loan deals, the bank currently offers its best 5 year refinancing adjustable rate mortgage home loans at an interest rate of 3.375% and an APR yield of 3.118% to begin with. On the other hand, the more flexible, 7 year adjustable rate mortgage home loans are being traded at an interest rate of 3.500% and an APR yield of 3.255%.

The mortgage home loan rates published by the banks go up and down mainly because of the MBS’s traded in the financial market, which move in accordance with the stock market movements. However, today, as the stock market plummeted towards the end of the trading day and left the DJIA index at 15337.70, Chase Bank changed its path for quoting the mortgage rates. However, by the end of the trading day, the stock prices of JPM shares moved up by +0.37 and closed at a new price point 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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About the author

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