Defying its long followed of steady of approach, the major US based mortgage provider, JP Morgan Chase Bank (NYSE: JPM) made some changes to its flexible home purchase and refinancing home loan deals on March 6, 2014. Though the benchmark 30 year fixed mortgage interest rates remained firm on their yesterday’s standings, the flexible interest rates experienced an unpleasant movement this Thursday, which might make things difficult for the interested borrowers.
Today, the standard, long term, 30 year fixed rate mortgage loans continue being traded at the same interest rate of 4.375%, along with an annual percentage rate of 4.503%. For the mortgage shoppers, who are seeking a shorter route towards home financing, the 15 year fixed rate mortgage home loan deals would be an ideal pick at a lending rate of 3.625% and yield an APR of 3.753% today.
In the flexible home financing division, the interested customers can find the ideal 5 year adjustable rate mortgage home loans being published against a lending charge of 3.375% and an APR yield of 3.036% to begin with. For those, who are looking forward to enjoy more flexibility in terms of lending rates, the bank offers its 7 year adjustable rate home loans at an interest rate of 3.500% and an APR yield of 3.187%.
In the refinancing arena, the popular, long term, 30 year fixed rate mortgage home loan plans are now being quoted at an interest rate of 4.500% and an APR yield of 4.553% today. However, the 15 year counterparts of the 30 year refinancing fixed rate mortgage products can be found traded at a lending rate of 3.500% and offering an annual percentage yield of 3.609%.
As far as the adjustable rate mortgage options are considered, the 5 year refinancing variable rate home loan plans are now quoted at an interest rate of 3.125% and are backed by an APR yield of 2.958% to begin with. In the more flexible lending category, the 7 year refinancing adjustable rate home loans can be secured at an interest charge of 3.375% and an APR yield of 3.117% today.
The mortgage rates quoted by banks are generally affected by the change in the prices of mortgage backed bonds and financial securities, which generally move along with the stock market movements. As the stock market plummeted by the end of the trading day and left the DJIA index at 15337.70, the bank moved in the same direction for publishing its mortgage home loan rates. However, the stock price of JPM shares increased by +0.69% and touched a new price mark of 53.66 today.
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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