Moving on a different path, the one not taken by the other mortgage lenders today, the major US based mortgage lender, JP Morgan Chase Bank (NYSE: JPM) published improved benchmark 30 year fixed mortgage interest rates on February 20, 2014. The borrowers, who are inclined towards the ideal home purchase and refinancing deals offered by the bank, will be pleased to find the best home loan options coming out at reduced interest costs this Thursday, which is normally considered as a carrier of bad news for the potential borrowers every week.
According to the new home loan information made available by the bank for its prospective customers, the standard, long term, 30 year fixed rate mortgage home loan packages are being advertised at an interest rate of 4.375%, which is accompanied by an annual percentage rate of 4.492% today. Alternatively, in the short term and inexpensive lending section, the mortgage shoppers can find the ideal 15 year fixed mortgage loans trading at an interest rate of 3.625% and carrying an APR yield of 3.7535 today.
On the other hand, for the borrowers, who are looking forward to enjoy some flexibility in terms of interest rates, the bank publishes its best 5 year adjustable rate mortgage deals against a lending charge of 3.375% and an APR yield of 3.036% to begin with. However, the more flexible, 7 year adjustable rate mortgage plans can be locked in at an interest rate of 3.375% and an APR yield of 3.127% today.
When it comes to refinancing home loan offerings, the US based mortgage lender publishes the popular 30 year fixed rate mortgage home loans in its loan portfolio against an interest price of 4.375% and an APR yield of 4.492% today. Conversely, the short term, 15 year, refinancing fixed rate mortgage packages are now coming out at an interest cost of 3.500% and an APR yield of 3.609% today.
For the seekers of adjustable rate mortgage home loans, the bank is now offering its ideal 5 year refinancing deals at a starting interest rate of 3.125% and an APR yield of 2.958% to begin with. In the more flexible lending category, the bank is offering the 7 year adjustable rate mortgage deals at an interest cost of 3.250% and an APR yield of 3.069% today.
The mortgage interest rates quoted by banks are normally affected by the upward and downward movement experienced by the prices of mortgage backed securities, which follow the stock market movements closely. As the market plummeted by the end of the trading day and left the DJIA index at a lower mark of 15337.70, the bank tracked its movement and published its mortgage rates accordingly. However, the stock price of JPM shares improved 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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