With almost half of the trading week left behind, several banks are quoting improved or hiked benchmark 30 year fixed mortgage interest rates today. However, the major US based mortgage lender, JP Morgan Chase Bank (NYSE: JPM) didn’t make any change to the interest rates at which its standard home purchase and refinancing home loans are coming out on February 26, 2014.
This Wednesday, the mortgage shoppers can find the standard, 30 year fixed long term mortgage home loan rates being advertised at an interest rate of 4.500% and carrying an annual percentage rate of 4.553%. However, the relatively shorter, 15 year fixed rate mortgage home loans are now being traded at an interest rate of 3.625% and an annual percentage yield of 3.771% today.
When it comes to the adjustable rate mortgage financing, the bank is currently offering its best 5 year flexible rate home loans at an interest rate of 3.375% and an annual return rate of 3.056% to begin with. On the other hand, the more flexible, 7 year adjustable rate mortgage home loan plans are being traded at an interest rate of 3.500% to begin with and an APR yield of 3.187% today.
Shifting sights to the refinancing arena, the mortgage shoppers can find the popular 30 year fixed rate home loans being traded at an interest rate of 4.500% and being backed by an APR yield of 4.553% today. On the other hand, the shorter, 15 year refinancing fixed rate home loans can be locked in at an interest price of 3.500% and an annual percentage rate of 3.627% today.
As far as the adjustable rate mortgage home loans are considered, the bank is currently offering its best 5 year refinancing home loan deals at an interest rate of 3.125% and an APR yield of 2.968% to begin with. On the other hand, the more flexible, 7 year refinancing variable rate home loan packages are up for grabs at a starting interest rate of 3.375% and an APR yield of 3.117% today.
The mortgage home loan rates published by banks are usually affected by the change in price of mortgage backed bonds and securities, which change according to the movement of the stock markets. As the Wall Street plummeted by the end of the trading day and left the DJIA index at 15337.70, the bank moved along in the same direction and quoted its lending rates accordingly. Irrespective of the mortgage interest rates, the stock price of JPM shares moved up by +0.69% and closed at 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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