JP Morgan Chase Bank (NYSE: JPM) did not make any major changes to their benchmark 30 year fixed mortgage plans on August 12, 2014. The rates did increase a little bit however the APR came down a little bit as far as 30 year standard home mortgage schemes are concerned. All the potential home mortgage buyers who were planning to visit their nearest JP Morgan Chase Bank branch for taking up a mortgage scheme might have to wait a little bit until they get better rates on the standard schemes.
The benchmark 30 year home mortgage schemes at Chase Bank stood at 4.375% on Tuesday. The interest rate did increase from 4.250% to 4.375% since yesterday. These loan schemes did came in along with an APR of 4.439%. The potential home loan buyers who do feel that these loans are a bit expensive can instead opt for short term 15 year mortgage options that are available at 3.500% along with an annual percentage rate of 3.646%. The rate of interest on these loans did remain same as it was yesterday.
As far as the more flexible mortgage options are concerned, the probable home mortgage shoppers can easily choose ARMs which are quite reasonably priced and do offer some good advantages. The 5 year variants of ARM schemes were available at an interest rate of 3.625% and an annual percentage rate of 3.134%. An important fact to remember here is that ARMs and their APRs do change from time to time. The 7 year variants of ARMs start at an interest rate of 3.625% along with an APR of 3.236%.
The refinancing schemes can also allure the probable home mortgage shoppers as they too are offered at affordable rates by the JP Morgan Chase Bank. The benchmark 30 year refinance fixed rate mortgage schemes stood at 4.250% and an APR of 4.313%. The shorter variants of the refinance plans, the 15 year refinance fixed rate mortgage schemes are being offered at an interest rate of 3.375% and an annual percentage rate of 3.538%. The 5 year ARMs at JP Morgan Chase Bank start at 3.125% and yield an APR of 3.538%. The 7 year ARMs on the other hand are being quoted at 3.375% along with an APR of 3.107%. ARMs are flexible options that do offer superior benefits over the traditional home mortgage schemes being offered by any other institution.
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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