For those who want to pay their mortgage under shorter term loan, the new study published yesterday by CBS News claimed that paying off mortgage faster provides additional benefits to the borrower in terms of savings and psychological health. But still more and more, almost two to one or 66% of the people are choosing for the longer term mortgage solutions like 30 Year Fixed Rate Mortgage Loan is are most popular mortgage loan product at any bank.
Mortgage Rates move up sharply this Tuesday as the JPMorgan Chase published their new rates on 29th of July. For both of their popular categories, Conventional Fixed Rate and Adjustable Rate Mortgage Loan, interest rate and APR increased if compared to their previous day rates.
Under their 30 Year Fixed Rate Mortgage Loan category, the bank published latest interest rate of 4.375% with an APR of 4.471% for their most popular long term 30 Year Fixed Rate Mortgage Loan. The bank also issued lender points of 1.125 for this product. For more details about the 15 Year Fixed Rate Mortgage Loan, details are shared under the following table.
Conventional Fixed Mortgage Loans: Chase 29th July
30 Year Fixed: 4.375% Interest Rate 4.471% APR
15 Year Fixed: 3.500% Interest Rate 3.646% APR
The bank also issued lender points of 1.000 for their shorter term 15 Year Mortgage Loan category.
ARM Mortgage Loan Rates
Just like Fixed Rate, latest mortgage rates for ARM loan products also increased this Tuesday by Chase. For their 5/1 LIBOR ARM, the bank offered an interest rate of 4.125% that carries a starting APR of 3.397%. The bank also issued discount points of 0.875 for 5/1 LIBOR ARM. For their second product under Adjustable Rate Mortgage Loan, 7/1 LIBOR ARM, the bank published latest interest rate of 3.875% with a starting Annual payment Rate of 3.412%. More details about both products are shared below.
Adjustable Rate Mortgage Loans: Chase 29th July
5/1 LIBOR ARM: 4.125% Interest Rate 3.397% APR with discount points of 0.875
7/1 LIBOR ARM: 3.875% Interest Rate 3.412% APR with discount points of 1.000
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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