The news for JPMorgan Chase for yesterday was not ideal as the bank was sued by Ohio woman for apparently not following the mortgage rules. First of its kind case in Ohio is about the violation of a new mortgage law that aims for better home owner protections. The case against the nation’s largest bank was filed in US District Court in Cleveland last week.
Leaving behind the troubled news, Chase published unchanged interest and APR rates for Wednesday as the interest rate for their 30 Year Fixed Conventional Loan category stayed at 4.125% with an Annual Payment Rate of 4.209%. For their 15 Year Fixed Mortgage Loans, interest rate offered is 3.250% with an APR of 3.431%.
The bank also issued discount points for each product. 1.000 points are offered on Wednesday for 30 Year Fixed Rate and 1.250 points for 15 Year Fixed Rate. If locked at the current rate offered for 30 year Fixed Rate, borrowers can pay a monthly installment of $1,402 for a loan amount of $215,000. For the same loan amount, borrowers can pay a monthly installment of $1,510 if opting for the 15 Years Fixed Rate Mortgage Loan.
More details about interest rates and APR are shared below.
Conventional Fixed Mortgage Loans : Chase 22nd July
30 Year Fixed : 4.125% Interest Rate 4.209% APR with 1.000 Discount Points
15 Year Fixed : 3.250% Interest Rate 3.431% APR with 1.250 Discount Points
For their next popular mortgage loan category, Adjustable Rate Loans, the bank also issued unchanged rates from yesterday for both interest and APR. More details for their 5/1 ARM and 7/1 ARM loan categories are shared below.
Adjustable Rate Mortgage Loans : Sun Trust 22nd July
5/1 LIBOR ARM : 3.250% Interest Rate 2.992% APR with 0.875 Discount Points
7/1 LIBOR ARM : 3.375% Interest Rate 3.107% APR with 0.875 Discount Points
Published rates by Chase today are applicable for only single family residence for the loan amount of $200,000 to $249,999. If interested in larger loan amount, borrowers can contact the bank to learn about the latest interest and APR rates. The Bank also guarantees the mortgage rate lock period of 60 days on published rates.
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