Today, at the New York headquartered mortgage provider, JP Morgan Chase Bank (NYSE: JPM), the standard and refinancing home loan packages are coming out at unchanged mortgage rates on February 7, 2014. The bank opposed the other mortgage lenders, operating in the US market, and chose to walk on a different path by keeping its benchmark 30 year fixed mortgage interest rates steady this Friday.
According to the most up to date mortgage information available on the bank’s website, the standard, 30 year fixed rate long term mortgage home loans are being traded at an interest rate of 4.375% and are backed by an annual percentage rate of 4.439% today. However, in the short term home loan division, the bank publishes its 15 year fixed rate mortgage deals against a lending charge of 3.625% and an annual return of 3.753% today.
For the seekers of variable interest rates, the bank is currently providing its best 5 year adjustable rate mortgage home loans at an interest rate of 3.250% and an annual percentage rate of 3.084% today. However, the more flexible, 7 year adjustable rate mortgage packages are being traded at a starting interest rate of 3.500% and an annual percentage rate of 3.234% during the starting years of the loan.
When it comes to the refinancing mortgage options, the interested borrowers can find the ideal 30 year fixed rate mortgage packages coming out at an interest rate of 4.375% and being backed by an APR yield of 4.439% today. On the other hand, the short term, 15 year refinancing fixed rate mortgage deals, are being traded at an interest price of 3.500% and are carrying an annual return rate of 3.609%.
As far as the adjustable rate home loans are considered, the bank is currently offering its best 5 year refinancing variable rate mortgage deals at a rate of 3.125% and an annual return of 3.040% to begin with. Alternatively, the more flexible, 7 year refinancing adjustable rate home loan packages can be locked in at an interest rate of 3.375% to start with and an APR yield of 3.195% on the initial amount of loan taken from the bank.
The interest rates quoted by mortgage lenders are generally affected by the movement in the prices of mortgage backed securities, which normally follow the stock market motions for deciding their path. As the stock market waned by the end of the trading day and the DJIA index fell down at 15337.70, the bank blindly moved along the same path for publishing its lending rates. However, the stock price of JPM shares moved up by +0.69% and closed at a new price mark 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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