Mortgage Interest Rates at Chase Bank Experienced a Steep Rise on March 7, 2014

Towards the end of another trading week, the major US based mortgage lender, JP Morgan Chase Bank (NYSE: JPM), changed the course that it has been following for the past few days and published higher benchmark 30 year fixed mortgage interest rates. As per the most up to date mortgage information made available by the bank on March 7, 2014, the standard home purchase and refinancing loans are now coming out at hiked interest rates.

The data released by the American bank clearly reveals that the standard, long term, 30 year fixed rate mortgage home loans are now being traded at a higher interest rate of 4.500% and are backed by an annual percentage yield of 4.553%. On the contrary, the relatively shorter, 15 year fixed rate mortgage home loan deals can be acquired at an interest price of 3.625% and an APR yield of 3.753% today.

For the borrowers interested in financing options that come with variable interest rates, the bank is currently offering its best 5 year adjustable rate mortgage home loan packages at a starting interest rate of 3.375%, which are now carrying an APR yield of 3.036% to start with. On the other hand, the more flexible, 7 year adjustable rate mortgage options can be locked in at an interest cost of 3.500% and an APR yield of 3.187% today.

The mortgage shoppers, who are looking forward to refinance their existing investments, can opt for the popular 30 year fixed rate mortgage loans, published in the bank’s loan books, at an interest rate of 4.500% and an APR yield of 4.564%. However, the short term, 15 year counterparts of the 30 year refinancing fixed rate mortgage home loans can be had at a lending price of 3.500% and an annual return rate of 3.627% today.

As far as the flexible financing options are considered, the interested borrowers can find the ideal 5 year adjustable rate mortgage home loans being published against a lending charge of 3.125% and an APR yield of 2.958% to begin with. Alternatively, the customers interested in more flexible can go for the 7 year refinancing adjustable rate mortgage schemes, which are coming out at a starting interest rate of 3.375% and are backed by an APR yield of 3.127%.

Mortgage rates quoted by the banks are generally affected by the fluctuations in the prices of mortgage backed bonds and securities, which are known to move along the stock market movements. As the stock market lost its ground by the end of the trading day and left the DJIA index at 15337.70, Chase bank moved along the same direction for publishing its mortgage rates. However, the stock price of JPM shares moved up by +0.69% and reached a new price point of 53.66 today.

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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About the author

Rob is a analyst and reporter covering stocks and business news.