At the topmost US mortgage lender, JP Morgan Chase Bank (NYSE: JPM), the standard home purchase and refinancing home loans are carrying unchanged interest rates on February 3, 2014. Unlike several other mortgage lenders operating in the US market, Chase Bank chose to follow a different approach and kept its benchmark 30 year fixed mortgage interest rates stable at the beginning of a new month.
This Monday, the mortgage shoppers looking for long term home loans, can go for the standard 30 year fixed rate mortgage loans, which are now trading at an interest rate of 4.375% and are backed by an annual percentage rate of 4.460% today. On the other hand, the short term, 15 year fixed rate mortgage home loans are carrying an interest price of 3.625% today and are accompanied by an annual return of 3.753%.
In the flexible lending division, the seekers of variable interest rates can find the best 5 year adjustable rate mortgage loans being advertised at a starting interest rate of 3.375% and an annual percentage return of 3.138% today. However, the more flexible, 7 year adjustable rate mortgage deals are being traded at an interest rate of 3.50% and an APR yield of 3.255% to begin with.
Shifting sights to the refinancing division, the bank publishes its popular 30 year fixed rate mortgage home loan packages at an interest rate of 4.375% today and an annual return of 4.460%. On the other hand, the short term, 15 year refinancing fixed rate mortgage deals, are coming out at a lending rate of 3.500% and are accompanied by an annual yield of 3.609%.
For the seekers of flexible home loan options, the bank offers its best 5 year adjustable rate mortgage home loan packages at a starting interest cost of 3.250% and an annual percentage return of 3.074% on the initial amount of loan taken from the bank. Alternatively, the more flexible, 7 year adjustable rate mortgage home loan plans can be locked in at an interest rate of 3.375% and an annual return of 3.195% today.
The mortgage interest rates published by banks are often affected by the price fluctuations experienced by the mortgage backed financial securities and bonds, which are known to follow the stock market movements on any normal trading day. As the stock markets plummeted by the end of the trading day and left the DJIA index at 15337.70, Chase Bank moved along the same direction for quoting its interest rates. However, the stock price of JPM shares increased by +0.69% and reached a new price level 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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