At the end of the July, average mortgage rates by US banks declined slightly this week with the rates touching the lows for 2014. According to the Mortgage Company, Freddie Mac, the nationwide average interest rate for the most popular and benchmark mortgage loan of 30 year fixed rate decreased to 4.12% from the last week’s 4.13%.
Similarly, the 15 year fixed rate was closed at an average of 3.26% last week that lowered to 3.23% this week.
Latest Mortgage Loans for Purchase
Mortgage interest rates published by JPMorgan Chase on 1st of August stayed same or declined on 1st of August with slight decrease in APR of both fixed and adjustable rate loans. Details about their fixed rate mortgage rates are as follows.
Conventional Purchase Fixed Rate Mortgage Loans: Chase August 1
30 Year Fixed: 4.250% Interest Rate 4.324% APR
15 Year Fixed: 3.375% Interest Rate 3.538% APR
The bank also issued new rates for the ARM Loans on 01st of August. Latest interest rates for 5/1 LIBOR ARM lowered from 3.250% to 3.125% on Friday along with an APR of 3.050%. More details are shared under the following table.
Adjustable Rate Purchase Mortgage Loans: Chase August 1
5/1 LIBOR ARM: 3.125% Interest Rate 3.050% APR
7/1 LIBOR ARM: 3.375% Interest Rate 3.175% APR
Latest Mortgage Loans for Refinance
Mortgage interest rates for both 30 and 15 Year Fixed rate mortgage loans remained same under the refinance category along with slight decline in APR yield. More details are shared below.
Conventional Fixed Refinance Mortgage Loans: August 1
30 Year Fixed: 4.375% Interest Rate 4.449% APR
15 Year Fixed: 3.500% Interest Rate 3.627% APR
Unlike the fixed rate mortgage loans, interest rates lowered on Friday for both 5/1 LIBOR ARM and 7/1 LIBOR ARM. Latest rates published by Chase on 01st of August are 3.250% interest rate with an APR of 3.084% APR for 5/1 LIBOR ARM. Similarly, the interest rate for 7/1 LIBOR ARM published today is 3.375% that carries an APR of 3.206%.
Adjustable Rate Refinance Mortgage Loans: August 1
5/1 LIBOR ARM: 3.250% Interest Rate 3.084% APR
7/1 LIBOR ARM: 3.375% Interest Rate 3.206% APR
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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