The mortgage shoppers who intend on visiting the local branches of JP Morgan Chase Bank (NYSE: JPM) on January 8, 2014, for picking up ideal home financing options, will find no absolute change in the benchmark 30 year fixed mortgage interest rates. However, for acquiring the variable rate financing deals, the borrowers can enjoy some savings in terms due to the reduced interest costs this Wednesday.
A closer look into the newly published home loan information from the mortgage lender will reveal that the standard, long term, 30 year fixed rate mortgage products are being traded at the same interest rate of 4.625% as yesterday, and carry an annual percentage rate of 4.722% today. Alternatively, the shorter, 15 year fixed rate mortgage deals can be acquired by bearing an interest cost of 3.875% and enjoying an annual return of 4.004%.
In the flexible interest financing division, the bank publishes its best 5 year adjustable rate mortgage loans against a lending charge of 3.500% and an APR yield of 3.182% today. However, the more flexible, 7 year adjustable rate mortgage home loan packages are now coming out at a starting interest rate of 3.875%, along with an annual return equivalent to 3.433%.
In the refinancing arena, the customers can find the popular 30 year fixed rate mortgage loans published at an interest rate of 4.625% today, and carrying an annual percentage rate of 4.722%. However, the relatively shorter, 15 year refinancing fixed rate home loan plans can be had at an interest price of 3.625% and an annual return of 3.790%.
As far as the variable rate mortgage loans are considered, the bank offers its best 5 year refinancing ARM loans at an interest cost of 3.3755 and an APR yield of 3.128% to start with. The more flexible, 7 year refinancing adjustable rate home loans are up for grabs at a starting interest rate of 3.750% and an APR yield of 3.363%.
After paying off billions and billions towards settlement charges for a string of serious civil fraud cases all through the last year, JP Morgan Chase Bank welcomed 2014 with a new criminal case and a hefty settlement amount. However, what is new with this Madoff criminal case is the deferred prosecution agreement of the government with JP Morgan Chase Bank that it will stay away from committing any kind of federal crime for a period of two years from now. It would be interesting to see how a fraud-friendly institution like JP Morgan Chase Bank keeps up this promise.
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.