As another week comes to an end and the year living its final couple of days, there are some mortgage lenders like JP Morgan Chase Bank (NYSE: JPM) that occasionally decide to keep the mortgage loan seekers happy by publishing lower lending rates or making no changes to the rates at all. The US based mortgage lender did not make any change to its benchmark 30 year fixed mortgage interest rates on December 27, 2013, and the home purchase and refinancing loans continue being traded at the same rates as yesterday.
In the standard, long term lending category, the potential home buyers can find the 30 year fixed rate mortgage home loans published at the same interest rate of 4.625% and carry an annual percentage rate of 4.733% today. For those who are looking forward to finance their home investment for a short tenure, the 15 year counterparts of the 30 year fixed rate mortgages will be an ideal pick at an interest cost of 3.875% and an APR yield of 4.059%.
Turning heads towards the adjustable rate mortgage divisions, the customers can still find the best 5/1 plans coming out at a rate of 3.625% and carrying an APR yield of 3.217% today. Alternatively, the more flexible, 7 year adjustable rate mortgage home loans can be had at an interest rate of 4.000%, which is backed by an annual return of 3.483%.
When it comes to the refinance financial offerings, the standard 30 year fixed rate mortgage home loans are advertised at a rate of 4.625% and come along with an APR yield of 4.755%. However, the shorter, 15 year refinancing fixed rate mortgage deals can be locked in at an interest rate of 3.750% and an annual return rate of 3.897%.
For the borrowers interested in enjoying more flexibility in terms of interest rates of their refinancing loans, the bank offers its best 5 year adjustable rate mortgage loans at an interest rate of 3.375% and an APR yield of 3.138% today. Alternatively, the more flexible, 7 year refinancing adjustable rate mortgage home loans are coming out at an interest rate of 3.750% and an APR yield of 3.373%.
Mortgage rates quoted by banks often fluctuate on the basis of price movements in the mortgage backed financial instruments, which rise and fall according to the stock market movements. As the stock market lost its ground and left the DJIA index sitting at 15337.70, Chase bank followed trading pattern for quoting its mortgage rates. Irrespective of the mortgage rates, the stock price of JPM shares increased by +0.69% and closed at 53.66 at the end of the trading day.
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.