Big banks like Chase are still looking for an excuse in the bond markets to lower mortgage rates and are not finding it.
The benchmark 30 year fixed rate loan interest rates are on the books at 3.625% at Chase Bank (NYSE:JPM) carrying an APR of 3.706% today. 15 year fixed rate mortgages at the bank stand at 3.125% yielding an APR of 3.269%.
In the ARM arena, 5 year deals are on the books at 2.500% at Chase Bank with an APR of 2.930% to start. ARM loans in the 7 year category are available starting at 2.750% currently and the APR is 2.986%.
30 year refinance loan interest rates at Chase Bank start at 3.625% today carrying an APR of 3.737%. Shorter term 15 year refi loan interest rates are coming out at 2.875% and an APR of 3.000% today. 5 year refi ARMs are published at 2.625% at Chase Bank. and APR of 2.963%. 7 year refi ARM interest rates start at 2.875% currently and an APR of 3.023%.