The best 30 year loans are being quoted at 3.375% at Chase Bank (NYSE:JPM) and an APR of 3.465%. The shorter term, popular 15 year fixed rate loan interest rates can be had for 3.000% at the bank yielding an APR of 3.107% today. These rates stack up favorably with leading competitors Bank of America and Wells Fargo while the most aggressive rates today are being published by PHH Mortgage and US Bank.
In the ARM arena, 5 year loans at Chase are being quoted at 2.625% with an APR of 3.009%. 7 year ARM loans are being quoted at 2.750% today with an APR of 3.014%.
The best 30 year refinance fixed rate loans at Chase stand at 3.500% today and an APR of 3.591%. The shorter term 15 year refinance FRMs stand at 2.625% and APR of 2.767%. The 5 year refi ARM loans are published at 2.625% at Chase. with an APR of 3.019%. The 7 year refinance ARM interest rates have been offered at 2.750% currently with an APR of 3.024%.
The prognosis for mortgage rates going into the new year remains favorable. The Fed will continue to print money in an effort to keep interest rates down. As unemployment remains high with no especially positive forces at work to turn the economy around, low mortgage rates remain a very safe bet for the foreseeable future.