Chase Bank Mortgage Rates: Beat Wells Fargo, Chase 30 year fixed at 5 percent, Lower Fees
By: Bruno Mckenzie
Today we took a look at Wells Fargo mortgage rates and reported their 30 year fixed rate at 5 percent, an 1/8 above par and very competitive. Now we take a look at Chase Bank mortgage rates. Washington Mutual branches have made their transition to Chase Bank making Chase Bank’s share of mortgage originations more prominent. Last time we took a look at Chase mortgage rates we found them to be competitive with 30 year fixed rates of 5 percent, an 1/8 percent above par which was 4.875 at the time. Today we found more of the same. Compared to Wells Fargo we found closing costs to be lower on average across the board on 30 and 15 year fixed loans.
Current Chase Bank Mortgage Rates
Based on optimal criteria in the state of California, here’s the mortgage rates we got straight from Chase as of 3:45 pm PST. Chase’s current 30 year fixed mortgage rate is 5 percent with an APR of 5.168 percent. That’s 1.375 points. Chase Bank’s current 15 year fixed mortgage rate is 4.375 percent with an APR of 4.641 percent. Chase’s 5/1 ARM mortgage rate is 3.75 with a 3.713 APR. These rates are all slightly higher than the going par rate with over 1 point on each fixed program and exactly a point charged on the 5/1 ARM.
Chase Bank Mortgage Rates Compared to Wells Fargo
Chase beats out Wells Fargo on the conforming 30 year fixed mortgage. While both banks offer the same interest rate Chase offers the 30 year fixed mortgage at 5 percent with lower fees. On a 15 year fixed conforming mortgage Chase and Wells Fargo both offer 4.375 percent but once again Chase wins the battle with lower fees. A 5/1 ARM Chase and Wells Fargo offer different interest rates but once again the edge goes to Chase with lower APR’s.
Chase offers a 90 day rate lock standard
Why do we like Chase so much? Chase offers a 90 day rate lock standard in their quotes and this is great. Nowadays refinance loans especially can take more than 30 days leading to pricey rate lock extensions if you’re locked in for the traditional 30 days. Chase Bank takes the risk out of the refinance by offering 90 day rate locks, expiration proof.
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