We are not Chase, we do report on Chase mortgage rates.
Chase Bank Mortgage Rates: Beat Wells Fargo, Chase 30 year fixed at 5 percent, Lower Fees
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.
Chase Bank Mortgage Rates, On Par with National Averages but not at Par.
Chase bank, currently one of the major players in mortgage lending, is offering mortgage rates today on par with current national averages, but just above true par rates. Today’s mortgage rates, according to FreeRateUpdate.com research of wholesale mortgage lender’s rate sheets, are as low as 4.75 percent, fixed for 30 years. Chase mortgage ratesare just above our reported par rates, but still below national averages reported by Bankrate.com (5.16 percent) and Freddie Mac (5.04 percent).
Chase Mortgage Incentive – 1 Percent Cash Back
Chase has an interesting incentive right now, offering cash back on your mortgage. We’ve never heard of this before and Chase claims to be the first and only bank doing this. Don’t get too excited about this. We took a good look at it and it turns out to be a bust. Take a look at an example of the savings you get from the 1 percent cash back program, straight from the Chase website.
Interest Rate: 5.75%
Loan Amount: $300,000
Monthly Payment: (principal and interest) $1,751
Monthly 1% Calculation: $18
Annual 1% Cash Back: $210
That’s honestly not much of a savings we think they should go ahead and scrap that program. On a three hundred thousand dollar mortgage fixed for 30 years at 5.75 percent, if you’ve got a Chase checking account and register for the 1 percent cash back incentive, you save annually just $210. It’s interesting they use 5.75 percent as the example interest rate because that’s way above market and adds to the savings as the 1 percent is based off of an interest and principal payment which is obviously more as the interest rate goes higher.
Current Chase Mortgage Rates
Chase seems to be an 1/8 percent above true par rates, reported by us, across the board. We’ll keep an eye on Chase’s mortgage rates to see if they go lower, or higher in the next few days. The benchmark treasury yield has been pretty active, so it’s likely they’ll move at least slightly. If Chase continues to price their mortgages an 1/8 above what’s really available it’s going to be tough for them to draw the savvy borrowers in. Some people of course refinance or purchase a home with financing from Chase because they’ve been around forever.
| Rates (as of 09/28/09 4:15PM ET) | ||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rate | APR ** | Points | Estimated Monthly Payments * | |||||||||||||
| Fixed rate loans | ||||||||||||||||
| 30 Year Fixed Rate | 4.875% | 4.974% | 1.125 |
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| 15 Year Fixed Rate | 4.375% | 4.505% | 0.875 |
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| Adjustable rate loans | ||||||||||||||||
| 7/1 LIBOR ARM | 4.250% | 3.961% | 1.125 |
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| 5/1 LIBOR ARM | 3.875% | 3.728% | 1.000 |
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Source -mortgage.chase.com
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