Are you planning on buying house or apartment sometime soon but you don’t have enough money at the moment? If that is the case with you, you can always consider borrowing money from a bank. Since you are borrowing though, you should take the mortgage rates into account. The rates depend on the financial services firm you are asking the mortgage from. Speaking about that, we would like you to put Chase mortgage rates into consideration. This firm is just different than the rest after all.
That being said, the rates are different depending on the types of the mortgage you choose. There are up to three types offered by this firm. They are primary mortgage, fixed mortgage, and variable mortgage. Chase mortgage rates of these types wouldn’t be the same to each other. In order to make the difference clear and how this firm’s rates are any better than the ones from other financial services firms, we will have each of those types explained in this opportunity. Chase mortgage rates are important to know if you are going to borrow money from this firm we are talking about here.
- The Rates of the Primary Mortgage Type
As the name suggests, this is the main type of the mortgage offered by Chase. Based on Chase’s chart, 30-year fixed mortgage is rated 4.51%, while the national average is 3.75%. Then, the 15-year fixed mortgage is rated 3.82%, while the national average is 3.27%. Lastly, the 5-year ARM is rated 4.25%, while the national average is 3.40%. The chart shows that Chase mortgage rates are less competitive, indeed. However, there is only slight gap between Chase rates and the average. The others might have been least than the Chase is.
- The Rates of the Fixed Mortgage Type
As for the fixed mortgage type, we can draw conclusion from the chart of Chase mortgage rates like this. 30-year fixed mortgage is rated 4.51%. 20-year fixed mortgage is rated 4.44%. Then, 15-year fixed mortgage is rated 3.82%. Unfortunately, the rates were said to be much less competitive than the average one as of November 2016. The rate mortgages of this type are 1.125 points in average and the closing costs for the customers are $9,069. However, Chase mortgage rates surely must have turned for the better in the years to come.
- The Rates of the Variable Mortgage Type
Compared to the other two above, this last type of Chase mortgage is pretty different. Instead of being less and less competitive, this type of mortgage is rated slightly lower than the average one. As of November 2016, 10-year ARM is 4.53%. Then, its 7-year ARM is 4.13%, while the 5-year ARM is 4.25%. The average point of this type of mortgage offered by Chase is the same as the fixed mortgage type. Now, you see that Chase mortgage rates can be this different, even though they are not that much far apart from one to another.